An Incisive, In-depth Analysis on the Teleradiology Services Market
This study offers a comprehensive, 360 degree analysis on the Teleradiology Services market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Teleradiology Services market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Teleradiology is the practice of interpretation and analysis of medical images by a radiologist who is not present at the site where the images are generated. This service is utilised by hospitals, emergency care centres, telemedicine companies, and other clinics. Teleradiology services enable radiologists to use online services in order to improve patient care and treatment without the need to be physically present on site. The global teleradiology services market is estimated to reach a market valuation of US$ 1,971.4 Mn by the end of 2016 and register a CAGR of 21.0% over the forecast period (2016–2026).
Increasing incidence of cancer, orthopaedic diseases, and other chronic diseases likely to boost market growth
Growth of the global teleradiology services market is mainly driven by growing incidence of chronic diseases such as cancer, tumours, and orthopaedic diseases; increasing geriatric population; and excessive hospitalisations and increasing admittance in ambulatory surgical centres and clinics. Increasing consumer awareness regarding teleradiology and easy accessibility to the technology is another key factor likely to drive the global demand for teleradiology services.
However, high cost of technology and services, image transmission issues, dearth of trained radiologists and technicians, and a low awareness in emerging economies is likely to pose major challenges for the growth of the global teleradiology services market.
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Certified Reporting Services Process segment likely to dominate the global teleradiology services market through 2026
The Certified Reporting Services Process segment dominated the global market in terms of revenue in 2015 and is expected to retain its dominance throughout the forecast period. The Preliminary Reporting segment is anticipated to be the second most lucrative segment in the global teleradiology services market.
Emergency Nighthawk service type segment expected to dominate the global teleradiology services market in revenue terms
The Emergency Nighthawk segment is anticipated to register the fastest CAGR over the forecast period. The Day Time Coverage segment is expected to be the second most lucrative segment in the global teleradiology services market.
Computerised Tomography (CT) Scans modality segment to retain its dominance between 2016 and 2026
The CT Scans segment dominated the global teleradiology services market in 2015 and is projected to remain dominant throughout the forecast period. The X-Ray Scans segment is expected to be the second most lucrative market segment.
Hospital Pharmacies end user segment anticipated to be the most attractive segment in the global teleradiology services market
The Hospital Pharmacies segment currently accounts for the highest revenue share in the global teleradiology services market due to an increasing usage of teleradiology services in hospital ICU and CCU. The Clinics segment is expected to be the second most lucrative segment in the global teleradiology services market.
U.S most attractive regional market for teleradiology services
U.S. dominated the global teleradiology services market in terms of revenue in 2015 and is likely to emerge as the most attractive regional market. The EU5 region is projected to be the second most lucrative regional market.
The global teleradiology services market is consolidated with key players occupying a major market share
The global teleradiology services market is largely consolidated, with top players accounting for a major market value share in 2015. Some of the leading companies operating in the global teleradiology services market are Teleradiology Solutions, Argus Radiology, SRL Diagnostics, USARAD Holdings Inc., Vital Radiology Services, Teleradiology Providers, 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. These established players are focussed on strategic moves such as new product launches, increasing their distribution channels, and getting into partnerships and agreements with hospitals and specialty clinics to increase the brand awareness of their product.
Future Market Insights analyses the global teleradiology services market in a new report titled “Teleradiology Services Market: Global Industry Analysis and Opportunity Assessment, 2016–2026”. The primary objective of this report is to offer updates and information related to market opportunities in the global teleradiology services market over a 10-year forecast period (2016 – 2026). In this study, we reveal the key market trends and dynamics impacting the global teleradiology services market over the forecast period. Insights on major drivers, restraints, value forecasts, and opportunities for companies operating in the global teleradiology services market are presented in detail in our comprehensive market report.
The global teleradiology services market report begins by defining teleradiology and the various types of services and processes used by teleradiologists. This is followed by an overview of market dynamics impacting the global teleradiology services market, which includes our analysis of key trends, drivers, restraints, opportunities, and the regulatory and reimbursement scenario influencing the growth of the global teleradiology services market. Our analysis also includes an insight into region wise trends impacting market growth. We have included impact analysis of key growth drivers and restraints based on the weighted average model after detailed analysis of individual regions to better equip our readers with meaningful insights on ongoing developments in the global teleradiology services market.
We have split the report into five sections based on market segmentation – based on Process Type, Service Type, Modality, End User, and Region. A detailed analysis has been provided for these segments in terms of market size, Y-o-Y growth rate, absolute $ opportunity, and BPS analysis. Our report also discusses key regional trends contributing to the revenue growth of teleradiology services tests worldwide and analyses the impact of drivers and restraints in each region. The subsequent sections analyse the global teleradiology services market on the basis of process type, service type, modality, end user, and region and provide a comprehensive market outlook (evaluating the present market scenario and future growth prospects) from 2016 to 2026. We have considered 2015 as the base year and provided data for the forecast period, i.e., 2016–2026.
In the final section of the report, we have included a competitive landscape to provide report audiences with a dashboard view of key players operating in the global teleradiology services market. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key manufacturers in the global teleradiology services value chain and potential market players. Report audiences can gain segment-specific company insights to identify and evaluate key competitors based on an in-depth assessment of their capabilities and success factors. Detailed profiles of teleradiology services providers are included in the scope of our report to evaluate their long-term and short-term strategies, key offerings, SWOT analysis, and recent developments in the global teleradiology services market.
To ascertain the global teleradiology services market size, we have considered the revenue generated by companies functioning in the global teleradiology services market. The forecast presented here assesses the total revenue by value across the global teleradiology services market. To offer an accurate forecast, we have started by sizing up the current market, which forms the basis of how the global teleradiology services market is expected to develop in future. Given the characteristics of the market, we have triangulated the outcome of three different types of analysis based on supply side, downstream industry demand, and the economic envelope.
Given the ever-fluctuating nature of the global economy, we have not only conducted our forecasts in terms of CAGR, but have also analysed the global teleradiology services market based on key parameters such as year-on-year (Y-o-Y) growth rates to understand market predictability and to identify the right opportunities across the global teleradiology services market. We have also analysed the different market segments in terms of Basis Point Share (BPS) to understand individual segments’ relative contribution to market growth. This detailed level of information is important for identifying various key trends governing the global teleradiology services market.
Another key feature of our report is the analysis of key segments in terms of absolute dollar opportunity, usually overlooked while forecasting the market. Absolute dollar opportunity is critical for assessing the level of opportunity that a provider can look to achieve as well as to identify potential resources from a sales and delivery perspective in the global teleradiology services market. Furthermore, to understand key market segments in terms of growth and sales of teleradiology services globally, Future Market Insights has developed the global teleradiology services market ‘Attractiveness Index’ to help providers identify real market opportunities in the global teleradiology services market.