Teleradiology Market is Expected to Reach USD 40.82 Billion by 2028 at a CAGR of 22.7% | Reports and Data
According to the current analysis of Reports and Data, the global Teleradiology market was valued at USD 7,824.0 Million in 2020 and is expected to reach USD 40.82 Billion by the year 2028, at a CAGR of 22.7%. Teleradiology is the process of transference of radiological patient images from one place to another for either official diagnosis or consultation with other radiologists and physicians. Teleradiology market involves the technology that deals in the transmission of radiography images from external or remote locations to a strong healthcare establishment in an urban area through software that makes use of the Internet. Digital image processing methods and sundry wireless technology can provide immense benefits to this market globally.
The growing number of imaging tests, rising R&D activities related to eHealth, and increasing implementation of picture archiving and communication systems are some of the factors estimated to stimulate the growth of the market. Increasing chances of long-term diseases, such as breast cancer, osteomyelitis, and cellulitis, and the growing number of emergency cases in less developed areas are expected to drive the market further. Given the saturated nature of the outsourced, preliminary teleradiology market and the need for large teleradiology companies to grow, the companies’ focus has recently expanded to the acquisition of existing hospital radiology contracts. For example, one company, Radisphere, sponsored a webinar titled ‘How to Run a Successful RFP Process’, which included templates of the documents necessary to initiate the process of displacing a radiology group. Despite the aggressive behavior of some companies, their success is not assured.
Virtual Radiologic (vRad), a major national teleradiology firm, recently announced that it would cut the pay of its contracted radiologists. Uncertain market forces have compelled other teleradiology companies to rebrand or retrench. One example is the 2010 acquisition of NightHawk Radiology Inc by vRad, which merged the two biggest publicly traded teleradiology companies into one large private equity– controlled group. Developed infrastructure, increasing demand for efficient radiology solutions are likely to drive the regional market. Increase in government expenditure on healthcare information sector, increase in focus of key players toward bringing innovation to digital diagnostics, and supportive government initiatives further fuel the market growth, but the low availability of broadband networks and a shortage of skilled radiologists restrain the sector’s expansion.
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Further key findings from the report suggest
- Teleradiology allows storage of digital radiograph images through picture archiving and communication system software. It is used by urgent care clinics, hospitals, and mobile imaging companies
- The growing number of imaging tests, rising R&D activities related to eHealth, and increasing implementation of picture archiving and communication systems are some of the factors boosting the growth of the market
- Siemens Healthineers, in collaboration with GE Healthcare, launched a Go platform cardiac CT scanner in March 2019, boosting demand from Hospitals and Clinics
- Growing target population base coupled with the increasing prevalence of chronic diseases, such as cancer, cardiac diseases, bone impairments, and liver diseases, are the major factors contributing to the North American region’s largest revenue share of nearly 40% of the market
- Diagnostic centers are expected to high CAGR during the forecast period
- X-rays are the leading technique sub- segment of the global teleradiology market with a large market share of 41.1%, as it is having wide applications in various healthcare domains, such as orthopedics, cardiovascular diagnostics, chest imaging, cancer screening, and dental imaging
- Continuous advancements in medical diagnostic technologies are expected to provide lucrative opportunities for the growth of the teleradiology players during the forecast period
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Key Players covered in this report are:
Siemens AG, Teleradiology Solutions (TRS), Global Diagnostics Limited., Mednax, Inc., Onrad, Inc., Telediagnostics Services Pvt. Ltd., Everlight Radiology, Agfa-Gevaert Group, Radisphere National Radiology Group, Inc., and Fujifilm Medical Systems, Inc.
Technique (Revenue, USD Million; 2018–2028)
- Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
- Nuclear imaging
End Use (Revenue, USD Million; 2018–2028)
- Ambulatory Surgical Centers
- Diagnostic Centers
Based on Region market is segmented into:
- North America
- South America
- Middle East & Africa
Major Points covered in this report are as below:
- The Teleradiology industry development trends and marketing channels are analyzed. The feasibility of new investment projects are assessed and overall research conclusions offered.
- Teleradiology industry development trends, marketing channels, feasibility of new investment projects, and overall conclusions of research are presented.
With the tables and figures, the report provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
As a valuable source of guidance and direction for companies and individuals interested in the market, the report provides key statistics on the state of the industry through tables and figures.
- Development policies and plans, manufacturing processes and cost structures are also analyzed. This report also states import/export consumption, supply and demand figures, cost, price, revenue and gross margins.
- This report also analyzes production processes, production costs and import/export figures, as well as cost, price, revenue and gross margins, as well as development policies
- The Teleradiology Market report provides key statistics on the market status of the Teleradiology manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
As well as providing key statistics on the market status of the Teleradiology manufacturers, the Teleradiology Market report provides valuable guidance and direction for companies and individuals interested in the industry.
We can also provide the customized data for separate regions like North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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