Teleradiology Market

Phillips Healthcare (Netherlands), MEDNAX Services, Inc. (US) and Teleradiology Solutions (India) are Leading Players in the Teleradiology Market

The teleradiology market is expected to reach USD 22.8 billion by 2025 from USD 7.9 billion in 2020, at a CAGR of 23.5% during the forecast period of 2020 to 2025. Due to the outbreak of corona virus 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 adoption of cloud-based solutions, and the benefits offered by teleradiology and a dearth of skilled radiologists. However, declining reimbursements and increasing regulatory burden in the US and data breaching of imaging report hampered market growth to an extent.

The prominent players operating in this market include Cerner Corporation (US), Phillips Healthcare (Netherlands), Siemens Healthineers (Germany), McKesson Corporation (US), FUJIFILM Holdings Corporation (Japan), Agfa Healthcare (Belgium), MEDNAX Services, Inc. (US), ONRAD Inc. (US), RamSoft Inc. (Canada), Novarad Corporation (US), TeleDiagnostic Solutions Pvt. Ltd. (India), Teleradiology Solutions (India), Telerad Tech (India), StatRad LLC (US), MedWeb LLC (US), WebRad TeleRadiology (India), Nautilus Medical (US), Carestream Health Inc. (US), USARAD Holdings, Inc. (US), and Everlight Radiology (Australia).These players adopted the strategies of 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 2019. The company’s leading position can be attributed to its broad product portfolio and its wide geographic presence. The company has 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 to acquire Direct Radiology’s teleradiology platform and business operations and to enhance access to precision diagnosis.

MEDNAX Services, Inc. (US)

MEDNAX Services Inc. is the second-largest player in the teleradiology market. Through its vRad (Virtual Radiologic) business, the company provides teleradiology services to approximately 2,100 client hospitals, health systems, and radiology groups across all 50 states of the US, the District of Columbia, and Puerto Rico. The company derives a majority of its revenue from its operations in North America. The company is focusing on expanding its presence through partnerships and product launches.

Teleradiology Solutions (India)

Teleradiology Solutions held the third position in the teleradiology market. The company’s leading position in the global market can be attributed to its comprehensive product portfolio consisting of teleradiology services like Nighthawk Teleradiology, Subspecialty Teleradiology Reporting, 3D Imaging Teleradiology Reporting, Quality Over-Read Services, and Artificial Intelligence in Radiology. The company focuses on innovating its teleradiology solutions by integrating them with telehealth solutions and collaborating with institutes to enhance these solutions. The company adopts inorganic growth strategies to gain a strong foothold in the market. For instance, in October 2019, the company collaborated with Skype TeleMedicine Solutions (Bahrain) to provide remote radiology interpretation services to hospitals in Bahrain and healthcare facilities across the Arabian Gulf.

Related Reports:

Teleradiology Market by Products & Services (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 2025

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Report Code
HIT 7701
RI Published ON
7/7/2020
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