The teleradiology market is expected to reach USD 14.8 billion by 2026 from USD 7.3 billion in 2021, at a CAGR of 15.3% during the forecast period of 2021 to 2026. Due to the outbreak of coronavirus globally, there is a sudden rise in the demand for teleradiology services. The growth of this market is mainly attributed to the rising geriatric population and the subsequent increase in the prevalence of associated diseases; the increasing number of advanced imaging procedures and a shortage of skilled radiologists; advancements in teleradiology the increasing adoption of cloud-based solutions. However, declining reimbursements and the increasing regulatory burden in the US are factors expected to restrain the market growth. Moreover, the increasing adoption of artificial intelligence and blockchain technology in teleradiology is expected to provide lucrative opportunities for the growth of the teleradiology market in the coming years.
The prominent players operating in this market include Cerner Corporation (US), Philips Healthcare (Netherlands), Siemens Healthineers (Germany), McKesson Corporation (US), FUJIFILM Holdings Corporation (Japan), Agfa HealthCare (Belgium), Medica Group Plc. (UK), ONRAD, Inc. (US), RamSoft Inc. (Canada), NovaRad Corporation (US), TeleDiagnostic Solutions Pvt. Ltd. (India), 4ways Healthcare (UK), Teleradiology Solutions (TRS) (India), TeleRad Tech (India), StatRad LLC (US), MedWeb LLC (US), WebRad TeleRadiology (India), Nautilus Medical (US), GE Healthcare (US), USARAD Holdings, Inc. (US), Teleradiology Solutions (US), Everlight Radiology (Australia), and Mirada Medical (US). These players adopted the strategies of new product launches, partnerships, agreements, and acquisitions to expand their presence in the global teleradiology market.
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Phillips Healthcare (Netherlands)
Philips Healthcare dominated the teleradiology market in 2020. With its broad product portfolio, strong geographic presence, and wide distribution network, the company has established itself as a leader in the global teleradiology market. The company adopted acquisitions as its key growth strategy to increase its share in the market. For instance, in February 2019, Phillips acquired Direct Radiology (US). This acquisition helped the company acquire Direct Radiology’s teleradiology platform and business operations and enhance access to precision diagnosis. Similarly, in August 2019, the company acquired Carestream Health (US). Carestream Healthcare Information Systems (HCIS’s) cloud-enabled enterprise imaging platform will expand Philips’ current enterprise diagnostic informatics solutions, including productivity enhancement, imaging data management, and advanced visualization and analysis.
GE Healthcare (US)
GE Healthcare is the second-largest player in the teleradiology market. The company seeks to strengthen its market position by focusing on organic and inorganic growth strategies such as new product launches, alliances, and partnerships. The company also invests in R&D to provide a continuous and timely flow of competitive products, technologies, and solutions in the market. For instance, in August 2021, GE Healthcare launched Edison True PACS, a diagnostic imaging and workflow solution. This helped the company strengthen its teleradiology solution offerings.
Medica Group Plc. (UK)
Medica Group held the third position in the teleradiology market. The company’s leading position in the global market can be attributed to its broad teleradiology services product portfolio. The company adopted partnerships as its key growth strategy to gain a strong foothold in the market. For instance, in March 2021, Medica launched MedX- a joint venture in partnership with Integral Diagnostics. This new JV would help the company expand its teleradiology services in the UK, Ireland, Australia, New Zealand, and international markets.
Teleradiology Market by Product & Service (Services, Hardware, Software (PACS, RIS)), Imaging Technique (MRI, CT, X-ray, Ultrasound, Mammography, Nuclear Imaging), End User (Hospitals, Diagnostic Centers& Laboratories), COVID-19 Impact - Forecast to 2026
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