Global teleradiology market is expected to reach USD 4.75 billion by end of 2022, growing at a CAGR of 16.5% between 2017 and 2022.
The report covers forecast and analysis for the teleradiology market on a global and regional level. The study provides historic data of 2014 along with a forecast for 2017 to 2022 based revenue (USD Billion). The study includes drivers and restraints for the teleradiology market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the teleradiology market on a global level.
In order to give the users of this report a comprehensive view on the teleradiology market, we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein category type and modality type segments are benchmarked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, agreements, partnerships, collaborations & joint ventures, research& development, therapy and regional expansion of major participants involved in the market on the global and regional basis.
The study provides a decisive view on the teleradiology market by segmenting the market based on category type, modality type and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2016 to 2022. Based on category type the market is segmented into hardware, software and telecom and networking. Based on modality type the market is segmented into X-ray, Computed tomography, magnetic resonance imaging, ultrasound, nuclear medicines, and fluoroscopy. The regional segmentation includes the current and forecast demand for North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa with its further bifurcation into major countries including the U.S. Germany, France, UK, China, Japan, India, and Brazil. This segmentation includes demand for teleradiology-based on individual therapy in all the regions and countries.
The report also includes detailed profiles of end players such as Virtual Radiologic, Agfa-Gevaert Group, ONRAD, Inc., Global Diagnostics Ltd., Everlight Radiology, 4ways Healthcare Limited, RamSoft, Inc., Sectra AB and HealthWatch TeleDiagnostics Pvt. Ltd. among others.
This report segments the global teleradiology market as follows:
Global Teleradiology Market: Category Type Segment Analysis
Global Teleradiology Market: Modality Type Segment Analysis
Global Teleradiology Market: Regional Segment Analysis
This report is based on in-depth qualitative and quantitative analyses of the global Teleradiology market. Zion Research has collected and analyzed key data belong to the global Teleradiology market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account, while estimating market size. The revenue generated by the leading industry participants in from the sales of Teleradiology across the world has been calculated through primary and secondary research.
Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in validation of findings from secondary research and to understand key trends in the Teleradiology industry. Primary research makes up the major source of data collection and validation.
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases, and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Teleradiology market.
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
Teleradiology is the process of electronic transmission of radiologic images from one location to another for the interpretation and/or consultation. Teleradiology allows more timely interpretation of radiologic images and helps in giving a greater access to secondary consultations. The major advantage of teleradiology is that the users in different locations may simultaneously view the images. Teleradiology is widely implemented by hospitals, urgent care clinics, and specialist imaging companies to address staff shortage to provide radiological services and the lack of expertise. The teleradiology process includes; image acquisition and storage station, an image sending station, a transmission network and a receiving image station that must have a high-quality display screen that has been cleared for clinical purposes. Teleradiology benefits both the patients as well as the radiologists. Various advantages of teleradiology for the patients include the availability of top radiologists for the interpretation of the findings, as well the findings are obtained in a very short period of time and even the costs of travel for the patients, accommodation, and absence from their workplace are minimized.
In the countries like US and UK, radiological scans performed are increasing whereas the shortage of radiologist persists. Also developing countries like India experience shortage of radiological experts in rural areas. During night hours emergency conditions lack of availability of diagnostic services causes great problems. Teleradiology plays important role in outsourcing radiology interpretation or diagnosis and assures competent and timely professional help. Thus the use of teleradiology has become of prime importance in remote locations, night hours and in emergency situations.
Technological advancement in teleradiology is expected to be the major driver for the global teleradiology market. In addition, the increase in healthcare expenditure will surge the teleradiology market worldwide in the coming years. However, the high cost of technology coupled with a shortage of skilled radiologists and technicians may pose the challenge to teleradiology market. Nevertheless, high penetration rates of smartphones and internet coupled with increased healthcare awareness among patients across the globe are expected to act as an opportunity for teleradiology market in near future.
Based on category type, teleradiology market has been segmented into hardware, software and telecom and networking. Software segment is expected to grow at the fastest rate during the forecast period. Based on modality type, the market is segmented into X-ray, computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, nuclear imaging, and fluoroscopy. Based on geography, teleradiology market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including U.S. Germany, France, UK, China, Japan, India, and Brazil.
North America is expected to remain the dominant region over the forecast period. Availability of high-speed internet facilities, highly developed healthcare infrastructure, and high public healthcare expenditure are expected to boost the market in this region. Europe was the second largest market followed by Asia-Pacific. Asia-Pacific is expected to show fastest growth rate during the forecast period. The Middle East and Africa, and Latin America are also expected to experience noticeable growth in the years to come.
Some of the key players in teleradiology market include Virtual Radiologic, Agfa-Gevaert Group, ONRAD, Inc., Global Diagnostics Ltd., Everlight Radiology, 4ways Healthcare Limited, RamSoft, Inc., Sectra AB and HealthWatch TeleDiagnostics Pvt. Ltd. among others.