Teleradiology Services Market will generate new growth opportunities 2021-2028 | Teleradiology Solutions, Virtual Radiologic Corporation, Argus Radiology, OnePacs LLC, SRL Diagnostics

The idea of teleradiology developed as a result of a scarcity of radiologists, who are often concentrated in urban regions. Teleradiology services allow qualified professionals to interpret and guide patients across the world 24 hours a day, seven days a week. Emergency nighthawk, daytime coverage, specialized reading, second opinion, and clinical trials are some of the services provided by teleradiology service providers.

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Statistics

By the end of 2027, the global teleradiology services market is expected to be worth US$ 16,143.1 Million.

Global Teleradiology Services Market: Drivers

The introduction of innovative teleradiology products and services is expected to drive growth in the global teleradiology services market during the forecast period.

For instance, Life Image introduced the Real-World Imaging service in September 2019 to meet the demands of researchers seeking to mature insights and accelerate drug development choices.

Global Teleradiology Services Market: Opportunities

Rising prevalence of cancer is expected to provide attractive growth possibilities for market players. According to the World Health Organization, the fourth most common disease in females is cervical cancer, accounting for 6.6 % of all female cancers with around 570,000 new cases in 2018.

Global Teleradiology Services Market: Restraints

Skilled radiologists are the most important requirement for teleradiology service providers. The global demand for radiology services is rising. Furthermore, due to a scarcity of qualified radiologists, market growth is expected to be slow.

Key Takeaways:

The global teleradiology services market was worth US$ 3,490.0 million in 2019 and is expected to exceed US$ 16,143.1 million by 2027, registering a CAGR of 21.0 % during the forecast period 2020 - 2027. Growing product releases with advanced technologies are expected to drive the global teleradiology services market growth over the forecasted period.

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In 2019, the CT scan segment accounted for the largest share in the global teleradiology services market, representing 21.5 % of the market share, followed by X-ray Scans and Ultrasound Scans. The rising incidence of chronic diseases such as cancer in both developing and developed economies is expected to drive segment growth over the forecast period.

Market Trends

The rise of pandemic and lockdown situations is expected to assist the global teleradiology services market growth over the forecast period. According to the World Health Organization, the count of COVID-19 cases had exceeded 2,402,250 as of April 22, 2020.

Increased spending on orthopedic disorders is also expected to help the global teleradiology services market grow over the forecast period. In January 2019, according to the study "Mortality, disability, and healthcare expenditure of patients with seropositive rheumatoid arthritis in Korea: A nationwide population-based study," published in the journal PLOS One, annual health expenditures for rheumatoid arthritis patients were considerably higher than for controls.

Regulations

The U.S.

Medicare and Medicaid Fraud and Abuse – General

The Stark Law prohibits a physician from referring Medicare patients to an entity providing designated health services, as defined under the Stark Law, including, without limitation, radiology services, in which the physician has an ownership or investment interest or with which the physician has entered into a compensation arrangement. The Stark Law also prohibits the entity from billing for any such prohibited referral. The penalties for violating the Stark Law include a prohibition on payment by these government programs and civil penalties of as much as US$ 15,000 for each violation referral and US$ 100,000 for participation in a circumvention scheme.

Global Teleradiology Services Market: Competitive Landscape

Some of the key players contributing to the global teleradiology services market are Rays (Envision Healthcare Company), Vital Radiology Services, Imaging On Call, LLC, NightShift Radiology, Virtual Radiologic Corporation, Virtual Radiologic Corporation, Foundation Radiology Group, USARAD Holdings, Inc., Alta Vista TeleRadiology, Telemedicine Clinic, SRL Diagnostics, Direct Radiology, Teleradiology Providers, ARIS Radiology, Quality Nighthawk, Argus Radiology, StatRad LLC, Life Image, Imaging Advantage, OnePacs LLC, ONRAD, Inc., Teleradiology Solutions, Mednax, Inc., and TeleDiagnosys Services Pvt. Ltd.

Global Teleradiology Services Market: Key Developments

April 2020: OnePacs LLC, a provider of medical imaging software, image archiving, communication systems, and automated reporting for medical professionals worldwide, released details of its Teleradiology PACS/RIS/Voice Platform to the California State Department of Health's COVID-19 specialty hospital network.
July 2019: MEDNAX Radiology Solutions and Virtual Radiologic Corporation, a MEDNAX subsidiary, introduced their product range at the 2019 Annual Meeting of AHRA: The Association for Medical Imaging Management, which was hosted in the U.S.

Segmentation

Scope of the report

Teleradiology Services Market, By Process Type:

Certified Reporting Services Process

Preliminary Reporting

Teleradiology Services Market, By Service Type:

Emergency Nighthawk

Day Time Coverage

Sub-specialty Reading

Cardiac Reading

Neuroradiology

Nuclear Scans

Musculoskeletal Studies

Second Opinion

Clinical Trials

Teleradiology Services Market, By Modality:

X-ray Scans

CT Scan

MRI Scan

Ultrasound Scans

Nuclear Scans

Cardiac Echo

Mammography

Electro mammography

Teleradiology Services Market, By End User:

Hospitals

Clinics

Ambulatory Surgical Centers

Radiology Centers

Teleradiology Services Market, By Region:

North America

By Process Type:

Certified Reporting Services Process

Preliminary Reporting

By Service Type

Emergency Nighthawk

Day Time Coverage

Sub-speciality Reading

Cardiac Reading

Neuroradiology

Nuclear Scans

Musculoskeletal Studies

Second Opinion

Clinical Trials

By Modality

X-ray Scans

CT Scan

MRI Scan

Ultrasound Scans

Nuclear Scans

Cardiac Echo

Mammography

Electro mammography

By End User

Hospitals

Clinics

Ambulatory Surgical Centers

Radiology Centers

By Country:

U.S.

Canada

Latin America

By Process Type:

Certified Reporting Services Process

Preliminary Reporting

By Service Type

Emergency Nighthawk

Day Time Coverage

Sub-speciality Reading

Cardiac Reading

Neuroradiology

Nuclear Scans

Musculoskeletal Studies

Second Opinion

Clinical Trials

By Modality

X-ray Scans

CT Scan

MRI Scan

Ultrasound Scans

Nuclear Scans

Cardiac Echo

Mammography

Electro mammography

By End User

Hospitals

Clinics

Ambulatory Surgical Centers

Radiology Centers

By Country:

Brazil

Mexico

Argentina

Rest of Latin America

Europe

By Process Type:

Certified Reporting Services Process

Preliminary Reporting

By Service Type

Emergency Nighthawk

Day Time Coverage

Sub-speciality Reading

Cardiac Reading

Neuroradiology

Nuclear Scans

Musculoskeletal Studies

Second Opinion

Clinical Trials

By Modality

X-ray Scans

CT Scan

MRI Scan

Ultrasound Scans

Nuclear Scans

Cardiac Echo

Mammography

Electro mammography

By End User

Hospitals

Clinics

Ambulatory Surgical Centers

Radiology Centers

By Country:

Germany

U.K.

France

Italy

Spain

Russia

Rest of Europe

Asia Pacific

By Process Type:

Certified Reporting Services Process

Preliminary Reporting

By Service Type

Emergency Nighthawk

Day Time Coverage

Sub-speciality Reading

Cardiac Reading

Neuroradiology

Nuclear Scans

Musculoskeletal Studies

Second Opinion

Clinical Trials

By Modality

X-ray Scans

CT Scan

MRI Scan

Ultrasound Scans

Nuclear Scans

Cardiac Echo

Mammography

Electro mammography

By End User

Hospitals

Clinics

Ambulatory Surgical Centers

Radiology Centers

By Country:

China

India

Japan

Australia

South Korea

ASEAN

Rest of Asia Pacific

Middle East

By Process Type:

Certified Reporting Services Process

Preliminary Reporting

By Service Type

Emergency Nighthawk

Day Time Coverage

Sub-speciality Reading

Cardiac Reading

Neuroradiology

Nuclear Scans

Musculoskeletal Studies

Second Opinion

Clinical Trials

By Modality

X-ray Scans

CT Scan

MRI Scan

Ultrasound Scans

Nuclear Scans

Cardiac Echo

Mammography

Electro mammography

By End User

Hospitals

Clinics

Ambulatory Surgical Centers

Radiology Centers

By Country:

GCC

Israel

Rest of Middle East

Africa

By Process Type:

Certified Reporting Services Process

Preliminary Reporting

By Service Type

Emergency Nighthawk

Day Time Coverage

Sub-speciality Reading

Cardiac Reading

Neuroradiology

Nuclear Scans

Musculoskeletal Studies

Second Opinion

Clinical Trials

By Modality

X-ray Scans

CT Scan

MRI Scan

Ultrasound Scans

Nuclear Scans

Cardiac Echo

Mammography

Electro mammography

By End User

Hospitals

Clinics

Ambulatory Surgical Centers

Radiology Centers

By Country:

South Africa

Central Africa

North Africa

Company Profiles

Teleradiology Solutions *

Company Overview

Product Portfolio

Key Highlights

Financial Overview

Strategies

Virtual Radiologic Corporation

Argus Radiology

OnePacs LLC

SRL Diagnostics

USARAD Holdings, Inc.

Vital Radiology Services

Teleradiology Providers

Life Image

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

Quality Nighthawk

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