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Teleradiology Market Share To Reach USD 11,423.4 Million By 2026 – Top Key Players Siemens AG, Teleradiology Solutions (TRS), Global Diagnostics Limited., Mednax, Inc.

08-16-2021 02:01 PM CET | Health & Medicine

Press release from: Reports and Data

Teleradiology Market

Teleradiology Market

High target disease prevalence, product launches, increasing strategic developments such as partnerships and agreements, favorable research funding scenario and drug development pressure on pharmaceuticals due to upcoming patent expiration dates are key factors contributing to high CAGR of Teleradiology during the forecast period.

According to the current analysis of Reports and Data, the global Teleradiology market was valued at USD 3,004.6 million in 2018 and is expected to reach USD 11,423.4 million by the year 2026, at a CAGR of 18.2%. Teleradiology is the process of transference of radiological patient images from one place to another for either official diagnosis or consultation with other radiologists and physicians. Teleradiology market involves the technology that deals in the transmission of radiography images from external or remote locations to a strong healthcare establishment in an urban area through software that makes use of the Internet. Digital image processing methods and sundry wireless technology can provide immense benefits to this market globally.

The growing number of imaging tests, rising R&D activities related to eHealth, and increasing implementation of picture archiving and communication systems are some of the factors estimated to stimulate the growth of the market. Increasing chances of long-term diseases, such as breast cancer, osteomyelitis, and cellulitis, and the growing number of emergency cases in less developed areas are expected to drive the market further. Given the saturated nature of the outsourced, preliminary teleradiology market and the need for large teleradiology companies to grow, the companies’ focus has recently expanded to the acquisition of existing hospital radiology contracts. For example, one company, Radisphere, sponsored a webinar titled ‘How to Run a Successful RFP Process’, which included templates of the documents necessary to initiate the process of displacing a radiology group. Despite the aggressive behavior of some companies, their success is not assured. Virtual Radiologic (vRad), a major national teleradiology firm, recently announced that it would cut the pay of its contracted radiologists. Uncertain market forces have compelled other teleradiology companies to rebrand or retrench. One example is the 2010 acquisition of NightHawk Radiology Inc by vRad, which merged the two biggest publicly traded teleradiology companies into one large private equity– controlled group. Developed infrastructure, increasing demand for efficient radiology solutions are likely to drive the regional market. Increase in government expenditure on healthcare information sector, increase in focus of key players toward bringing innovation to digital diagnostics, and supportive government initiatives further fuel the market growth, but the low availability of broadband networks and a shortage of skilled radiologists restrain the sector’s expansion.

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Market Dynamics:

Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.

Surging demands and transition to patient-centric care delivery across geographies will change pharma and healthcare market trends through 2026.

Competitive Outlook:

The report focuses on current and emerging trends in the healthcare industry such as incorporation of IoT and Machine Learning to enhance efficiency of medical products. Top companies in the market are focusing on R&D activities to expand their product offerings and cater to unmet medical needs.

This report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts.

Further key findings from the report suggest

• Teleradiology allows storage of digital radiograph images through picture archiving and communication system software. It is used by urgent care clinics, hospitals, and mobile imaging companies

• The growing number of imaging tests, rising R&D activities related to eHealth, and increasing implementation of picture archiving and communication systems are some of the factors boosting the growth of the market

• Siemens Healthineers, in collaboration with GE Healthcare, launched a Go platform cardiac CT scanner in March 2019, boosting demand from Hospitals and Clinics

• Growing target population base coupled with the increasing prevalence of chronic diseases, such as cancer, cardiac diseases, bone impairments, and liver diseases, are the major factors contributing to the North American region’s largest revenue share of nearly 40% of the market

• Diagnostic centers are expected to high CAGR during the forecast period

• X-rays are the leading technique sub- segment of the global teleradiology market with a large market share of 41.1%, as it is having wide applications in various healthcare domains, such as orthopedics, cardiovascular diagnostics, chest imaging, cancer screening, and dental imaging

• Continuous advancements in medical diagnostic technologies are expected to provide lucrative opportunities for the growth of the teleradiology players during the forecast period

• Some of the key market players are Siemens AG, Teleradiology Solutions (TRS), Global Diagnostics Limited., Mednax, Inc., Onrad, Inc., Telediagnostics Services Pvt. Ltd., Everlight Radiology, Agfa-Gevaert Group, Radisphere National Radiology Group, Inc., and Fujifilm Medical Systems, Inc.

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For this report, Reports and Data have segmented the Teleradiology market based on technique, end-use, and region:

Technique (Revenue, USD Million; 2016–2026)

• X-rays
• Computed Tomography (CT)
• Ultrasound
• Magnetic Resonance Imaging (MRI)
• Nuclear imaging
• Fluoroscopy
• Mammography

End Use (Revenue, USD Million; 2016–2026)

• Hospitals
• Ambulatory Surgical Centers
• Diagnostic Centers
• Others

Regional Outlook (Revenue in USD Million; 2016–2026)

• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o UK
o Spain
o Italy
o Rest of the Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Australia
o Rest of Asia-Pacific
• Middle East & Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of Middle East & Africa
• Latin America
o Brazil
o Argentina
o Rest of Latin America

The report segments the Teleradiology market on the basis of product types, applications, end-use industries, and regions among others. The report offers insights into key factors influencing the revenue growth of the segment and provides information about lucrative investment opportunities to stakeholders, investors, and clients.

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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