The global teleradiology services market size is expected to reach USD 25.9 billion by 2025, registering a CAGR of 2.3% over the forecast period, according to a new report published by Grand View Research, Inc. Shortage of radiologists in several countries has increased the adoption of teleradiology services in recent years. According to the 2017 workforce report by the Royal College of Radiologists (RCR), U.K., the National Health Service (NHS) spent USD 150 Million for outsourcing patient radiology scans due to shortage of radiologists. Moreover, several factors, such as need for after working hour coverage, lower reporting cost, and short Turn-Around-Time (TAT) have led to an increase in outsourcing of teleradiology services.
Growing
government reforms for teleradiology are promoting adoption of teleradiology
services by the hospitals and radiology centers especially in rural areas. For
instance, according to an article published by the Indian Express in September
2019, the government of Maharashtra, India plans to partner with private
teleradiology providers to curb the shortage of radiologists in rural areas in
the state. Moreover, in recent years, the penetration of Picture Archiving
& Communication Systems (PACS) and Radiology Information System (RIS) is
increasing significantly in developed countries such as Italy, Germany, and
U.K. The availability of PACS has facilitated the adoption of onshore as well
as inhouse teleradiology services.
Recently,
teleradiology service providers have increased their focus on geographical
expansion to increase their market presence. For instance, in 2014, USARAD
Holdings, Inc. and its consumer division SecondOpinions.com entered into a
partnership with General Hospital of Ningxia Medical University. Through this
partnership, SecondOpinions.com aimed to provide teleradiology and telemedicine
services to the hospital. Likewise, in June 2014, SecondOpinions.com launched
its telemedicine and teleradiology platform in Russia, with an aim to provide
teleradiology and telemedicine services to Russian hospitals and imaging
centers.
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Further key
findings from the report suggest:
- In 2018,
onshore segment held the largest market share of 49.0%. Factors such as
uneven distribution of radiologists within the country, growing
penetration of PACS and RIS, and increasing uptake of onshore
teleradiology services by hospitals situated in rural and remote parts are
contributing to the segment growth
- Mammography
segment emerged as the largest segment in 2018, owing the growing
prevalence of breast cancer coupled with shortage of skilled on-site
radiologists to interpret mammograms
- Asia Pacific
held the largest revenue share in 2018, due to the presence of number of
foreign trained radiologists, and high adoption of teleradiology services
due to even distribution of radiologists, and presence of prominent market
players
- Key market
players include Teleradiology Solutions; Virtual Radiologic Corp; Medica
Group; Everlight Radiology; Telemedicine Clinic (TMC); USARAD Holdings
Inc.; Argus Radiology; TeleDiagnosys Services Pvt. Ltd; ONRAD, Inc.;
StatRad, LLC; Aris Radiology; and NightShift Radiology
Grand View Research has
segmented the global teleradiology services market on the basis of service
type, modality, and region:
Teleradiology
Services Type Outlook, (Revenue, USD Billion, 2014 - 2025)
- Inhouse
- Onshore
- Offshore
Teleradiology
Services Modality Type Outlook, (Revenue, USD Billion, 2014 - 2025)
- CT
- X-ray
- MRI
- Ultrasound
- Mammography
- PET-CT
Teleradiology
Services Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Spain
- Italy
- France
- Russia
- Asia Pacific
- China
- Japan
- India
- Australia
- Singapore
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kenya
- Tanzania
- Uganda
- Zimbabwe
- Rwanda
- Mozambique
- Nigeria
- Ghana
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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