Teleradiology Market to 2025| Competitors, Business Strategy and Key Players Analysis- Agfa-Gevaert N.V., ONRAD, Inc., Everlight Radiology Pty Ltd, Cybernet Systems Corporation, RamSoft, Inc., Spectra AB, StatRad, LLC

Industry Trend Analysis

The global teleradiology market is expected to be around 10 billion by 2025. This can be primarily attributed to number of factors such as increasing incidence of chronic diseases, growing number of emergency cases, increase in number of diagnostic imaging scans, and implementation of picture archiving and communication system (PACS). In addition to this, ongoing improvements in telecommunication and imaging modalities will further trigger the demand for tele-diagnosis, tele-consultation, and tele-monitoring.

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Moreover, the instant remote access to the images on the cloud network facilitates radiologists to efficiently diagnose, consult, and monitor the patient at remote locations. However, the lack of data security will hinder the market growth during the forecast period.

Modality Outlook and Trend Analysis

On the basis of modality, the market is classified into X-ray, magnetic resonance imaging (MRI), computed tomography (CT), ultrasound, and nuclear radiology.

Among these, X-ray segment held major share of the global teleradiology market in 2016. This segment is projected to dominate the market throughout the forecast period. This large market share can be attributed to a number of factors such as the growing number of X-ray scans due to increasing number of bone related fractures and dental injuries. Moreover, development of technologically advanced filmless X-ray systems will further contribute to the market growth.

Computed tomography market is projected to be the fastest growing segment during the forecast period as this is one of the most widely adopted imaging modality due to its high resolution imaging capacity. Additionally, launch of new generation CT models will further drive the growth of the market.

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Ultrasound is one of the most popular diagnostic imaging modality. It is the most widely used imaging technique for observing the fetus during pregnancy. It is also used in the detection of other medical ailments in women. The market for ultrasound segment is primarily driven by factors such as development of 3D and 4D ultrasound systems and associated advantages such as the portability, minimal invasive, cost effective and low radiation risk.

Regional Outlook and Trend Analysis

North America accounted for the largest share of the global teleradiology market in 2016. This large share is primarily attributed to number of factors such as the availability of high speed internet services in the region, high adoption rate of technologically advanced products, and presence of developed infrastructure along with high healthcare expenditure.

The Asia-Pacific teleradiology market is projected to exhibit significant growth during the forecast period due to huge patient population and increasing healthcare expenditure in countries such as China and India. In addition to this, the growing demand for advanced medical platforms will further contribute to the market growth.

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Competitive Insights

The key players in the teleradiology market emphasize on strategic expansion through collaborations, mergers and acquisitions to increase their presence in the global market. For instance, in October 2016, ARIS Radiology, acquired US Teleradiology, an Atlanta based teleradiology company, to provide an extended range of radiology services and staffing solutions to medical facilities.

Some of the major players in the teleradiology market are Virtual Radiologic Corporation (an affiliate of MEDNAX Inc.), Agfa-Gevaert N.V., ONRAD, Inc., Everlight Radiology Pty Ltd, Cybernet Systems Corporation, RamSoft, Inc., Spectra AB, StatRad, LLC. and USARAD Holdings, Inc.

Teleradiology Market Segmentation:

By Modality:
X-ray
Magnetic Resonance Imaging (MRI)
Computed Tomography (CT)
Ultrasound
Nuclear Radiology

By Region:
North America
U.S
Canada
Mexico

Europe
Germany
France
UK
Italy
Spain
Rest of Europe

Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia Pacific

Rest of the World
Brazil
South Africa
Saudi Arabia
United Arab Emirates
Others

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