According to the WHO, 17.9 million people die each year from CVDs, which is an estimated 32% of all deaths worldwide, and 85% of all CVD deaths are due to heart attacks and strokes. Due to the increasing prevalence of chronic diseases such as cardiovascular diseases (CVDs), cancer, and chronic respiratory disease. Furthermore, favorable reimbursement policies and continuous evolution and advancement in teleradiology are also some of the other factors contributing to the growth of the teleradiology market.

According to UnivDatos, research report “Global Teleradiology Market" Analysis, 2021”, the teleradiology market is projected to grow at a significant CAGR of around 15% during 2021-27F. The demand for teleradiology is increasing on account of the growing number of people having injuries and disorders. For instance, according to the WHO, annually, more than 3,600 million diagnostic radiological examinations are performed worldwide. In addition, the incidence of chronic disorders, such as cardiovascular diseases (CVDs), cancer, and chronic respiratory disease, is on the rise.

Based on the product and services, the teleradiology market is segmented into services, software, and hardware. The software segment accounted for a significant market share in 2020 and it is estimated that it will exhibit the highest CAGR during the forecast period. The growth of this segment can be attributed to the popularity of this teleradiology among the elderly population.

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Based on imaging technique analysis, the teleradiology market is segmented into computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, x-ray, mammography, nuclear imaging, and fluoroscopy. The computed tomography segment accounted for a significant market share in 2020 and it is estimated that it will exhibit the highest CAGR during the forecast period. The growth of this segment can be attributed to the drive to enhance technical capabilities, and increase data transparency.

Based on end-users, the market is segmented into hospitals & clinics, ambulatory surgical centers, home care settings, and others. The hospitals & clinics segment had the highest revenue and CAGR growth in the analyzed period owing to the presence of several advanced types of equipment in hospitals, such as, such as X-rays, computed tomography (CT), and ultrasound, that can increase the quality of patient care is also one of the reasons why patients prefer hospitals for their treatment.

North America is expected to witness the highest growth

Based on the region, North America dominated the global teleradiology market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to the well-established market players and frequent radiology product launches. North America is expected to skyrocket in the forecast period owing, as stated in UnivDatos’ research report “Global Teleradiology Market Analysis, 2021”. 

According to UnivDatos’, the key players with a considerable market share in the Teleradiology Market include Agfa-Gevaert Group, Teleradiology Solutions, Koninklijke Philips N.V., Everlight Radiology, GE Healthcare, MEDNAX Inc., ONRAD, Inc. RamSoft, Inc., Virtual Radiologic, Medica Reporting Ltd., among others. The players are focused on launching products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry.  

“Global Teleradiology Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for teleradiology providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.

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Market Segmentation:

1.      By Product Type (services, software, and hardware)

2.      By Image Technique Analysis (computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, x-ray, mammography, nuclear imaging, fluoroscopy, and others)

3.      By End-Users (hospitals & clinics, ambulatory surgical centers, home care settings, and others)

4.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

5.      By Company (Agfa-Gevaert Group, teleradiology Solutions, Koninklijke Philips N.V., Everlight Radiology, GE Healthcare, MEDNAX Inc., ONRAD, Inc. RamSoft, Inc., Virtual Radiologic, Medica Reporting Ltd., etc.)

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