Increasing Demand for Teleradiology Services to Substantially Surge the Revenues Through the COVID-19 Lockdown Phase
XploreMR provides a critical assessment of the performance of emerging and mature markets in a new publication titled “Teleradiology Services Market: U.S Most Attractive Regional Market for Teleradiology Services: Global Industry Analysis and Opportunity Assessment, 2016–2026”
Teleradiology is the practice of interpretation and analysis of medical images by a radiologist who is not present at the site where the images are generated. This service is utilised by hospitals, emergency care centres, telemedicine companies, and other clinics. Teleradiology services enable radiologists to use online services in order to improve patient care and treatment without the need to be physically present on site. The global teleradiology services market is estimated to reach a market valuation of US$ 1,971.4 Mn by the end of 2016 and register a CAGR of 21.0% over the forecast period (2016–2026).
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Increasing incidence of cancer, orthopaedic diseases, and other chronic diseases likely to boost market growth
Growth of the global teleradiology services market is mainly driven by growing incidence of chronic diseases such as cancer, tumours, and orthopaedic diseases; increasing geriatric population; and excessive hospitalisations and increasing admittance in ambulatory surgical centres and clinics. Increasing consumer awareness regarding teleradiology and easy accessibility to the technology is another key factor likely to drive the global demand for teleradiology services.
However, high cost of technology and services, image transmission issues, dearth of trained radiologists and technicians, and a low awareness in emerging economies is likely to pose major challenges for the growth of the global teleradiology services market.
By Process Type
- Certified Reporting Services Process
- Preliminary Reporting
By Service Type
- Emergency Nighthawk
- Day Time Coverage
- Subspecialty Reading
- Cardiac imaging
- Nuclear scans
- Musculoskeletal studies
- Second Opinion
- Clinical Trails
- X-Ray Scans
- Computerised Tomograph (CT) Scans
- MRI Scans
- Ultrasound Scans
- Nuclear Scans
- Cardiac Echo
By End User
- Hospital Pharmacies
- Ambulatory Surgical Centres
- Radiology Centres
- OUS (International)
- Latin America
- Rest of Europe
- Asia Pacific Excluding Japan
- Rest of the World
Certified Reporting Services Process segment likely to dominate the global teleradiology services market through 2026
The Certified Reporting Services Process segment dominated the global market in terms of revenue in 2015 and is expected to retain its dominance throughout the forecast period. The Preliminary Reporting segment is anticipated to be the second most lucrative segment in the global teleradiology services market.
Emergency Nighthawk service type segment expected to dominate the global teleradiology services market in revenue terms
The Emergency Nighthawk segment is anticipated to register the fastest CAGR over the forecast period. The Day Time Coverage segment is expected to be the second most lucrative segment in the global teleradiology services market.
Computerised Tomography (CT) Scans modality segment to retain its dominance between 2016 and 2026
The CT Scans segment dominated the global teleradiology services market in 2015 and is projected to remain dominant throughout the forecast period. The X-Ray Scans segment is expected to be the second most lucrative market segment.
Hospital Pharmacies end user segment anticipated to be the most attractive segment in the global teleradiology services market
The Hospital Pharmacies segment currently accounts for the highest revenue share in the global teleradiology services market due to an increasing usage of teleradiology services in hospital ICU and CCU. The Clinics segment is expected to be the second most lucrative segment in the global teleradiology services market.
U.S most attractive regional market for teleradiology services
U.S. dominated the global teleradiology services market in terms of revenue in 2015 and is likely to emerge as the most attractive regional market. The EU5 region is projected to be the second most lucrative regional market.
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The global teleradiology services market is consolidated with key players occupying a major market share
The global teleradiology services market is largely consolidated, with top players accounting for a major market value share in 2015. Some of the leading companies operating in the global teleradiology services market are Teleradiology Solutions, Argus Radiology, SRL Diagnostics, USARAD Holdings Inc., Vital Radiology Services, Teleradiology Providers, Telemedicine Clinic, TeleDiagnosys Services Pvt. Ltd, Imaging Advantage, Foundation Radiology Group, Direct Radiology, Imaging On Call LLC, ONRAD Inc., Rays (Envision Healthcare Company), StatRad LLC, ARIS Radiology, NightShift Radiology, Mednax Inc., Alta Vista TeleRadiology, and Quality Nighthawk. These established players are focussed on strategic moves such as new product launches, increasing their distribution channels, and getting into partnerships and agreements with hospitals and specialty clinics to increase the brand awareness of their product.