Global Teleradiology Market is Growing at a CAGR of 14.2% During 2019-2026
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According to Esticast Research, the Global Teleradiology Market accounted for a market value of $3.85 billion in 2019 projected to grow with a CAGR of 14.2% from 2019 to 2026.
Asia Pacific region is expected to be the fastest-growing region in the global teleradiology market over the assessment period. The increasing prevalence of chronic disease, developing healthcare IT infrastructure, and high uptake of PACS and RIS in hospitals in the region contribute to the market growth.
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The growing demand for radiological services coupled with the shortage of radiologists in several countries boosts the demand for teleradiology solutions. Moreover, increasing government expenditure on healthcare IT sector and rising R&D activities associated with electronic health (eHealth) is anticipated to contribute to the growth of the market. In addition, the growing penetration of picture archiving and communication systems is expected to fuel market growth.
The global teleradiology market has been categorized into imaging techniques, technology, and end-user. The imaging techniques segment has been segmented into X-ray, ultrasound, computed tomography (CT), nuclear imaging, magnetic resonance imaging (MRI), mammography, fluoroscopy, and others. The technology segment has been divided into software, hardware, and telecom & networking. The software segment has been sub-segmented into the radiology information system (RIS) and picture archiving and communication system (PACS). Based on end-user, the teleradiology market has been segmented into ambulatory surgical centers, diagnostic centers, hospitals, and others.
Based on geography, the teleradiology market has been divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been classified into the U.S. and Canada. Europe region has been divided into the UK, Italy, France, Germany, and the Rest of Europe. Asia-Pacific region has been bifurcated into, Japan, India, South Korea, China, and Rest of Asia-Pacific. In addition, the South America region has been bifurcated into Argentina, Brazil, Mexico, and the Rest of South America. Further, the Middle East & Africa has been segmented into Africa, GCC Countries, and the Rest of the Middle East.
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North America is expected to dominate the global teleradiology market. The increasing utilization of teleradiology services in hospitals, diagnostic centers, ambulatory surgical centers, and others is a key factor in boosting the market growth in the region. In addition, the growing chronic disease burden, developed healthcare infrastructure, and the presence of major market companies such as GE Healthcare and Koninklijke Philips N.V.in the region facilitates the growth of the market. Asia Pacific region is expected to be the fastest-growing region in the global teleradiology market over the assessment period. The increasing prevalence of chronic disease, developing healthcare IT infrastructure, and high uptake of PACS and RIS in hospitals in the region contribute to the market growth. Moreover, in countries such as China and India, onshore teleradiology is used extensively, as the major population of these countries resides in rural areas with less access to necessary healthcare facilities. The aforementioned factor is anticipated to support the growth of the teleradiology market in the region.
Prominent players functioning in the global teleradiology market include Teleradiology Solutions (TRS), Siemens AG, Everlight Radiology, HealthWatch TeleDiagnostics Pvt. Ltd., RamSoft, Inc., GE Healthcare, Radisphere National Group, Inc., Virtual Radiologic, Agfa-Gevaert N.V., ONARD, Inc., Koninklijke Philips N.V., and Global Diagnostics Limited. Some of the key growth strategies adopted by prominent players include mergers & acquisitions, product launches, and partnerships.
Recent Developments by Major Players:
- In March 2019, Royal Philips announced the acquisition of Direct Radiology’s teleradiology platform and business operations. With this acquisition, the company enhanced its radiology solutions portfolio.
- In May 2018, ai entered into a partnership with Teleradiology Solutions (TRS) and Telerad Tech. These partnerships aimed to decrease cost and assist faster, smarter diagnosis of CT scan and X-ray scan data.
- In April 2018, Royal Philips in partnership with Digital China Health launched SHINEFLY, a secure cloud-based platform for teleradiology application and services.