Teleradiology Services Market is anticipated to grow at a 18.6% CAGR from 2019 to 2030

Market Industry Reports (MIR) has published a new report titled “Teleradiology Services Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” The global teleradiology services market was valued at over US$ 5.2 Bn in 2018 and It is anticipated to grow at a CAGR of 18.6% from 2019 to 2030.

The enormously enhanced capacity of the internet and swift speed of communication have permitted a much extensive use of teleradiology. Healthcare facilities across the world are providing day-time reporting, for out of hours imaging services in other countries, with different time zones. Revolution in digital image processing technologies ensure effective image distribution across the various regions worldwide. Additionally, advancement in interventional radiology across the globe and upsurge in prevalence of chronic diseases such as cancer, arthritis and coronary heart diseases, are boosting the number of radiological procedures. Moreover, the necessity of time-saving interpretation of radiographs with quality is demanded in developed economies. In order to tackle the increasing demand for radiological procedures and comprehensive interpretation, teleradiology is being preferred by healthcare providers across the globe.

Rise in Incidence of Chronic Diseases

Surge in the incidence of chronic diseases such as cancer, arthritis and coronary heart disease is anticipated to propel the overall global teleradiology services market. According to the World Health Organization, chronic disease prevalence is expected to rise by 57% by the year 2020. Emerging markets will be hardest hit, as population growth is anticipated be most significant in developing nations. Moreover, almost half of the total chronic disease deaths are attributable to cardiovascular diseases; obesity and diabetes are also showing worrying trends, not only because they already affect a large proportion of the population, but also because they have started to appear earlier in life. According to Cancer Research UK, there were 17 million new cases of cancer worldwide in 2018. These factors have been crucial for accelerating in the growth of the global teleradiology market.

Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Teleradiology Services Market by Service Type (General Reporting, Consultation, Auditing), Coverage (Day Time, and After Hours/Night Time), Specialty (Neurology, Cardiology, Oncology, Musculoskeletal, Gastroenterology), Modality (Computed Tomography (CT), X-ray, Magnetic Resonance Imaging (MRI), Ultrasound, Nuclear Imaging), End user – Hospitals, Diagnostic Imaging Centers, Ambulatory Surgical Centers, Clinics) – Global Analysis & Forecast 2019-2030 in detail along with the table of contents:

Trend of Outsourcing Radiology Services in Developed Countries

Developed countries extensively outsource radiology services to cost effective countries in Asia, to handle the bulk of radiology reporting requirements. These countries can work for a relatively fraction of cost which is profitable to the teleradiology service providers. Additionally, developing countries have well trained radiologists which helps to identify, classify, and quantify patterns in medical images and can effectively interpret results more accurately. All the above factors are anticipated to positively contribute to the growth of the global teleradiology services market.

Lack of Skilled Professionals to Restrain Global Market

Lack of skilled professionals globally, is the major factor restraining the market. For instance according to Royal College of Radiologists, UK does not have enough radiologists to meet imaging and diagnostic demands in the NHS. Moreover, nearly all radiology departments in the UK stated that they had been unable to meet their diagnostic reporting requirements in 2016 within their radiology staff’s contracted hours. This factor is likely to hamper the overall growth of the market during the forecast period.

Rapid Growth of the Asia Pacific Market

Asia Pacific is estimated to witness the highest CAGR during the forecast period due to rising demand for innovative and advanced medical platforms coupled with swiftly improving healthcare infrastructure. Additionally, increasing preferences of major players for strategic expansion in the region and rise in awareness about teleradiology services among small scale health care facilities in the region is expected to present an attractive growth prospect for the market in the coming years. 

Major Players in the Teleradiology Services Market

The prominent players in the global teleradiology services market are Envision Healthcare Corporation, MEDNAX Services, Inc., Argus Radiology, Teleradiology Solutions, USARAD Holdings, Inc., ONRAD, Inc., Teleconsult Europe, Africa Telerad Limited, American Imaging Consultants, Unilabs, 4ways Healthcare Limited and Euro American Tele Radiology among others.

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