Yahoo Finance Teleradiology Services Market to Reach US $26.4 Billion by 2031, Transparency Market Research, Inc.
Service providers lean on bridging gap between rising demand and shortage of supply of radiologists; teleradiology services market players focus on offering precise and expert diagnosis in various sub-specialties, including in neurology
Wilmington, Delaware, United States, Jan. 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Technological advancements in radiology interpretations, notably in Picture Archive and Communication Systems (PACS) and growing expertise of radiologists are fueling the trend of outsourcing of radiology services. In developed countries, the trend has picked up momentum to, leading to increased access to subspecialty reporting and analysis of radiology scans off-site for hospitals.
A deep-dive evaluation of avenues in the teleradiology services market indicate that rising demand for the services for accurate and quick analysis of diagnostic imaging in cases of MRI and CT scans. Growing adoption of services for specialized interpretation of radiology reports for specialized modalities will help the global teleradiology services market to expand at CAGR of 12.1% during the forecast period of 2022–2031.
Afterhours reporting is rising for emergency care such as for on-call study interpretations, a trend that pivots incredible opportunities for teleradiology companies, indicate recent teleradiology services market trends. Moreover, teleradiology services are gaining wider adoption among healthcare providers for cost-effective radiograph interpretation, thus fueling teleradiology services market growth.
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Key Findings of Teleradiology Services Market
Trend of Outsourcing of Afterhours Teleradiology Services Generates Sizable Revenues: Radiology companies especially in developing economies are witnessing enormous revenue potential in the demand for afterhours or out-of-hours reporting. Healthcare providers in developed countries find these to be cost-effective as well as suitable for advancing clinical consultations in the emergency care settings. The trend will continue to generate new revenue streams in teleradiology services market.
Adoption of Various Sub-specialities Presents Lucrative Demand: The analysts at TMR observed that demand for teleradiology reporting and reading of scans underpins vast profitable avenues for players in teleradiology services market. Firms plan to capture stable revenues by offering precise interpretation and diagnosis of conditions in several subspecialties, notably in cardiology and neurology. Stridently, firms are tapping into substantial customers’ demand for quick & cost-effective radiograph interpretation in the general reporting segment.
Teleradiology Services Market: Key Drivers
An in-depth assessment of the growth dynamics of teleradiology services market finds that consistently rising demand for out-of-hours radiology services is a key underpinning for expansion of lucrative avenue. In particular, the demand for teleradiology services is fueled by need for interpretation of complex radiology images.
Prevalence of chronic diseases has spurred the demand for high-quality radiology services, which players in the teleradiology services market are increasingly capitalizing on.
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Teleradiology Services Market: Regional Growth Dynamics
The TMR study found that North America held a major market share in 2021. Of note, the analysts estimated the regional market to expand at CAGR of more than 11.6% during the forecast period (2022–2031). Widespread uptake of services in the regional population over the years, coupled with introduction of expert services, have reinforced the revenue potential.
A scrutiny of teleradiology services market statistics underscores that the Asia Pacific market has vast untapped avenues. The regional market is projected to advance at the most rapid growth rate during the forecast period, wherein the growth is fueled by presence of a massive patient pool. Especially in developed regions, players in teleradiology services are witnessing incredible growth avenues.
Teleradiology Services Market: Competition Landscape
Analysts at TMR found that relatively few players hold the majority of stakes in teleradiology services.
Some of the prominent players are ONRAD, Inc., CARPL.AI Inc., Real Radiology, LLC, USARAD Holdings, Inc., Telemedicine Clinic (UNILABS), TeleConsult Europe (TCE), Specialty Teleradiology, Inc., Medica Group plc., and Africa Telerad Limited.
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Teleradiology Services Market Segmentation
Type of Service
General Reporting
Consultation
Auditing
Others
Modality
X-ray
Ultrasound
Computer Tomography (CT)
Magnetic Resonance Imaging (MRI)
Nuclear Imaging
Others
Coverage
Daytime Coverage
After-hours/Nighttime Coverage
Specialty
Cardiology
Neurology
Oncology
Musculoskeletal
GastroenterologyOthers
End-user
Hospitals
Diagnostic Imaging Centers
Ambulatory Surgical Centers
Clinics
Others
Regions
North America
Latin America
Europe
Latin America
Middle East & Africa
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