Teleradiology Market Report, By Products & Services (Services, Hardware, Software), Imaging Technique (MRI, CT, X-ray, Ultrasound, Mammography, Nuclear Imaging), End User (Hospitals, Diagnostic Centers & Laboratories) and Geography- Global market share, Trend Analysis and Forecast

Teleradiology is one of the rapidly growing market segments of radiology, principally driven by the increasing shortage of radiologists and the need for access to high quality radiology services which is a corner stone for precision diagnosis. Teleradiology offers the remote interpretation of images of patients after conducting medical imaging exams including MR, CT, and X-ray. It also involves the remote storage, retrieval, viewing, and analysis of medical images with the help of clinical experts from anywhere. This helps patients in receiving optimally efficient treatment through the local healthcare professionals. Teleradiology has developed with the disparity between the availability and demand of diagnostic services. Besides, teleradiology his cost efficient than to have radiologists on-site. Generally, the approximate cost of radiologists on-site is about USD 1,500 per day. Whereas the cost for teleradiology services enable to pay on a per exam basis, and sometime the cost is low as USD 8 per exam. This, in turn, helps in expansion of teleradiology market.

Teleradiology Market Driving Factors 

The teleradiology market is anticipated to grow at an impressive rate over the estimated timeframe.  attributed to its growing adoption by radiologists, hospitals and urgent care clinics, increasing R&D activities associated to eHealth and growing implementation of picture archiving and communication systems (PACS) and increasing promotion of teleradiology and telemedicine services by government and non-profit organizations. launch of new products and services in teleradiology is expected to propel growth of the global teleradiology services market over the forecast period. The fundamental requirement of teleradiology service providers is skilled radiologists. Globally, the demand for radiology services is increasing. However, due to limited number of skilled radiologists, the growth of the market is expected to be stagnant.

COVID 19 Pandemic Impact on Teleradiology market

COVID-19 has propelled digital technology to the forefront as healthcare systems rapidly expand telehealth, including virtual care, remote patient monitoring, data analytics and medical record-sharing capabilities to care for patients with COVID-19. In response to the pandemic, Philips has been working with customers around the world to rapidly develop and deploy scalable telehealth solutions to support frontline care professionals and their patients. 

With widespread coronavirus cases across the globe, the demand for the teleradiology is on rise. The COVID-19 pandemic has drastically increased the share of people participating in telehealth, with healthcare systems reporting a 50 to 175-fold increase in telehealth volume compared to pre-pandemic levels. 

Teleradiology Market Segmental Overview

The report analyses the global teleradiology market based on component, communication technology, application, end-user and geography. 

• The teleradiology market by products & services is categorised into Services, Hardware, Software. Software segment is further categorised into Picture Archiving and Communication System (PACS) and Radiology Information System (RIS). 
• Based on imaging technique, the market for teleradiology is segmented into into X-ray, computed tomography (CT), ultrasound, magnetic resonance imaging (MRI), nuclear imaging, fluoroscopy, and mammography. The ultrasound segment is also anticipated to observe lucrative growth over the forecast period. The capability of ultrasound in accessing critical health parameters swiftly with no exposure to radiation makes it a vital technology in limited resource settings. 
• The major end users of the market are hospitals and clinics, diagnostic imaging center and laboratories, long tem care centers, nursing homes, assisted living facilities and others. The diagnostic imaging centers segment is expected to grow at a healthy pace over the forecast period. High pay scale of radiologists, along with increasing imaging costs, is expected to drive the revenue contribution of this segment over the forecast
• The Teleradiology market is studied for the key regions including North America, Europe, Asia Pacific and Rest of the World. The North America region dominated the global teleradiology market owing to the high increasing prevalence of targeted disorders, technological advancements, The growing awareness regrading telemedicine solutions among patient population tare driving the growth of the teleradiology market.

 Teleradiology Market Key Players 

Key players in the global teleradiology market includes 

• Philips Healthcare
• Mednax Services, Inc.
• Teleradiology Solutions
• Carestream Health, Inc.
• Onrad, Inc.
• Usarad holdings, Inc.
• Cerner Corporation
• Mckesson Corporation
• Siemens Healthineers
• Fujifilm Holdings Corporation
• Agfa Healthcare
• Ramsoft, Inc.
• Everlight Radiology
• Novarad Corporation
• Telediagnostic Solutions Pvt. Ltd.
• Statrad Llc
• Medweb Llc
• Nautilus Medical
• Telerad Tech
• Webrad Teleradiology 

Teleradiology Market Key Development

• March 2020 : USARAD, a global teleradiology company backed by Siemens Healthineers, announced launch a first-of-its-kind screening program to identify patients with COVID-19.This program, which will operate through USARAD’s SecondOpinions.com division, will connect radiologists to other providers. 
• March 2020:  USARAD Holdings Inc. (US) announced a collaboration with the Nanox Imaging (Israel) to facilitate bringing Nanox’s mobile imaging system to high-risk areas, supporting preventive COVID-19 screening efforts in these location