Teleradiology Services Market projected to expand at a CAGR of 18.7% from 2019 to 2027

Transparency Market Research (TMR) has published a new report titled, ‘Teleradiology services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global teleradiology services market was valued at US$ 5.4 Bn in 2018 and is projected to expand at a CAGR of 18.7% from 2019 to 2027.

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Overview

Teleradiology is the electronic transmission of radiographic images such as CTs, MRIs and X-rays from one location to another for the purpose of consultation and interpretation.
Teleradiology allows radiologist to provide service for 24/7, additionally it helps to provide services during medical emergencies and night time. Teleradiology services includes general reporting, auditing, consultation and others.
North America dominated the global teleradiology services market in 2018 and the trend is anticipated to continue during the forecast period. Highly structured health care industry, increase in prevalence of major chronic diseases and are expected to drive the market in North America.
Asia Pacific is likely to be a highly lucrative market for teleradiology services and it is expected to expand at a high CAGR during the forecast period
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Rise in Number of Radiology Imaging Procedures and Technological Advancement to Drive Market

The changing face of interventional radiology across the globe and rise in prevalence of chronic diseases such as cancer and coronary heart diseases are boosting the number of radiological procedures. According to the World Health Organization, an estimated 18.1 million new cases and 9.6 million cancer deaths occurred in 2018. Increase in number of radiology imaging procedures is helps to drive the growth of market during forecasted period.
Technological advancement is also major factor to drive the growth if teleradiology services market. The technological developments in the teleradiology sector involves upgradation of the workflow, with the help of efficient software tools and the telecommunication network. To streamline the workflow, the software enhancements is considered to be a key factor which reduces turnaround time, provide cost effective operational results, and improve the quality. For instance, in January 2017, Direct teleradiology, a U.S. based teleradiology service provider launched automation intelligence software to improve its teleradiology workflow.
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North America to Dominate Global Market

In terms of region, the global teleradiology services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global teleradiology services market in 2018, followed by Europe.
North America accounted for major share of the global teleradiology services market in 2018. This is attributable to Growth of the segment can be attributed to availability of multiple imaging options and devices and tie-ups with health care companies to enhance imaging offerings.
The teleradiology services market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be attributed to increase in awareness about teleradiology and growth in the healthcare sector in countries such as China, Japan, and India. Moreover, technological advancement and increasing adoption of teleradiology solutions are expected to propel the growth of the market during the forecast period.
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Competitive Landscape

The global teleradiology services market is fragmented in terms of number of players. Key players in the global market include Envision Healthcare Corporation, MEDNAX Services, Inc. (Virtual Radiologic), 4ways Limited, Argus Radiology, Teleradiology Solutions, UNILABS, USARAD Holdings, Inc., ONRAD, Inc., Euro American Teleradiology, Teleconsult Europe, Africa Telerad Limited, American Imaging Consultants and other prominent players.
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