Increasing incidence of cancer, orthopaedic diseases, and other chronic diseases likely to boost market growth
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The global teleradiology services market is anticipated to project exponential growth over the next 10 years owing to increasing incidences of chronic diseases such as cancer, tumours, and orthopaedic diseases; increasing geriatric population; and excessive hospitalisations and increasing admittance in ambulatory surgical centres and clinics. Increasing consumer awareness regarding teleradiology and easy accessibility to the technology is another key factor likely to drive the global demand for teleradiology services. However, high cost of technology and services, image transmission issues, dearth of trained radiologists and technicians, and a low awareness in emerging economies is likely to pose major challenges for the growth of the global teleradiology services market. Ongoing trends for teleradiology services driving the global market include service offerings with the latest IT infrastructure including artificial intelligence and algorithms, cloud with low maintenance, and image backup storage.
The global teleradiology services market is segmented on the basis of Process Type (Certified Reporting Services Process, Preliminary Reporting); Service Type (Emergency Nighthawk, Day Time Coverage, Subspecialty Reading, Second Opinion, Clinical Trails); Modality (X-Ray Scans, Computerised Tomography (CT) Scans, MRI Scans, Ultrasound Scans, Nuclear Scans, Cardiac Echo, Mammography, Electromammography); and End User (Hospital Pharmacies, Clinics, Ambulatory Surgical Centres, Radiology Centres).
Certified Reporting Services Process segment is estimated to account for 62.9% revenue share of the global teleradiology services market by 2016 end
Emergency Nighthawk service type segment accounted for 31.6% value share in 2015 and is anticipated to dominate the global teleradiology services market throughout the forecast period
Computerised Tomography (CT) Scans modality segment is anticipated to register a CAGR of 23.6% between 2016 and 2026
Hospital Pharmacies end user segment is estimated to account for 39.9% revenue share of the global teleradiology services market by 2016 end
Regional market projections
The global teleradiology services market is segmented on the basis of region into U.S. and OUS (International) (Latin America, EU5, Rest of Europe, Japan, Asia Pacific Excluding Japan, Rest of the World). The U.S. regional market dominated the global teleradiology services market in revenue terms in 2015 and is projected to account for 41.2% market value share by 2026 end. The EU5 region is expected to be the second most lucrative segment in the global teleradiology services market with a market attractiveness index of 1.3 during the forecast period.
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The report profiles some of the leading players operating in the global teleradiology services market. Top companies featured in the report include Teleradiology Solutions, Argus Radiology, SRL Diagnostics, USARAD Holdings Inc., Vital Radiology Services, Teleradiology Providers, Telemedicine Clinic, TeleDiagnosys Services Pvt. Ltd, Imaging Advantage, Foundation Radiology Group, Direct Radiology, Imaging On Call LLC, ONRAD Inc., Rays (Envision Healthcare Company), StatRad LLC, ARIS Radiology, NightShift Radiology, Mednax Inc., Alta Vista TeleRadiology, and Quality Nighthawk. These established players are focussed on strategic moves such as new product launches, increasing their distribution channels, and getting into partnerships and agreements with hospitals and specialty clinics to increase the brand awareness of their product.
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