Teleradiology Market Study 2020-2027 - World Market Projected to be Worth $10.9 Billion by 2027
DUBLIN, Feb. 27, 2020 /PRNewswire/ -- The "Teleradiology Market Analysis Report by Product (Ultrasound, MRI, CT, X-ray, Nuclear Imaging), by End Use (Hospital, Ambulatory Imaging Center, Radiology Clinics), by Region, and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.
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The global teleradiology market size is estimated to reach USD 10.9 billion by 2027 registering a CAGR of 13.9% over the forecast period.
Shortage of radiologists, coupled with continuously rising demand for imaging procedures, is expected to drive the market. Despite a significant increase in the installation of radiology equipment in countries such as U.K., U.S., and Singapore over the past few years, there is still a high unmet need for diagnostics imaging. For instance, as per a report by the National Health Service (NHS), the average waiting time for an MRI test in England was reported to be 21 days in 2018.
In addition, legislative amendments made by various governments worldwide for diagnostic imaging services will enhance the growth of teleradiology during the forecast period. For instance, amendments in Australia's Health Insurance Act 1973 for diagnostic imaging have enabled Medicare funding for these diagnostic imaging services since March 2008. This has allowed better access to diagnostic imaging for various conditions. North America is a major market for teleradiology and accounted for 39.5% of the global revenue in 2019 due to factors such as greater funding for R&D, rising patient awareness levels, and growing cancer prevalence.
The regional market is likely to expand further on account of favorable government initiatives for improving the healthcare facilities in rural areas and increased healthcare expenditure. Asia Pacific is expected to witness the fastest growth over the forecast period, exhibiting a CAGR of 14.9%. Rising demand for innovative and advanced medical platforms, coupled with rapidly growing healthcare infrastructure, supports the growth in this region. In addition, presence of target population and need for improved disease diagnosis are anticipated to drive the demand for teleradiology equipment in APAC.
Further key findings from the report suggest:
-- X-ray held the largest teleradiology market share in 2019 owing to its
wide application scope, such as in the detection of dental injuries and
fractures in bones. Growing demand for bedside imaging and core
diagnostics and introduction of novel technologies are expected to
further boost segment growth
-- CT scan is expected to witness the fastest growth over forecast period.
Extensive usage, faster testing, high-resolution imaging capacity, and
advent of new generation systems such as 4D are some of the factors
responsible for segment growth
-- Based on end use, hospitals held the largest market share in 2019. Large
patient base, building financial capacity, and receptivity to advanced
technologies are the factors responsible for uptake of radiology
products in hospitals
-- North America held the largest share in the market for teleradiology in
2019 due to wide usage of advanced technologies, presence of key
companies, and established healthcare infrastructure in the region
-- Asia Pacific is expected to be the fastest-growing region over the
forecast period due to supportive government regulations for the
expansion of teleradiology and quick adoption of new technologies
-- Some of the prominent companies are 4ways Healthcare Ltd., HealthWatch
TeleDiagnostics Pvt. Ltd., RamSoft, Inc., Everlight Radiology, Virtual
Radiologic, Agfa-Gevaert N.V., ONARD, Teleradiology Solutions, and
Global Diagnostics. Most of these companies focus on expanding their
product portfolios and entering in untapped markets such as Asia Pacific
Key Topics Covered
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Product outlook
2.2.2. End-use outlook
2.2.3. Regional outlook
2.3. Competitive Insights
Chapter 3. Teleradiology Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Reimbursement framework
3.4. Market Dynamics
3.4.1. Market driver analysis
3.4.1.1. Increasing prevalence of target diseases
3.4.1.2. Introduction of technologically advanced diagnostics
3.4.1.3. Growing base of geriatric population
3.4.1.4. Favorable regulatory initiatives
3.4.2. Market restraint analysis
3.4.2.1. Lack of skilled professionals
3.4.2.2. Lack of security for data imaging
3.5. Teleradiology Market Analysis Tools
3.5.1. Industry Analysis - Porter's
3.5.1.1. Supplier power
3.5.1.2. Buyer power
3.5.1.3. Substitution threat
3.5.1.4. Threat of new entrant
3.5.1.5. Competitive rivalry
3.5.2. PESTEL Analysis
3.5.2.1. Political landscape
3.5.2.2. Technological landscape
3.5.2.3. Economic landscape
3.5.3. Major Deals & Strategic Alliances Analysis
3.5.4. Market Entry Strategies
Chapter 4. Global Teleradiology Market: Product Estimates & Trend Analysis
4.1. Definitions and Scope
4.2. Teleradiology Market Share, 2019 & 2027
4.3. Segment Dashboard
4.4. Global Teleradiology Market by Product Outlook
4.5. Market Size & Forecasts and Trend Analyses, 2016 to 2027 for the following
Chapter 5. Global Teleradiology Market: End Use Estimates & Trend Analysis
5.1. Definitions and Scope
5.2. Teleradiology Market Share, 2019 & 2027
5.3. Segment Dashboard
5.4. Global Teleradiology Market by End Use Outlook
5.5. Market Size & Forecasts and Trend Analyses, 2016 to 2027 for the following
Chapter 6. Global Teleradiology Market: Regional Estimates & Trend Analysis
6.1. Regional market share analysis, 2019 & 2027
6.2. Regional Market Dashboard
6.3. Global Regional Market Snapshot
6.4. Regional Market Share and Leading Players, 2019
6.5. SWOT Analysis, by Factor (Political & Legal, Economic and Technological)
6.6. Market Size, & Forecasts, Volume and Trend Analysis, 2019 & 2027:
6.7. North America
6.8. Europe
6.9. Asia Pacific
6.10. Latin America
6.11. MEA
Chapter 7. Competitive Landscape
7.1. Recent Developments & Impact Analysis, By Key Market Participants
7.2. Company/Competition Categorization
7.2.1. Innovators
7.2.2. Market Leaders
7.2.3. Emerging Players
7.3. Vendor Landscape
7.3.1. List of key distributors and channel partners
7.3.2. Key customers
7.3.3. Key company market share analysis, 2019
7.4. Public Companies
7.4.1. Company market position analysis (Revenue, geographic presence, product portfolio, key serviceable industries, key alliances)
7.4.2. Company Market Share/Ranking, by region
7.4.3. Competitive Dashboard Analysis
7.4.3.1. Market Differentiators
7.4.3.2. Synergy Analysis: Major Deals and Strategic Alliances
7.5. Private Companies
7.5.1. List of key emerging companies/technology disruptors/innovators
7.5.2. Funding Outlook
7.5.3. Regional Network Map
7.5.4. Company market position analysis (geographic presence, product portfolio, key alliance, industry experience)
7.5.5. Supplier Ranking
7.5.6. Key company profiled
7.5.7. Virtual Radiologic (vRad)
7.5.7.1. Company overview
7.5.7.2. Financial performance
7.5.7.3. Product benchmarking
7.5.7.4. Strategic initiatives
7.5.8. Agfa-Gevaert Group
7.5.9. ONRAD, Inc.
7.5.10. Global Diagnostics
7.5.11. Everlight Radiology
7.5.12. Cybernet Medical Corporation
7.5.13. 4ways Healthcare Ltd.
7.5.14. RamSoft, Inc.
7.5.15. USARAD Holdings, Inc.
7.5.16. HealthWatch TeleDiagnostics Pvt. Ltd.
7.5.17. Koninklijke Philips N.V.
For more information about this report visit https://www.researchandmarkets.com/r/hqcqy0
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