Teleradiology Services Market Size & Share Outlook Up To 203
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Market Industry Reports (MIR) has published a new report titled “Teleradiology Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” The global teleradiology services market was valued at over US$ 5.2 Bn in 2018 and is expected to grow at a double digit CAGR during the forecast period.
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Trend of Outsourcing Radiology Services in Developed Countries
Developed countries extensively outsource radiology services to cost effective countries in Asia, to handle the bulk of radiology reporting requirements. These countries can work for a relatively fraction of cost which is profitable to the teleradiology service providers. Additionally, developing countries have well trained radiologists which helps to identify, classify, and quantify patterns in medical images and can effectively interpret results more accurately. All the above factors are anticipated to positively contribute to the growth of the global teleradiology services market.
Rise in Incidence of Chronic Diseases
Surge in the incidence of chronic diseases such as cancer, arthritis and coronary heart disease is anticipated to propel the overall global teleradiology services market. According to the World Health Organization, chronic disease prevalence is expected to rise by 57% by the year 2020. Emerging markets will be hardest hit, as population growth is anticipated be most significant in developing nations. Moreover, almost half of the total chronic disease deaths are attributable to cardiovascular diseases; obesity and diabetes are also showing worrying trends, not only because they already affect a large proportion of the population, but also because they have started to appear earlier in life. According to Cancer Research UK, there were 17 million new cases of cancer worldwide in 2018. These factors have been crucial for accelerating in the growth of the global teleradiology market.
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Key Players in the Market
• MEDNAX Services Inc.
• Envision Healthcare Corporation
• American Imaging Consultants
• ONRAD Inc.
• USARAD Holdings
• 4ways Healthcare Limited
• Argus Radiology
• Africa Telerad Limited
• Euro American Tele Radiology
• Teleconsult Europe
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period due to rising demand for innovative and advanced medical platforms coupled with swiftly improving healthcare infrastructure. Additionally, increasing preferences of major players for strategic expansion in the region and rise in awareness about teleradiology services among small scale health care facilities in the region is expected to present an attractive growth prospect for the market in the coming years.
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