Teleradiology Market: Current Analysis and Forecast (2021-2027)

The global teleradiology market is anticipated to grow with an elevated CAGR of ~15% during the forecast period (2021-2027). Teleradiology is the device that provides the transmission of radiological images from one location to other, enabling them to be physicians diagnose and testing. These devices can be complex electronically powered machines or basic machines and have wide applications in the healthcare industry.

With the rapid advancement in technology and rising awareness among the target population to diagnose and treated, many industry players are focusing on expanding their product portfolio by launching new products in the market due to which the teleradiology market is witnessing an uptick all over the globe. Additionally, according to the WHO, annually, more than 3,600 million diagnostic radiological examinations are performed worldwide. This will be one of the most important factors for the industry expansion in the approaching years. In addition, the incidence of chronic disorders, such as cardiovascular diseases (CVDs), cancer, and chronic respiratory disease, is on the rise.

Furthermore, the demand for teleradiology is increasing on account of the growing number of people having chronic disorders. Furthermore, according to the Centers for Disease Control and Prevention, in the U.S., one person dies every 36 seconds from CVDs and about 659,000 people die from heart diseases each year, which is 1 in every 4 deaths.. This global estimate for disability is on the rise due to population aging and the rapid spread of chronic diseases, as well as improvements in the methodologies used to measure diseases. For instance, 17.9 million people die each year from CVDs, which is an estimated 32% of all deaths worldwide, and 85% of all CVD deaths are due to heart attacks and strokes.

Agfa-Gevaert Group, teleradiology Solutions, Koninklijke Philips N.V., Everlight Radiology, GE Healthcare, MEDNAX Inc., ONRAD, Inc. RamSoft, Inc., Virtual Radiologic, Medica Reporting Ltd. are some of the prominent players operating in the teleradiology market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of teleradiology devices.

Insights Presented in the Report

"Amongst Product and Services, Software segment holds the major share"

Based on product and services, the teleradiology market is segmented into services, software, and hardware. The software segment accounted for a significant market share in 2020 and it is estimated that it will exhibit the highest CAGR during the forecast period. The growth of this segment can be attributed to the popularity of this teleradiology among the elderly population. According to research by Apollo Radiology International, currently, 83 countries fall below the threshold of 22.8 skilled health professionals per 10,000 population. India has a severe scarcity of qualified radiologists, with only 10,000 available in 2017. However, the services segment is also anticipated to grow with the lucrative CAGR in the upcoming years.

"Amongst End-Users, hospitals & clinics segment holds the major share"

Based on end-users, the teleradiology market is divided into hospitals & clinics, ambulatory surgical centers, home care settings, and others. The hospitals & clinics segment is anticipated to grow at a rapid rate in the upcoming years owing to the increasing preference of consumers to get treatment in hospitals mainly due to the well-established healthcare infrastructure, and presence of highly skilled healthcare professionals. Furthermore, the presence of several advanced types of equipment in hospitals, such as X-rays, computed tomography (CT), and ultrasound, that can increase the quality of patient care is also one of the reasons why patients prefer hospitals for their treatment.

"North America represents one of the largest markets of Teleradiology market"

For a better understanding of the market dynamics of the teleradiology market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America grabbed a significant market share of the global teleradiology market in 2020, and it is expected to grow with considerable CAGR during the forecast period (2021-2027F). The major factors such as favorable government initiatives, increased investments in research and development for technologically advanced teleradiology and the rapid increase in the geriatric population are propelling the growth of this market in the region. Furthermore, this technology is predicted to play a significant role in improving service to rural areas and can ease the current scarcity of radiologists.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts

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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry

• The study comprehensively covers the market across different segments

• Deep dive regional level analysis of the industry

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