Teleradiology Market Size, Growth, Share: Global Sales Revenue, Emerging Technologies, Key Players Analysis, Development Status, Opportunity Assessment and Industry Expansion Strategies

Kenneth Research has recently added a report titled Teleradiology Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2022-2031.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for  products.

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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.

Global Teleradiology Market is valued approximately USD 3.6 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 14% over the forecast period 2020-2027. Teleradiology is a division of a telemedicine that entails transmission of radiological images (such as X-rays, CTs, and MRI) and related data from one location to another for consulting and diagnosis purpose. It is an advanced technology that has developed with the disparity between the availability and demand of diagnostic services. Further, the major reason behind the development of teleradiology is that it is costly to have radiologists on-site. Usually, the cost of radiologists on-site is about USD 1,500 per day. Whereas, the cost for teleradiology services enable to pay on a per exam basis, and sometime the cost is low as USD 8 per exam. This, in turn, results in cost-saving. Also, the use of teleradiology services improves the patient care by making it feasible for radiologists to deliver their services without reaching at the patient’s location. Therefore, this factor is accelerating the growth of the market around the world. Moreover, high prevalence of chronic diseases such as, breast cancer, congestive heart failure and orthopedic injuries, along with the favorable government initiatives to provide end-to-end protection from cybercrimes, such as Health Insurance Portability and Accountability (HIPPA) act, are the few factors responsible for high CAGR of the market during the forecast period.

According to World Cancer Research Fund International (WCRFI), breast cancer is the most common form of cancer in women worldwide with an average 2 million new cases being detected every year. Also, as per American Cancer Research Society (ACRS) anticipates by 2030, the incident rate of breast cancer is expected to reach almost 9.9 million cases with over 5.5 million annual deaths, primarily due to aging population. Therefore, this factor further accelerating the demand for teleradiology all over the world. With the global burden of COVID-19, the use of teleradiology systems are significantly growing to share study observations and details collected for the treatment of Covid-19 patients. This will help to avoid the unnecessary exchange of hard copies of imaging results, as well as prevent in-person contacts. Therefore, the market is poised to grow at sustainable rate in the near future. However, limited availability of broadband networks, coupled with the shortage of skilled radiologists, may act as a major restraining factor for the market growth over the forecast period of 2020-2027.

The regional analysis of global Teleradiology market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising incidences of chronic diseases, supportive government initiative, and the presence of significant number of market players in the region. Whereas, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising demand for imaging procedures, coupled with rapidly growing healthcare infrastructure would create lucrative growth prospects for the Teleradiology market across Asia-Pacific region.

Major market player included 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.
Fujifilm Medical Systems, Inc.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

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The detailed segments and sub-segment of the market are explained below:

By Imaging Techniques:
Computed Tomography (CT)
Magnetic Resonance Imaging (MRI)
Nuclear Imaging

By Technology:
Telecom & Networking

By End-User:
Ambulatory Surgical Centers
Diagnostic Centers

By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027

Target Audience of the Global Teleradiology Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

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