Teleradiology Services Market predicted to Clock whopping 11% CAGR from 2021 to 2031, Says TMR
- Bolstered Demand for Online Consultation and Telemedicine amidst Rising Cases of Covid-19 to Support Teleradiology Services market growth
ALBANY, N.Y., March 03, 2022 (GLOBE NEWSWIRE) — Since the world is grappling with the COVID-19 pandemic, teleradiology service providers are making their goods and services more available. Teleradiology guarantees that when a scan is performed in an emergency, it can be identified promptly and decisions regarding treatment can be made in real time. During the current pandemic, however, a disproportionate number of radiologists in Indian metro cities, and an even worse number in tier-2 cities, is proving to be a barrier to expansion of the global teleradiology services market. Because of this disparity, companies in the India teleradiology services market can take advantage of this opportunity to train medical students in order to increase the supply of radiologists in India’s tier-2 cities. The markets in the Middle East, Latin America, and Africa regions are the emerging ones that come with promising growth prospects for the players in the global teleradiology services market.
The global teleradiology services market was estimated to attain a value of around US$ 6.4 Bn in 2020, as per the research. It market is estimated to rise at a growth rate of ~11 % CAGR over the projection timeline, from 2021 to 2031. The global teleradiology service market is expected to be propelled by the limited supply of radiologists worldwide, technical breakthroughs, increasing numbers of specialty modalities, and an expansion of the geriatric population worldwide.
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Key Findings of Market Report
- Outbreak of Covid-19 Pandemic to Spur Demand for Online Counselling
Europe and the US come with attractive prospects for stakeholders in the global teleradiology services market, because this method is used as a new way of diagnosing diseases. This makes it easier to understand why the market is expected to grow at a healthy rate over the projection timeline, from 2021 to 2031. Online counselling is gaining momentum with the emergence of the coronavirus pandemic, which is estimated to pave way for future programmes of healthcare. The propagation of telemedicine is likely to provide immense business opportunities to the participants in the global teleradiology services market. However, medical digitalization is growing relatively slowly. That is why medical tech firms such as Andersen make an investment in the advancement of medical imaging software for surgery and other digitalization programmes.
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- Demand for Quick Diagnosis of Emergency Situation to Increase Importance of Teleradiology
External reports are generally essential for time sensitive applications in case of trauma/ emergency such as neurology or situations where possibility of severe injury exists. Such disorders necessitate a fast and correct diagnosis for the patient. Emergency diagnostic tests are likely to be performed on-site; though, diagnostic images are transferred externally to a teleradiologist for reporting, which is completed in a limited processing period (for instance, less than an 1 hour). The processing period depends on the urgency due to a shortage of on-site radiologists operating out-of-hours or sub-specialty radiologists. For some reading service providers, out-of-hours reporting has been an important driving factor. Growing prominence of these services is estimated to support development of the global teleradiology services market in the years to come.
- Collaborative Efforts of Companies to Help Better Quality of Life of Patients
Teleradiology companies put in motion their collaborative wheels to better the quality of life of the patient. Integral Diagnostics, an Australian provider of medical imaging services, and Medica Group, a provider of teleradiology services in the United Kingdom, have teamed up to offer teleradiology reporting services in New Zealand and the UK. This is clear because general reporting is expected to account for a large chunk of the market revenue and the trend is estimated to continue in the years to come.
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Short-term targets, such as having access to a large network of dual-qualified radiologists able to serve acute out-of-hours reporting services, are becoming more essential for stakeholders in the global teleradiology services market.
Teleradiology Services Market: Growth Drivers
- As the need for sophisticated modalities grows, so does the need for skilled radiologists who can interpret advanced imaging assessments. The utilization of CT scans and MRI, which take much longer to record, is growing, resulting in a greater need for radiologist’s services. This gap can be filled by using teleradiology services, which is expected to propel the global teleradiology market forward.
- The need for doctors is outpacing its supply at an alarming rate. Demand for diagnostic imaging increases quickly in comparison with supply, which drives the need to outsource the workload of the diagnostic reporting sector, which is likely to trigger expansion of the global teleradiology services market.
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Global Teleradiology Services Market: Key Competitors
- Medica Group plc.
- Euro American Teleradiology
- USARAD Holdings, Inc.
- 4ways Healthcare Limited
- Specialty Teleradiology, Inc.
- Mednax Services, Inc.
Global Teleradiology Services Market: Segmentation
Type of Service
- General Reporting
- Consultation
- Auditing
Modality
- X-Ray
- Ultrasound
- Computer Tomography [CT]
- Magnetic Resonance Imaging [MRI]
- Nuclear Imaging
Coverage
- Day Time Coverage
- After Hours/Night Time Coverage
Specialty
- Cardiology
- Neurology
- Oncology
- Musculoskeletal
- Gastroenterology
End User
- Hospitals
- Diagnostic Imaging Centers
- Ambulatory Surgical Centers
- Clinics
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Telemedicine Market: During the time of COVID-19 pandemic, the solutions in the global telemedicine market were widely used to gather information, treat patients, provide accurate diagnostics, and connect patients to eligible medical professionals. The services in the global telemedicine market were also utilized by several governments on a large scale during the pandemic in order to reassure and spread awareness within the population.
Diagnostic Imaging Market: Rise in prevalence of chronic diseases, such as cancer and cardiovascular events, increase in the geriatric population, and advancements in technologies to develop various diagnostic imaging devices to be used in different surgical procedures are key factors that are estimated to propel the market during the forecast period.
Electronic Health Records Market: Technological advancements, diseases prevalence and incidence rate at regional level, and reimbursement scenario of the market at regional level are projected to drive the global electronic health records market during the forecast period.
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