Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The demand for diagnostic and image interpretation services in radiology is growing rapidly all over the world. Teleradiology refers to the practice of a radiologist deciphering medical images while not physically present in the area where the images are generated. Radiology encompasses the diverse techniques used by medical professionals to capture images of the internal body (eg. x-rays, MRIs, ultrasounds), to aid in the process of diagnosis or treatment. Hospitals, mobile imaging companies, urgent care facilities and even some private practices utilize teleradiology. This recent practice is becoming widely implemented by hospitals, urgent care clinics and specialist imaging companies. The reason for its increased implementation is because it addresses the lack of adequate staff to provide radiological coverage and the lack of expertise in this speciality. Globally increasing penetration of technology into healthcare practice is expected to drive the demand for teleradiology during the period of study.
Hospitals, clinics across the globe are facing an unprecedented constraint on resources due to the impact of COVID-19, which is adding to a surge in patients needing diagnostic examinations, such as a chest X-ray or CT. Availing healthcare treatment has become a challenge As economies are implementing partial or total lockdown. Amid such conditions, teleradiology is proving to be a key technology to get diagnostic examinations. Increasing number of people are turning towards virtual visits for health check-ups, thus fostering market demand. Besides, Teleradiology systems are presently being utilized to share study observations and details gathered during the treatment of Covid-19 patients. Which in turn helps in preventing the exchange of hard copies of imaging results as well as avoid in-person contacts.
Surge in demand for radiological services due to high prevalence of chronic disorders such as congestive heart failure and orthopedic injuries are the key factors that drive the growth of the teleradiology market. Rising interest for teleradiology in instances of second assessment and crises is one of the high effects rendering drivers of the market. Besides, a lack of medicinal services experts, particularly sub-specialist segments such as paediatric, neurology, and musculoskeletal radiology, is prompting the adoption of teleradiology services. Teleradiology enables healthcare professionals access information irrespective of distance, in this way improving diagnostic conversion. In this way, developing reception of teleradiology for timely diagnosis is expected to drive the market during the gauge time frame. Mix of Artificial Intelligence (AI) into teleradiology, execution of Picture Archiving and Communication System (PACS) and developing R&D exercises relating to eHealth are a few different elements expected to support the interest for teleradiology administrations over the figure time frame.
Besides, adoption of teleradiology solutions has substantially helped bridge the rural-urban disparity in many emerging nations, including India and Brazil, as well as developed economies like the US, the UK, and Germany. These solutions are more convenient and cost-effective as they eliminate the need for travel and allow radiologists to work from anywhere.
The report analyses the global teleradiology market based on product & service, imaging & technique, end-user and geography.
Various types of teleradiology product and service consists of teleradiology services, software, and hardware. The software segment is further categorised into RIS and PACS. The teleradiology software segment is anticipated to expand at the high pace during the forecast period. The rising demand for healthcare software has driven software companies to enhance interoperability, increase technical capabilities, and improve data transparency. Besides, Covid-19 pandemic has led to a heightened need for better management of large amounts of patient data, which will drive the market growth.
Based on teleradiology market analysis imaging techniques, the teleradiology market is classified into X-ray, computed tomography (CT), ultrasound, magnetic resonance imaging (MRI), nuclear imaging, fluoroscopy, and mammography. The computed tomography (CT) segment was the largest contributor to the teleradiology market, mainly attributed to the rise in number of institutes installing CT scanners, teleradiology-based CT. Likewise, capability of CT scan to scan complex body structures such as lungs, brain, and cardiac cavities propel the market growth.
The major end users of teleradiology are hospitals and clinics, diagnostic imaging centre and laboratories and others. The hospital segment accounted for the highest revenue in and is anticipated to grow at the decent growth rate during the forecast period. Hospitals use teleradiology services for urgent care, primary diagnosis, and second opinion. However, these services are generally preferred in emergency care. For instance, if a patient visits a hospital with severe head trauma during the absence of a neuroradiologist, then teleradiology services help in quicker diagnosis and delivering treatment promptly. Therefore, rising number of emergency visits in hospitals is expected to drive the segment over the forecast period.
The teleradiology market is studied for the key regions including North America, Europe, Asia Pacific and Rest of the World. The North America region dominated the global teleradiology market. and is projected to maintain its dominance over the forecast years. A major trend driving the teleradiology market in the region is the increasing target population base, increasing prevalence of chronic diseases, and presence of major market players are the major factors contributing to the region’s leading position.
Key players in the global teleradiology market includes Philips Healthcare, Mednax Services, Inc., Teleradiology Solutions, Carestream Health, Inc., Onrad, Inc., Usarad holdings, Inc., Cerner Corporation, Mckesson Corporation, Siemens Healthineers, Fujifilm Holdings Corporation, Agfa Healthcare, Ramsoft, Inc., Everlight Radiology, Novarad Corporation, Telediagnostic Solutions Pvt. Ltd., Statrad Llc, Medweb Llc, Nautilus Medical, Telerad Tech and Webrad Teleradiology among others.
March 2020: USARAD, a global teleradiology company backed by Siemens Healthineers, announced launch a first-of-its-kind screening program to identify patients with COVID-19.This program, which will operate through USARAD’s SecondOpinions.com division, will connect radiologists to other providers.
March 2020: USARAD Holdings Inc. (US) announced a collaboration with the Nanox Imaging (Israel) to facilitate bringing Nanox’s mobile imaging system to high-risk areas, supporting preventive COVID-19 screening efforts in these location.
The report analyses the global teleradiology market based on product & service, imaging and technique, end-user and geography. Various types of teleradiology product and service consists of teleradiology services, software, and hardware. The software segment is further categorised into RIS and PACS. The teleradiology software segment is anticipated to expand at the high pace during the forecast period. The rising demand for healthcare software has driven software companies to enhance interoperability, increase technical capabilities, and improve data transparency. Besides, Covid-19 pandemic has led to a heightened need for better management of large amounts of patient data, which will drive the market growth. The Teleradiology market is studied for the key regions including North America, Europe, Asia Pacific and Rest of the World.
Key players in the global teleradiology market includes Philips Healthcare, Mednax Services, Inc., Teleradiology Solutions, Carestream Health, Inc., Onrad, Inc., Usarad holdings, Inc., Cerner Corporation, Mckesson Corporation, Siemens Healthineers, Fujifilm Holdings Corporation, Agfa Healthcare, Ramsoft, Inc., Everlight Radiology, Novarad Corporation, Telediagnostic Solutions Pvt. Ltd., Statrad Llc, Medweb LLC, Nautilus Medical, Telerad Tech and Webrad Teleradiology among others
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