Teleradiology Market Share, Overview, COVID-19 Impact, Forecast to 2025 and Key Players Cerner Corporation (US), Phillips Healthcare (Netherlands), Siemens Healthineers (Germany), McKesson Corporation (US), FUJIFILM Holdings Corporation (Japan)

The Teleradiology Market report will help you to understand the market definition, categorization, application, and trends for the Healthcare industry. It forecasts the market status, growth rate, market drivers, restraints, opportunities and challenges, future trends, risks and growth factors, sales volume and value, channels, and distributors. This Teleradiology Market research report is an exhaustive analysis focusing on primary and secondary drivers across the different geographical regions, their product trends in different application industries. The Teleradiology Market research document is the outcome of a thorough analysis estimation of significant industry trends, and market dynamics.

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This Teleradiology Market research report is the holistic view of the current market dynamics derived from the historical data analysis from the previous years. The report visibly clarifies the market description, segregations, applications, activities, and market trends for the Healthcare industry. This market research forecasts the market status, trends, growth rate, market drivers, scope and constraints, risks, sales data (value and volume), channels, and distributors. This report is the result of deep-dive analysis focusing on primary and secondary drivers, market share, top segments, product, application industry across different geographies.

The teleradiology market is expected to reach USD 22.8 billion by 2025 from USD 7.9 billion in 2020, at a CAGR of 23.5% during the forecast period of 2020 to 2025.

Some of the prominent players in this market are Cerner Corporation (US), Phillips Healthcare (Netherlands), Siemens Healthineers (Germany), McKesson Corporation (US), FUJIFILM Holdings Corporation (Japan), Agfa Healthcare (Belgium), MEDNAX Services, Inc. (US), ONRAD Inc. (US), RamSoft Inc. (Canada), Novarad Corporation (US), TeleDiagnostic Solutions Pvt. Ltd. (India), Teleradiology Solutions (India), Telerad Tech (India), StatRad LLC (US), MedWeb LLC (US), WebRad TeleRadiology (India), Nautilus Medical (US), Carestream Health Inc. (US), USARAD Holdings, Inc. (US), and Everlight Radiology (Australia).

Due to the outbreak of corona virus globally, there is a sudden rise in the demand for teleradiology services. The growth of this market is mainly attributed to the rising geriatric population and the subsequent increase in the prevalence of associated diseases, the increasing adoption of cloud-based solutions, and the benefits offered by teleradiology and a dearth of skilled radiologists. However, declining reimbursements and increasing regulatory burden in the US and data breaching of imaging report hampered market growth to an extent.

“CT was the largest and fastest growing Imaging technique market in 2019”

Computed tomography (CT) is used in a wide range of applications, such as cardiology, oncology, neurology, and abdomen and pelvic, and spine and musculoskeletal imaging. Factors such as the growing need for effective and early diagnosis, technological advancements, and digitalization in this field are driving the growth of the teleradiology market for this segment. According to the WHO, more than 100 million CT scans are performed every year across the globe. The need to prevent exploratory surgeries and improvements in cancer diagnosis and treatment have increased the demand for CT scans over other imaging techniques.

“Hospitals is the largest end user segment in the teleradiology market in 2019”

Based on end users, the teleradiology market is segmented into hospitals and clinics; diagnostic imaging centers and laboratories; long-term care centers, nursing homes, and assisted living facilities; and other end users. The hospitals and clinics segment accounted for the largest share of in 2019. The large share of this segment can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, the growing inclination of hospitals towards the automation and digitization of patient records, and the growing need to improve the quality of patient care. Moreover, a shortage of radiologists due to the COVID-19 pandemic and the rising adoption of advanced imaging modalities to improve workflow efficiency in hospitals are further expected to support the growth of this end-user segment.

“North America will continue to dominate the teleradiology market in 2025”

The teleradiology market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latina America, and the Middle East and Africa. In 2019, North America accounted for the largest share. The large share of North America in the global market is attributed to the rising geriatric population, high incidence of chronic diseases, a large number of diagnostic imaging procedures, increasing awareness about the benefits of early diagnosis of diseases, and the rapid adoption of technologically advanced imaging systems in this region. Due to its growing geriatric population segment and environmental conditions have favored the spread of COVID-19 which has severely affected the region and ensured enormous growth in the demand for telehealth and teleradiology. Players in this and adjacent, or even non-related, markets have focused on or collaborated for expanding the services of teleradiology.

The break-down of primary participants is as mentioned below:

By Company Type - Tier 1: 40%, Tier 2: 25%, and Tier 3: 35%
By Designation - C-level: 25%, Director-level: 20%, and Others: 55%
By Region - North America: 40%, Europe: 25%, Asia Pacific: 20%, Latin America: 10%, and the Middle East & Africa: 5%

Research Coverage:

The report analyzes the teleradiology market and aims at estimating the market size and future growth potential of various market segments, based on products and service, imaging technique, end user, and region. The report also provides a competitive analysis of the key players operating in this market, along with their company profiles, product offerings, recent developments, and key market strategies.

Reasons to Buy the Report

This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.

This report provides insights on:

Market Penetration: Comprehensive information on the product portfolios of the top players in the teleradiology market. The report analyzes this market by type, indication, end user, and region

Market Development: Comprehensive information on the lucrative emerging markets, by products and services, imaging technique, end user, and region

Market Diversification: Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the teleradiology market

Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the teleradiology market

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