According to Emergen Research, the global teleradiology services market size was USD 7.32 billion in 2020 and is expected to reach USD 40 billion in 2028 and register a revenue CAGR of 23.7% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Teleradiology Services Market, By Product & Service Type (Software, Hardware, Teleradiology services), By Imaging Technique (Magnetic resonance imaging, Computed tomography, X-ray, Ultrasound, Mammography, Nuclear imaging, Fluoroscopy, Others), By End-use (Hospitals & Clinics, Diagnostic Centers, Long-term care facilities and nursing homes, Others), and By Region Forecast to 2028”
According to Emergen Research, the global teleradiology services market size was USD 7.32 billion in 2020 and is expected to reach USD 40 billion in 2028 and register a revenue CAGR of 23.7% during the forecast period, 2021-2028.
Market Dynamics:
Revenue growth of the global teleradiology services market is majorly attributed to factors such as rise in global geriatric population, growing prevalence of chronic and acute diseases, lack of skilled or expert radiologists – especially in semi-urban or rural areas – and rapid adoption of advanced medical imaging solutions in healthcare facilities. Growing demand for telehealth services (including teleradiology) in the COVID-19 pandemic era, rising adoption of cloud-based healthcare solutions, integration of emerging technologies such as artificial intelligence (AI) and blockchain in teleradiology are among the other major factors expected to boost the global market revenue growth over the next few years.
Teleradiology refers to the transmission of radiological images of a patient, such as CT scans, MRI scans, and X-ray images, from one location to another for the purpose of sharing critical patient information with other physicians and radiologists. Healthcare facilities such as hospitals and urgent care facilities are increasingly utilizing teleradiology services to reduce radiology examination costs, enhance the diagnostic process, and accelerate treatment decisions. Hence, growing need for outsourcing of teleradiology services in hospitals, diagnostic centers, and long-term care facilities, and increasing use of highly advanced teleradiology services including radiology information systems (RIS) and picture archiving & communication systems (PACS) are expected to further drive market revenue growth.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Computed Tomography (CT) Segment Accounted for Largest Revenue Share in 2020:
Based on imaging technique, the global teleradiology services market is segmented into magnetic resonance imaging (MRI), computed tomography (CT), X-ray, ultrasound, nuclear imaging, fluoroscopy, mammography, and others. The computed tomography (CT) segment dominated other segments in terms of revenue share in the global market in 2020. Rising awareness of early disease diagnosis, rapid digitalization in the field of radiology, and increasing use of the computed tomography (CT) imaging technique in the diagnosis of a wide range of diseases including cardiovascular, oncological, neurological, and musculoskeletal disorders are key factors driving this segment’s revenue growth.
Diagnostic Centers Segment to Account for Fastest Revenue Growth Rate:
Based on end-use, the global teleradiology services market is segmented into hospitals & clinics, diagnostic centers, long-term care facilities and nursing homes, and others. The diagnostic centers segment is projected to register the fastest revenue CAGR in the global market over the forecast period. Rising prevalence of chronic and acute diseases, growing patient pool, increasing volumes of advanced radiology procedures for disease detection, and increasing outsourcing of teleradiology services in diagnostic centers are major factors supporting revenue growth of this segment.
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North America Accounted for Largest Revenue Share in 2020:
Among the regional markets, the North America teleradiology services market accounted for the largest revenue share in the global market in 2020. Major factors contributing to the regional market revenue growth are rising burden of chronic and acute diseases, rapid adoption of advanced radiology solutions in healthcare facilities, growing trend of teleradiology amid the COVID-19 pandemic, rising demand for cloud-based teleradiology services, and presence of leading teleradiology service providers in the region, including Cerner Corporation, McKesson Corporation, and NovaRad Corporation.
Major Companies in the Global Teleradiology Services Market Include:
- Philips Healthcare
- Cerner Corporation
- Siemens Healthineers
- McKesson Corporation
- FUJIFILM Holdings Corporation
- Medica Group Plc.
- Agfa Healthcare
- Mirada Medical
- ONRAD Inc.
- RamSoft Inc.
- NovaRad Corporation
- TeleDiagnostic Solutions Pvt. Ltd.
- Teleradiology Solutions
- Telerad Tech
- StatRad LLC
- MedWeb LLC
- WebRad TeleRadiology
- Nautilus Medical
- 4ways Healthcare
- USARAD Holdings, Inc.
- GE Healthcare
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For the purpose of this report, Emergen Research has segmented the global teleradiology services market based on product & service type, imaging technique, end-use, and region:
Products & Service Type Outlook (Revenue, USD Billion; 2018–2028)
- Software
- Hardware
- Teleradiology services
- Picture archiving and communication systems (PACS)
- Radiology information systems (RIS)
Imaging Technique Outlook (Revenue, USD Billion; 2018–2028)
- Magnetic resonance imaging (MRI)
- Computed tomography (CT)
- X-ray
- Ultrasound
- Mammography
- Nuclear imaging
- Fluoroscopy
- Others
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals & Clinics
- Diagnostic Centers
- Long-term care facilities and nursing homes
- Others
Region Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
Reasons to buy the report:
- This study segments the Teleradiology Services market and derives the precise valuation of the overall, as well as segment-based, market across different industry verticals, geographies, and products.
- The report will help participants understand the trajectory of the progress of the market and provide information on key drivers, restraints, challenges, threats, and opportunities for the growth of the Teleradiology Services sectors.
- This Teleradiology Services report would allow readers to be well-versed with the existing competition and gain more insights to improve their standing in the worldwide business. The competitive landscape considers the dominant competitors, along with product launches and technological advancements, strategic expansions, mergers and acquisitions, and procurement strategies implemented by key players in the Teleradiology Services market.
Key features of the report:
- To study the key aspects impacting the Teleradiology Services market size.
- To identify growth prospects in the Teleradiology Services market.
- To analyze the Teleradiology Services market segments and deduce the dominant trends observed in the industry.
- To examine the Teleradiology Services market by investigating the available products, market share, and value proposition of the products.
- To analyze the industry by assessing the scope and application of the Teleradiology Services market and highlight the growth of each application.
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2030
Chapter 3. Key Insights
Chapter 4. Teleradiology Services Market Segmentation & Impact Analysis
4.1. Teleradiology Services Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.3. Market restraints analysis
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Continued…
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