Global Teleradiology Services Market to Grow at an Impressive CAGR of 21.0%

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Compelling need for analysing and interpreting medical images by radiologists who are not present at the site where images are generated, has led to an upsurge in adoption of teleradiology services. Application of teleradiology services in various emergency care centres, clinics, hospitals and telemedicine companies enable radiologists to improve patient treatment and care through online services, without the need of being physically present. The global teleradiology services market is expected to expand at a 21.0% CAGR and witness an increase of 6.7x in terms of revenue over the forecast period, 2016-2026.

Market Dynamics

Due to various chronic diseases such as tumours, orthopaedic and cancer in parallel with excessive hospitalisations and growing old population, adoption of teleradiology techniques and services will further increase over the following decade. Moreover, convenient accessibility to the technology and growing consumer awareness regarding teleradiology services will further add to the list of factors escalating demand for teleradiology services.

However, disruption in image transmission processes, lack of awareness in various developing countries, high cost of services and technology and limited trained technicians and radiologists will inhibit growth of the market over the following decade. Furthermore, latest IT infrastructure such as cloud with lower maintenance requirements, backup storage for images, algorithms and artificial intelligence comprise on-going trends for teleradiology services. Such factors will contribute towards growth of the teleradiology market in the span of next ten years.

Segmentation Analysis

Among various types of processes, process of certified reporting services accounted for 62.9% of the revenue share of the global market by the end of 2016.

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In 2015, services related to emergency nighthawk besides various services, accounted for 31.6% of the revenue share and will dominate the global market of teleradiology services in the span of next ten years. Whereas, CT scans among various modalities will grow at 23.6% CAGR over the following decade.

However, by the end of 2016, hospital pharmacies besides various end users accounted for 39.9% of the revenue share of the global market of teleradiology services.

Regional Analysis

In 2015, the U.S. market dominated the global market of teleradiology services in terms of revenue and is will hold 41.2% revenue share in the span of next ten years. However, EU5 region will be second most lucrative segment with market attractiveness index of 1.3 over the following decade.

Vendor Insights

Key players mainly focus on strategies such as expanding distribution channels, new product launches and entering into partnerships and agreements with specialty clinics and hospitals in order to increase awareness of their brand. Leading players operating in the global teleradiology services market include Argus Radiology, Teleradiology Solutions, USARAD Holdings Inc., SRL Diagnostics, Teleradiology Providers, Vital Radiology Services, Telemedicine Clinic, Teleradiology Providers, Imaging Advantage, TeleDiagnosis Services Pvt. Ltd., Direct Radiology, Radiology Group, ONRAD Inc., Imaging On Call LLC, StatRad LLC, Rays (Envision Healthcare Company), Nightshift Radiology, ARIS Radiology, Mednax Inc., Quality Nighthawk and Alta Vista TeleRadiology.

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