Impact of Outbreak of COVID-19 on Teleradiology Market

[Pavan Ishi]

Transparency Market Research (TMR) has published a new report titled, “Teleradiology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2027”. According to the report, the global teleradiology market was valued at US$ 2.6 Bn in 2018 and is projected to expand at a CAGR of 16.9% from 2019 to 2027.

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Overview

• Based on modality, teleradiology market is segmented into X-ray, Ultrasound, CT, MRI, Nuclear Imaging
• Rigorous research and development activities in radiology imaging services and growth in adoption of teleradiology drive the market
• North America dominated the global teleradiology market in 2018 and the trend is anticipated to continue during the forecast period owing to a highly developed health care sector, coupled with increased awareness among patients, and continuous evolution of information technology. The teleradiology market offers immense growth potential in this region.
• The teleradiology market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period due to increase in awareness about teleradiology and growth in the healthcare sector in countries such as China, Japan, and India. Moreover, technological advancement and increasing adoption of teleradiology solutions are expected to propel the growth of the market during the forecast period

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Rise in number of radiology imaging procedures and Public & private players participating to promote teleradiology to Drive Global Teleradiology Market

• The changing face of interventional radiology across the globe and rise in prevalence of chronic diseases such as cancer and coronary heart diseases are boosting the number of radiological procedures. According to the National Cancer Institute, an estimated 1,685,210 new cases of cancer were diagnosed in the U.S. in 2016
• The need of time-saving interpretation of radiographs with quality is high in developed economies where incidence rate of chronic diseases is rising at a rapid pace. To keep pace with the rising demand for radiological procedures and comprehensive interpretation, teleradiology is being preferred by health care providers across the globe.
• Teleradiology is emerging as a major driver of expansion to quality health care across the globe. Increase in government initiatives for the adoption of telehealth and other digital health services is likely to propel the market during the forecast period. In July 2016, Japan's Ministry of Economy, Trade, and Industry announced plans to launch a demonstration project to improve diabetes management through the utilization of IoT and health information
• Public & private players are participating to spread awareness about the notable developments in the diagnostic imaging service sector. Key companies are collaborating to improve access to teleradiology in niche markets. In 2017, Teleradiology Solutions, a leader in teleradiology service sector in India, and GE Healthcare collaborated to improve access to advanced radiology interpretation services

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Type I Segment to Dominate Market

• Based on modality, global teleradiology market is segmented into X-ray, Ultrasound, CT, MRI, Nuclear Imaging.
• Computed tomography (CT) segment held major share in the global teleradiology market in 2018 and is estimated to expand at the highest CAGR during the forecast period.
• Although relatively expensive, the Computed Tomography (CT) is estimated to have the dominant market share in the forecast period owing to its ability to distinguish between 2000 levels of density, enabling the doctor to visualize 3D structures in the body for accurate diagnosis.

North America to Dominate Global Market

• Geographically, the global teleradiology market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global teleradiology market in 2018, followed by Europe.
• North America accounted for major share of the global teleradiology market in 2018, owing to a highly developed health care sector, coupled with increased awareness among patients, and continuous evolution of information technology. The teleradiology service market offers immense growth potential in this region.
• The teleradiology market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period due to increase in awareness about teleradiology and growth in the healthcare sector in countries such as China, Japan, and India. Moreover, technological advancement and increasing adoption of teleradiology solutions are expected to propel the growth of the market during the forecast period.

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Competitive Landscape

• Envision Healthcare Corporation, Teleradiology Solutions, Agfa-Gevaert N.V. are the leading players in the global teleradiology market that hold majority of the market share
• The global teleradiology market is fragmented in terms of number of players. Key players in the global market include Envision Healthcare Corporation, Agfa-Gevaert N.V., 4ways Healthcare Limited, InHealth, Teleradiology Solutions, USARAD Holdings, Inc., ONRAD, Inc., TeleDiagnosys Services Pvt Ltd., Euro American Tele Radiology, Cybernet Medical Corporation among others
• New product development through robust R&D activities and merger & acquisitions are the key strategies adopted by these players to operate their business in the global teleradiology market

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