Teleradiology Market Size, Share & Trends Analysis Report By Product (Ultrasound, MRI, CT, X-ray), By Region (North America, Asia Pacific, Europe, Middle East & Africa, Latin America), And Segment Forecasts, 2019 - 2026

Industry Insights

The global teleradiology market size was valued at USD 2.96 billion in 2018 and is estimated to expand at a CAGR of 18.4% from 2019 to 2026. Rise in demand for use of teleradiology for second opinion and emergencies is one of the high impact rendering drivers of the market. Technological advancements in image processing and transmission promote the adoption of these technologies in hospitals, specialist imaging companies, and urgent care clinics.

Rise in number of imaging procedures, implementation of Picture Archiving and Communication System (PACS), and growing R&D activities pertaining to eHealth are several other factors expected to boost the demand for teleradiology services over the forecast period. In addition, ongoing global efforts aimed at improving the understanding of disease diagnosis and management through education programs create awareness among individuals. Such initiatives help harness untapped opportunities in the market for cost-effective disease diagnosis.

Teleradiology applications comprise tele-consultation, tele-diagnosis, and tele-monitoring, which enable radiologists to perform their work effectively. Teleradiology guarantees on-site solutions with remote access through the cloud network globally and real-time interpretation. Increasing prevalence of long-term diseases, such as breast cancer, osteomyelitis, and cellulitis, and growing number of emergency cases in less developed areas are expected to drive the market further.

Introduction of favorable government initiatives, such as guiding radiologists who provide diagnostic imaging services, is also anticipated to propel the demand. For instance, the Royal College of Radiologists, a registered charity, aims to provide guidance to radiologists to enhance their practice and deliver advanced radiological services. Similarly, disbursement of funds by government bodies in countries, such as U.S. and U.K., for the purchase of enterprise imaging systems is also expected to support market development.

Product Insights

Based on product, the market is segmented into nuclear radiology, X-ray, MRI, CT, and ultrasound. X-ray was the dominant segment in 2018 and accounted for a revenue share of USD 892.7 million. Economical pricing, high usage in primary diagnosis, and the introduction of innovative systems, such as filmless x-ray systems, are some of the factors responsible for the segment’s dominance. Moreover, this technique finds wide applications in various healthcare domains, such as orthopedics, cardiovascular diagnostics, chest imaging, cancer screening, and dental imaging.

Computed Tomography (CT) segment is expected to witness the fastest growth over the forecast period. CT provides faster and clearer images of complex body organs, such as brain, cardiac cavities, and lungs, which contributes to its growth. Increasing technological advancements and digitalization in this field are also expected to support the growth of this segment. For instance, in March 2019, Siemens Healthineers, in collaboration with GE Healthcare, launched a Go platform cardiac CT scanner.

Regional Insights

North America held the largest market share of 39.45% in 2018 and is projected to maintain its dominance over the forecast years. Growing target population base coupled with increasing prevalence of chronic diseases, such as cancer, cardiac diseases, bone impairments, and liver diseases, are the major factors contributing to the region’s maximum growth. In addition, developed infrastructure, supportive government initiatives, and increasing demand for efficient radiology solutions are likely to drive the regional market further.

Asia Pacific is expected to witness the fastest CAGR over the forecast period. This is attributed to the growing demand for advanced and innovative medical platforms coupled with rapidly expanding healthcare infrastructure in the region. Supportive government initiatives, global expansion strategies undertaken by major firms, and rising target population in the region are also expected to fuel the growth.

Teleradiology Market Share Insights

Key players in this market include 4ways Healthcare Ltd.; HealthWatch TeleDiagnostics Pvt. Ltd.; RamSoft, Inc.; Everlight Radiology; Virtual Radiologic; Agfa-Gevaert N.V.; ONARD; Teleradiology Solutions; and Global Diagnostics. These companies have adopted strategies, such as new product development, collaborations & partnerships, and M&A, to enhance their capabilities and provide quality services. For instance, in May 2018, Qure.ai entered into partnership with Teleradiology Solutions and Telerad Tech (T2) to reduce cost and enable faster, smarter diagnosis of CT scan and X-ray data. Telerad Tech (T2) is a global health IT company and provider of AI-enabled RIS-PACS, while Teleradiology Solutions is a global pioneer in remote radiology interpretation and telehealth.

Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2026. For the purpose of this study, Grand View Research has segmented the global teleradiology market report on the basis of product and region:

• Teleradiology Product Outlook (Revenue, USD Million, 2014 - 2026)

  • X-ray

  • Ultrasound

  • Magnetic Resonance Imaging (MRI)

  • Computed Tomography (CT)

  • Nuclear Imaging

• Teleradiology Regional Outlook (Revenue, USD Million, 2014 - 2026)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • Spain

    • France

    • Italy

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Singapore

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • UAE

    • Saudi Arabia