Impact of COVID-19 on Teleradiology Markets Worldwide, 2025
DUBLIN, July 30, 2020 /PRNewswire/ -- The "Teleradiology Market by Products & Services (Services, Hardware, Software (PACS, RIS)), Imaging Technique (MRI, CT, X-ray, Ultrasound, Mammography, Nuclear Imaging), End User (Hospitals, Diagnostic Centers & Laboratories), COVID-19 Impact - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global teleradiology market is expected to reach USD 22.8 billion by 2025 from USD 7.9 billion in 2020, at a CAGR of 23.5% during the forecast period of 2020 to 2025.
The report analyzes the teleradiology market and aims at estimating the market size and future growth potential of various market segments, based on products and service, imaging technique, end-user, and region. The report also provides a competitive analysis of the key players operating in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
The dearth of skilled radiologists & need for faster and improved diagnosis is driving market growth
Due to the outbreak of coronavirus globally, there is a sudden rise in the demand for teleradiology services. The growth of this market is mainly attributed to the rising geriatric population and the subsequent increase in the prevalence of associated diseases, the increasing adoption of cloud-based solutions, and the benefits offered by teleradiology and a dearth of skilled radiologists. However, declining reimbursements and increasing regulatory burden in the US and data breaching of imaging report hampered market growth to an extent.
CT was the largest and fastest-growing Imaging technique market in 2019
Computed tomography (CT) is used in a wide range of applications, such as cardiology, oncology, neurology, and abdomen and pelvic, and spine and musculoskeletal imaging. Factors such as the growing need for effective and early diagnosis, technological advancements, and digitalization in this field are driving the growth of the teleradiology market for this segment. According to the WHO, more than 100 million CT scans are performed every year across the globe. The need to prevent exploratory surgeries and improvements in cancer diagnosis and treatment have increased the demand for CT scans over other imaging techniques.
Hospitals are the largest end-user segment in the teleradiology market in 2019
Based on end-users, the teleradiology market is segmented into hospitals and clinics; diagnostic imaging centers and laboratories; long-term care centers, nursing homes, and assisted living facilities; and other end users. The hospitals and clinics segment accounted for the largest share of in 2019.
The large share of this segment can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, the growing inclination of hospitals towards the automation and digitization of patient records, and the growing need to improve the quality of patient care. Moreover, a shortage of radiologists due to the COVID-19 pandemic and the rising adoption of advanced imaging modalities to improve workflow efficiency in hospitals are further expected to support the growth of this end-user segment.
North America will continue to dominate the teleradiology market in 2025
The teleradiology market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latina America, and the Middle East and Africa. In 2019, North America accounted for the largest share. The large share of North America in the global market is attributed to the rising geriatric population, high incidence of chronic diseases, a large number of diagnostic imaging procedures, increasing awareness about the benefits of early diagnosis of diseases, and the rapid adoption of technologically advanced imaging systems in this region.
Due to its growing geriatric population segment and environmental conditions have favored the spread of COVID-19 which has severely affected the region and ensured enormous growth in the demand for telehealth and teleradiology. Players in this and adjacent, or even non-related, markets have focused on or collaborated for expanding the services of teleradiology.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Teleradiology Market Overview
4.2 Asia Pacific: Teleradiology Market, by Product & Service and Country (2019)
4.3 Teleradiology Market: Geographic Growth Opportunities
4.4 Regional Mix: Teleradiology Market (2020-2025)
4.5 Teleradiology Market: Developing Vs. Developed Markets
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Market Drivers
5.2.1.1 Rising Geriatric Population and the Subsequent Increase in the Prevalence of Associated Diseases
5.2.1.2 Increasing Adoption of Cloud-Based Solutions
5.2.1.3 Benefits Offered by Teleradiology and a Dearth of Skilled Radiologists
5.2.2 Restraints
5.2.2.1 Declining Reimbursements and Increasing Regulatory Burden in the US
5.2.3 Opportunities
5.2.3.1 High Growth Opportunities in Emerging Countries
5.2.3.2 Adoption of Artificial Intelligence in Teleradiology
5.2.3.3 Use of Blockchain Technology in Teleradiology
5.2.4 Challenges
5.2.4.1 Data Breach of Imaging Reports
6 Industry Insights
6.1 Introduction
6.2 Industry Trends
6.3 Regulatory Analysis
6.4 Impact of COVID-19 on the Teleradiology Market
7 Teleradiology Market, by Product & Service
7.1 Introduction
7.2 Teleradiology Services
7.3 Software
7.4 Hardware
8 Teleradiology Market, by Imaging Technique
8.1 Introduction
8.2 Computed Tomography
8.3 Magnetic Resonance Imaging
8.4 Ultrasound
8.5 X-Ray
8.6 Mammography
8.7 Nuclear Imaging
8.8 Fluoroscopy
9 Teleradiology Market, by End User
9.1 Introduction
9.2 Hospitals & Clinics
9.3 Diagnostic Imaging Centers & Laboratories
9.4 Long-Term Care Centers, Nursing Homes, & Assisted Living Facilities
9.5 Other End Users
10 Teleradiology Market, by Region
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia Pacific
10.5 Latin America
11 Competitive Landscape
11.1 Overview
11.2 Competitive Leadership Mapping,
11.2.1 Stars
11.2.2 Emerging Leaders
11.2.3 Pervasive
11.2.4 Emerging Companies
11.3 Product Matrix, by Company
11.4 R&D Expenditure by Key Players in the Teleradiology Market, 2018 vs. 2019 (Usd Million)
11.5 Market Ranking Analysis
11.6 Competitive Situations & Trends
11.6.1 Product Launches
11.6.2 Partnerships, Agreements, & Collaborations
11.6.3 Acquisitions
12 Company Profiles
12.1 Philips Healthcare
12.1.1 Business Overview
12.1.2 Products & Services Offered
12.1.3 Recent Developments
12.1.4 Publisher View
12.1.5 Strategic Overview
12.2 Mednax Services, Inc.
12.3 Teleradiology Solutions
12.4 Carestream Health, Inc.
12.5 Onrad, Inc.
12.6 Usarad Holdings, Inc.
12.7 Cerner Corporation
12.8 McKesson Corporation
12.9 Siemens Healthineers
12.10 Fujifilm Holdings Corporation
12.11 AGFA Healthcare
12.12 Ramsoft, Inc.
12.13 Everlight Radiology
12.14 Novarad Corporation
12.15 Telediagnostic Solutions Pvt. Ltd.
12.16 Statrad LLC
12.17 Medweb LLC
12.18 Nautilus Medical
12.19 Telerad Tech
12.20 Webrad Teleradiology
For more information about this report visit https://www.researchandmarkets.com/r/rpsav0
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