Teleradiology Market Size, Share & Trends Analysis Report By Product (X-ray, Computed Tomography, Ultrasound, Nuclear Imaging, Magnetic Resonance Imaging), By Region, Vendor Landscape, And Segment Forecasts, 2018 - 2024

Industry Insights

In 2016, the global teleradiology market size was valued at USD 1.99 billion. It is estimated to rise at a CAGR of 19.1% over the forecast period. Surging demand for on-site imaging facilities for rapid diagnosis, especially in rural areas, wherein availability of specialized radiologists is limited, is one of the key trends escalating market growth.

Teleradiology guarantees on-site solutions with remote access through cloud network globally and real-time interpretation. Rising prevalence of long-term diseases such as cellulitis, osteomyelitis, and breast cancer and mounting emergency cases in less developed areas are estimated to drive the market.

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 over the forecast period.

Teleradiology applications comprise tele-monitoring, tele-diagnosis, and tele-consultation, which enable radiologists to perform their work effectively. Furthermore, upgradation of technology used in picture archiving & communication systems and radiology information systems is expected to rev up the adoption rate of teleradiology globally.

Government and nonprofit organizations in various regions are promoting teleradiology and telemedicine services, which is working in favor of the market. Prominent players operating in the medical devices industry are introducing innovative & technologically advanced devices for teleradiology services.

Dicom Systems entered into a partnership with WinguMD for its medical photography app called BodyMapSnap, which enables access of improved and comprehensive patient information for a better diagnosis. Furthermore, StatRad, a teleradiology and cloud-based medical image exchanging service provider from the U.S., offers teleradiology services to developing countries of Africa, namely Ethiopia, Kenya, and Gabon. These strategies are helping players in geographical expansion, thereby resulting in market growth.

Legislative amendments made by various governments worldwide for diagnostic imaging services are anticipated to trigger the growth of the market during the forecast period. For instance, amendments in Australia’s Health Insurance Act 1973 for diagnostic imaging have enabled Medicare funding for these diagnostic imaging services since March 2008. This has allowed patients better access diagnostic imaging services for various conditions.

Product Insights

On the basis of product, the teleradiology market can be segmented into x-ray, MRI, CT, nuclear radiology, and ultrasound. The x-ray segment was at the forefront of the market in 2016. Rising x-ray procedures and their wide usage and introduction of innovative systems, such as filmless x-ray systems, are some of factors contributing to the growth of the segment. In 2015, Fujifilm received pre-market approval by the U.S. FDA for their digital mammography system, Amulet.

Ultrasound is one of the most promising imaging procedure and is generally used in diagnosing diseases in women. It is also used in the visualization of fetus at developmental stage during pregnancy. Factors that are projected to drive the market are development of the 3D and 4D modules in ultrasound imaging systems and introduction of advanced bk3500 ultrasound systems by Analogic corporation in 2016.

With rising number of institutes installing CT scanners, teleradiology-based CT remains one of the fastest growing segments during the forecast period. Ability of this product type to scan complex body structures such as lungs, brain, and cardiac cavities is stirring up its demand.

Regional Insights

Geographically, North America was the leading revenue contributor in 2016. High public healthcare expenditure and presence of technology-enabled healthcare platforms are the primary growth stimulants of the regional market. Availability of high-speed internet facilities and highly developed healthcare infrastructure are anticipated to help the region retain its dominance during the forecast period.

Western Europe is also likely to hold a prominent position in the market throughout the same period. The growth of the region can be attributed to rapid technological advancements in the field of RIS, PACS, and cloud computing.

Asia Pacific is projected to be the fastest growing region due to growing demand for advanced and innovative medical platforms coupled with rapidly improving healthcare infrastructure. Moreover, increasing government initiatives, strategic global expansions undertaken by major players, and presence of a wide base of target population are driving the regional market.

Teleradiology Market Share Insights

Some of the key players in the market are Global Diagnostics; ONARD; Agfa-Gevaert N.V.; Sectra AB; Virtual Radiologic; Everlight Radiology; RamSoft; Inc., Health Watch Tele Diagnostics Pvt. Ltd.; and 4ways Healthcare Limited.

To enhance their capabilities and provide quality service, key players are now adopting strategies such as new product development and mergers and acquisitions. For instance, in 2016, Rapid Radiology, Inc., one of the major players in the market in the U.S. acquired Advanced Medical Imaging & Teleradiology with an aim to provide an effective and efficient diagnosis to its clients.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the global teleradiology market report on the basis of product and region:

• Product Outlook (Revenue, USD Million, 2013 - 2024)

  • X-ray

  • Magnetic Resonance Imaging (MRI)

  • Computed Tomography (CT)

  • Ultrasound

  • Nuclear Radiology

• Regional Outlook (Revenue, USD Million, 2013 - 2024)

  • North America

    • U.S

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • Japan

    • China

    • India

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa