FREMONT, California, Feb. 7, 2019 /PRNewswire/ --According to the recent market intelligence report by BIS Research, titled "Global Teleradiology Services Market - Analysis and Forecast, 2018-2026", the global teleradiology services market is projected to grow over $9.46 billion by 2026. The market is expected to grow with a significant compound annual growth rate (CAGR) of 15.06% between the years 2018 and 2026. The growth of the market is aided by the remarkable technological advancements and growth of teleradiology providers.
Telemedicine was developed to bring healthcare services closer to the patients in urban as well as in rural areas. Telemedicine services include teleradiology, tele histopathology, and tele dermatology, among others. Remote consulting offers more options to patients and allows continued care at home where patient and physician play an active role in curing diseases. This service also facilitates shorter hospital stay, second-line support for various chronic diseases, and solves the problems occurring due to shortage of physicians in remote areas.
The U.S. telehealth market is growing at the double-digit growth rate owing to factors such as quality care at low-cost, no traveling cost, healthcare within the comfort of patient's home, access to treatment for patients living in remote areas. The enactment of Patient Protection and Affordable Care Act in March 2010 in the United States has increased the patient population base and the current shortage of physicians has led to the necessity of the development of newer technologies so as to improve patient adoption toward these services. Growing consumer interest and awareness about telehealth has further transformed the healthcare sector and given a boost to the global teleradiology market.
The teleradiology services market has witnessed rapid average growth from 2015 to 2017. The growth has been primarily attributed to the rising incidence of cancer, growing number of diagnostic imaging centers, technological advancements in medical software, increasing awareness regarding early diagnosis and screening benefits, and growing governmental support and funding. The market is estimated to grow at a healthy rate due to the opportunities that lie in this domain, namely the rising demand for automated image analysis techniques and teleradiology services which are lower in cost as compared to onsite radiology image interpretation.
According to Pushplata Patel, Analyst at BIS Research,"North America is the leading contributor to the global teleradiology services market. It currently occupies approximately 36% of the overall teleradiology services market and is expected to grow with a double-digit CAGR of 15.86% during the forecast period, 2018-2026.The growth of the North America market is based on the substantial investments made by diagnostic imaging companies in the field of teleradiology services and new technological innovations."
Computed tomography (CT) constituted the highest market value in 2017, growing at the CAGR of 15.14% during the forecast period 2018-2026. The growth can be attributed to the high adoption rate of CT Scan owing to the significant advantages it provides such as precision in identifying the nature of lesion, low cost and less exposure to radiation.
The web-based teleradiology services segment is expected to be the dominant in the global teleradiology services market by 2026 due to the increasing demand for easy and user-friendly image interpretation process and the data security through web-based teleradiology services.
Teleradiology services market by application is segmented into Radiology Information System (RIS), Picture Archiving and Communication System (PACS), Integrated (RIS and PACS) and others.
Integrated RIS and PACS segment is anticipated to reach $5.22 billion in 2026. As compared to the standalone software systems, the integrated system provides several advantages such as high flexibility with user friendly interface to visualize, observe, evaluate and process medical image data from different modalities.
Hospitals were the dominant end user segment in 2017 and are expected to remain the major segment in the global teleradiology services market in 2026. Hospitals outsource the radiological reports for result interpretations due to high volume of radiological procedures compared to the number of radiologists in the hospital.
The BIS market intelligence report provides a multidimensional view of the global teleradiology services market in terms of the market size and growth potential. This research report aims at answering various aspects of the teleradiology market such as factors driving the market, threats that can inhibit the overall market growth, and the growth opportunities that are going to shape the trajectory of the market expansion.
This report is a meticulous compilation of research on the healthcare services companies in the teleradiology market ecosystem and draws upon insights from in-depth interviews with the eminent leaders of more than 30 leading companies, market participants, and vendors. The key players who have been contributing significantly to the teleradiology services market include RadNet, Inc., Envision Healthcare Corporation, MEDNAX Inc., Siemens Healthineers, Everlight Radiology Pty Ltd., 4ways Healthcare Limited, Global Diagnostics, Vision Radiology, Vital Radiology Services, USARAD Holdings, Inc., Argus Radiology, Foundation Radiology, Inc., ONRAD, Inc., and Teleradiology Solutions, among others.
Key questions answered in the report:
What are the underlying structures resulting in the emerging trends within the teleradiology services industry?
What was the market value of the leading segments and sub-segments of the global teleradiology services market in 2017?
What are the influencing factors that may affect the market share of the key players?
What are the key developmental strategies which are implemented by the major players to sustain in the competitive market?
Who are the leading players with significant offerings in the teleradiology services market? What is the current market dominance for each of these leading players?
What are the key imaging modalities service revenue in the teleradiology services market? What are the major benefits of each imaging modality?
How has the market been segmented on the basis of end user? Which end user is currently dominating the global teleradiology services market, and what is the reason behind its dominance?
What is the growth potential of teleradiology services in each region, including North America, Europe, Asia-Pacific, Latin America, and Middle East Africa?
Which teleradiology services end user is having the most promising growth and in which region?
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