SEATTLE, May 07, 2020 (GLOBE NEWSWIRE) -- Teleradiology is remote interpretation of medical images. The service relies on internet, telephone lines, wide area network, local area network (LAN) and computer clouds. Emergency nighthawk, day time coverage, and subspecialty reading are some of the services provided in teleradiology.
The global teleradiology services market is estimated to account for US$ 16,143.1 Mn in terms of value by the end of 2027.
Market Drivers:
Increasing prevalence of COVID-19 is expected to boost growth of the global teleradiology services market over the forecast period. For instance, there were 3,525,116 confirmed cases of COVID-19, including 243,540 deaths, as reported to WHO as of May 5, 2020.
Moreover, increasing approval for teleradiology products is also expected to aid in growth of the market. For instance, in April 2020, Nines received U.S. Food and Drug Administration approval for its NinesAI medical device, enabling democratized access to AI-enabled radiology in the telehealth.
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Market Opportunities:
Increasing prevalence of chronic disorders is expected to offer lucrative growth opportunities for players in the global teleradiology services market. For instance, according to Alzheimer’s Association, around 5.8 million people in the U.S. aged 65 and older are living with Alzheimer's dementia in 2020.
Moreover, increasing funding for R&D in teleradiology is also expected to aid in growth of the market. For instance, in May 2020, EIT Health announced to fund TU Munich’s FastRAI teleradiology and AI-based solution to enable COVID-19 identification for clinical triaging under its latest phase of its contribution to the fight against COVID-19.
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Key Takeaways:
The global teleradiology services market was valued at US$ 3,490.0 Mn in 2019 and is forecast to reach US$ 16,143.1 Mn by 2027 at a CAGR of 21.0% between 2020 and 2027. Increasing prevalence of infectious diseases such as COVID-19 is expected to boost growth of the global teleradiology services market over the forecast period
CT scan segment held dominant position in the global teleradiology services market in 2019, accounting for 21.5% share in terms of value, followed by X-ray Scans and Ultrasound Scans, respectively. Increasing incidence and prevalence of chronic diseases such as cancer in developed and developing economies is anticipated to drive the growth of the segment during the forecast period.
Market Trends:
Major players in the market are focused on adopting various marketing strategies to enhance their market share. For instance, in March 2019, OnePacs presented its portfolio in artificial intelligence (AI) radiology diagnosis at the European Congress of Radiology annual conference.
The demand for radiology is high in the U.S. According to a new report from Merritt Hawkins, radiology is the fourth most requested physician search assignment in 2019/18 and the specialty’s average base salary is US$ 387,000, up 4.3% from US$ 371,000 in 2017/2018.
Competitive Landscape:
Major players operating in the global teleradiology services market include, Teleradiology Solutions Pvt. Ltd., Virtual Radiologic Corporation, Argus Radiology, OnePacs LLC, SRL Diagnostics, USARAD Holdings, Inc., Vital Radiology Services, Life Image, Telemedicine Clinic, TeleDiagnosys Services Pvt. Ltd., Imaging Advantage, Foundation Radiology Group, Direct Radiology, Imaging On Call, LLC, ONRAD, Inc., Rays (Envision Healthcare Company), StatRad LLC, ARIS Radiology, NightShift Radiology, Mednax, Inc. Alta Vista TeleRadiology, and Quality Nighthawk.
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Key Developments:
February 2020: Life Image launched Network Build, a new enterprise solution to help healthcare companies establish large scale, imaging- and data-intensive networks to coordinate and deliver care, collaborate and innovate
Market Segmentation:
- Teleradiology Services Market, By Process Type:
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- Certified Reporting Services Process
- Preliminary Reporting
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- Teleradiology Services Market, By Service Type:
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- Emergency Nighthawk
- Day Time Coverage
- Sub-specialty Reading
- Cardiac Reading
- Neuroradiology
- Nuclear Scans
- Musculoskeletal Studies
- Second Opinion
- Clinical Trials
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- Teleradiology Services Market, By Modality:
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- X-ray Scans
- CT Scan
- MRI Scan
- Ultrasound Scans
- Nuclear Scans
- Cardiac Echo
- Mammography
- Electro mammography
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- Teleradiology Services Market, By End User:
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- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Radiology Centers
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- Teleradiology Services Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country:
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country:
- South Africa
- Central Africa
- North Africa
- By Country:
- North America