Teleradiology Market Size to Reach Revenues of USD 22.81 Billion by 2027 – Arizton

Subheading: RadNext is one of the key players in the teleradiology segment, which completely exited from the market in 2020. Similarly, Mednax, which had the largest market share in the teleradiology market, sold its teleradiology segment to Radiology Partners.

The teleradiology market is expected to grow at a CAGR of over 24.25% during the period 2021−2027.

Key Highlights Offered in the Report:
1. The COVID-19 pandemic had a positive impact on teleradiology market, and this is accelerating the adoption of teleradiology services among the developed and developing countries.
2. The services segment accounted for the major share by product, with highest CAGR and expected to grow with absolute growth of 280%.
3. General consultation dominated the service segment, however the demand for the nighthawk and specialty consultations are increasing at a faster rate.
4. Ultrasound segment dominated the market by imaging technique; however, CT scan is expected to grow at a CAGR of 26.44% by 202&.
5. Cardiology segment dominated the applications segment; however, neurology is expected to grow at a faster rate with CAGR of 23.48%.
6. Diagnostic imaging centers and labs dominate the end-user segment in the market and is expected to grow at a faster rate. There are some of the standalone diagnostic labs starting with their own teleradiology labs to provide the services to customers.
7. North America dominated the market in geography segment; however, the APAC is expected to grow at a higher CAGR, and India is expected to become hub for the teleradiology services soon.

Key Offerings:
• Market Size & Forecast by Revenue | 2021−2027
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by product type, imaging technique, application, end-users, and geography
• Competitive Landscape – 3 key vendors and 31 other vendors

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Teleradiology Market – Segmentation

• There is increasing demand for specialty and nigh hawk services in the market. The market is witnessing a drop in general radiology consultants and a rise in subspecialty radiologists. Subspecialty radiologists have increased the adoption of teleradiology in rural areas.
• In 2021, the ultrasound segment accounted for around 27% of the global teleradiology market. Teleultrasound is widely used to provide better healthcare diagnostic results. High-income countries are also facing a shortage of trained clinicians. Hence, the adoption of tele-ultrasound is higher in developed counties.
• There is a huge demand for teleradiology in the neurology and orthopedic segments. The rise in patient volume with issues such as stroke, neurological diseases, and head injury accidents has boosted the demand for teleradiology services in the neurology segment.

Teleradiology Market by Product
• Services
• General Consultation
• Night Hawk & Emergency
• Speciality/ Elective
• Second opinion
• Software and Hardware
Teleradiology Market by Imaging Technique
• Ultrasound
• X-ray
• CT (computer tomography)
• MRI
• Mammography
• PET/SPECT
• Others
Teleradiology Market by Application
• Cardiology
• Orthopedic
• Oncology
• Neurology
• Gastroenterology
• Dental
• Obstetrics & Gynaecology
• Others
Teleradiology Market by End-Users
• Hospitals and clinics
• Diagnostic Imaging Centers & Labs
• Ambulatory Care Centers & Urgent Care Centers
• Others

Teleradiology Market – Dynamics

Radiology is one of the major segments to adopt digital technology faster than the other segments in healthcare. Medical imaging is one of the largely researched fields. The adoption of AI in teleradiology is high due to various significant advantages. AI is helping radiologists to make more accurate results. This plays a significant role when a large volume of medical imaging is performed. For instance, during the COVID-19 pandemic, many COVID-19 patients were frequently undergoing medical imaging. AI helped radiologists to predict the scenario and diagnose faster with conventional methods. Well-built algorithms that are based on a wide range of data provide more than 90% specificity and sensitivity. AI has largely helped in reducing the turnaround time by 60% for many critical cases. This technology has helped bridge the gap and help teleradiology play a vital role in overcoming obstacles.

Key Drivers and Trends fueling Market Growth:
• Increased Outsourcing of Teleradiology Services
• Increased Adoption of Telehealth
• Shift Toward Digitalization in Radiology
• Increasing Demand for Nighthawk & Specialty Modalities

Teleradiology Market – Geography

The adoption of teleradiology in North America is higher than in the other regions due to higher access to medical facilities, availability of reimbursement, higher volume of surgeries. The region is known for faster adoption of technology, increasing awareness, government initiatives, growing healthcare expenditure, and opportunities for technological innovations. The presence of key market players in the region also contributes to the growth of the market. The teleradiology market is growing faster than the other regions and is likely to retain its dominance during the forecast period. The market is growing due to multiple factors, including the availability of sophisticated healthcare infrastructure, availability of reimbursement coverage for telehealth, and favorable government initiatives and reforms supporting digital health.

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Teleradiology Market by Geography
• North America
• US
• Canada
• Europe
• UK
• France
• Germany
• Italy
• Spain
• Poland
• Netherlands
• APAC
• Japan
• China
• Australia
• India
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• The Middle East and Africa
• Turkey
• South Africa
• Saudi Arabia
• UAE
• Iran
• Israel

Major Vendors
• Koninklijke Philips
• Radiology Partners
• Teleradiology Solution

Other Prominent Vendors
• Agfa
• Cloudex Radiology
• Cerner
• Doctor Net
• Everlight Radiology
• FUJIFILM
• Matrix Imaging Solutions
• Medweb
• Medica
• Mayfair
• Nautilus Medical
• NightHawk Radiology
• Nines
• NucleusHealth
• Nextrad
• ONRAD
• RamSoft
• Radmedic
• Real Rads
• Speciality Teleradiology
• Siemens Healthineers
• Telediagnosis Solutions
• Telerad Tech
• Telemedicine Clinic
• Telediagnosys Solutions
• USARAD.COM
• Voyager Imaging
• WebRad
• 4Ways Healthcare
• 5C Network

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
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