Report Id: SNS/HC/1793 | June 2022 | Region: Global | 125 Pages
Teleradiology Market Overview:
The Teleradiology Market Size was valued at USD 4.68 billion in 2021, and expected to reach USD 11.79 billion by 2028, and grow at a CAGR of 14.1% over the forecast period 2022-2028.
Teleradiology is a medical procedure for taking pictures of the body structure and function, to aid the diagnostic or therapeutic process. It can take medical imaging in one place and help or spread it widely for viewing and interpretation purposes for diagnostic or consultation with a radiologist. Teleradiology is by and large used in telemonitoring, teleconsultation, and tele-examination, engaging radiologists to finish their everyday work effectively. Teleradiology allows efficient local solutions for real-time interpretation and a global network of clouds. Teleradiology greatly helps health care professionals to access patient information no matter how far away, which is why they are improving the availability of diagnostics. Teleradiology Services receives extensive requests from radiologists to use online services to improve patient care and treatment without the need for a physical presence on site.
Imaging Procedures Are Becoming More Common
Increased Healthcare Spending and the Development of IT Infrastructure
Osteoarthritis and chronic diseases are becoming more common.
Telecommunication-Related Safety Concerns
Professionals with specialized knowledge are in short supply.
Artificial intelligence is used in teleradiology.
Breach of data and cyber-threats
Data imaging is insecure due to a lack of security.
IMPACT OF COVID-19
Due to the global outbreak of COVID-19, treatments of all sizes are under tremendous pressure, and health care providers need to rely on teleradiology solutions to diagnose and treat patients' reports. Teleradiology arrangements likewise help to work on the effectiveness of indicative imaging by making and improving on radiology with precise perusing and negligibly intrusive blunders. As the fight against COVID-19 returns, there is a creating need to make teleradiology game plans more typical.
However, the industry is facing staffing, financial, and operational challenges as a number of professional radiologists enter the field of telehealth and teleradiology. In radiology, volumes are altogether lower because of the scratch-off or inversion of chosen techniques. In addition, there are Internet bandwidth issues, especially in rural hospital settings, and people living in rural areas are reluctant to accept teleradiology reports due to data breach problems.
By Products and Service Type:
The teleradiology market is divided into teleradiology, software, and hardware services. Part of the teleradiology services had the largest share. The software component is estimated to grow at a very high CAGR during the forecast period. The growing demand for healthcare software has prompted software companies to improve collaboration, improve technical skills, and increase data visibility. What's more, the flare-up of COVID-19 has prompted a rising requirement for better administration of a bigger number of patient information. Accordingly, various facilities are using teleradiology deals with work on the capability of clinical consideration providers and to chip away at tireless outcomes. In addition, part of the software is also categorized as RIS and PACS
By Imaging Technique Type:
X-ray, computed tomography (CT), ultrasound, magnetic resonance imaging (MRI), nuclear imaging, fluoroscopy, and mammography make up the teleradiology business. Part of computed tomography held the biggest market share by 2021. CT scans are employed in a range of fields, including cardiology, cancer, neurology, abdominal and pelvic imaging, and spinal and musculoskeletal imaging. Factors like the developing requirement for proficient and opportune diagnostics, mechanical advances, and digitalization in the field drive the development of the teleradiology market of this section. According to the WHO, more than 100 million CT scans are performed worldwide each year. The need to forestall symptomatic medical procedure and advances in malignant growth conclusion and therapy have expanded the requirement for CT checks notwithstanding other imaging methods.
By End Users Type:
The teleradiology market is divided into hospitals and clinics; imaging centers and laboratories; long-term care centers, nursing homes and assisted living facilities; and other end users. Part of the hospitals and clinics had the largest share in 2019. A large part of this phase can be attributed to the growing number of diagnostic procedures performed in hospitals, the growing tendency for hospitals to automatically translate and digitize patient records, and the growing need to improve patient care. Furthermore, the deficiency of radiologists because of the COVID-19 pestilence and the rising acknowledgment of cutting-edge imaging procedures to further develop medical clinic effectiveness is supposed to help the development of this portion of end clients.
Some of the major key players are as follows: GE Healthcare, Philips Healthcare, Medica Group Plc., Cerner Corporation., and other players.
By Products and Service Type
By Imaging Technique Type
By End Users Type
Hospitals and Clinics
Diagnostic Imaging Center and Laboratories
Long term care centers, nursing homes, assisted living facilities.
Teleradiology is partitioned into five locales - North America, Europe, Asia Pacific, Latin America, and the Middle East Africa. These regions are also analyzed at national level. North America holds the biggest offer in the teleradiology market by 2021, trailed by Europe and Asia Pacific. The Asia Pacific market is expected to grow at a very high CAGR during the forecast period. Market growth in the APAC region is driven primarily by growing awareness of the benefits of early diagnosis, development of health care systems, a growing tourism market in APAC nations, expanded medical services costs, and expanded government endeavors to modernize medical services infrastructure.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 4.68 Billion|
|Market Size by 2028||US$ 11.79 Billion|
|CAGR||CAGR of 14.1% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Products and Service Type (Teleradiology Services, Software, PACS, RIS)
• By Imaging Technique Type (CT, MRI, Ultrasound, X-ray, Mammography, Nuclear Imaging, Fluoroscopy)
• By End Users Type (Hospitals and Clinics, Diagnostic Imaging Center and Laboratories, Long term care centers, nursing homes, assisted living facilities, Others)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||GE Healthcare, Philips Healthcare, Medica Group Plc., Cerner Corporation., and other players.|
|DRIVERS||• Imaging Procedures Are Becoming More Common
• Increased Healthcare Spending and the Development of IT Infrastructure
• Osteoarthritis and chronic diseases are becoming more common.
|RESTRAINTS||• Telecommunication-Related Safety Concerns
• Professionals with specialized knowledge are in short supply.
Frequently Asked Questions (FAQ) :
Top-down, bottom-up, Quantitative, Qualitative Research, Descriptive, Analytical, Applied, Fundamental Research.
The challenges faced by Teleradiology is Breach of data and cyber-threats.
The by Products and Service Type is divided into four sub segments is Teleradiology Services, Software, PACS, and RIS.
North America holds the biggest offer in the teleradiology market.
Teleradiology Market is expected to reach USD 11.79 billion by 2028.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine ware
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Teleradiology Market Segmentation, By Products and Service Type
8.1 Teleradiology Services
9. Teleradiology Market Segmentation, By Imaging Technique Type
9.6 Nuclear Imaging
10. Teleradiology Market Segmentation, By End Users Type
10.1 Hospitals and Clinics
10.2 Diagnostic Imaging Center and Laboratories
10.3 Long term care centers, nursing homes, assisted living facilities.
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12 Company Profiles
12.1 GE Healthcare
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Philips Healthcare
12.3 Medica Group Plc.
12.4 Cerner Corporation.
13 Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share analysis
13.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.