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The global teleradiology market size is predicted to reach USD 65.21 billion by 2026. The growing acceptance of this in rural areas will have a positive impact on the teleradiology market revenue during the forecast period. As per the survey conducted by the American College of Radiology (ACR), in 2018 medical professionals observed hospitals located in poor counties and in rural areas did not have access to radiologist, mentioned in a report, titled “Teleradiology Market Size, Share & Industry Analysis, By Imaging Technique (X-Ray, Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Ultrasound, Nuclear Medicine, and Others), By Component (Services & Software, and Product), By End User (Hospitals & Clinics, Diagnostic Centers and Others), and Regional Forecast, 2019-2026” the market size stood at 11.84 billion in 2018. And is expected to exhibit a brilliant CAGR of 23.8% between 2019 to 2026.
Expansion of Radiology Solutions by Royal Philips to Escalate Market Potential
Royal Philips, a Dutch electronics health and innovations company announced that it is stretching its radiology solutions portfolio with trailblazing teleradiology services, which will tackle the shortage of radiologists, along with the rising need to resolve access to precision diagnoses. The aim of company’s expansion project can be an elemental factor in boosting this market trends in the forthcoming years owing to its cloud-based radiology informatics portfolio of Picture Archiving and Communication Systems (PACS) and Vendor Neutral Archive (VNA) solutions. Moreover, the advanced teleradiology viewing and reporting capabilities in combination with advanced analytics, visualization and workflow will enable on-call radiologist services, and related exam workflow enhancement applications. In addition, the rising strategic acquisitions and partnership among major players will influence the healthy growth of the market in the forthcoming years. For instance, in March 2019, Koninklijke Philips N.V., announced that it has acquired these platform and business operations of Direct Radiology. The deal between the companies will help the to establish and strengthen their position in the market
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Incidence of Cancer to Spur Demand for Teleradiology
The increasing prevalence of cancer have led to the demand for imaging procedures in cancer diagnosis, which in turn, will aid the growth of the market. According to the American cancer Society (ACS), approximately 228,820 new cases of lung cancer will diagnosed in the U.S by 2020. The rising cases of oncological disorders will contribute positively to the teleradiology market share during the forecast period. For instance, various types of imaging procedures such as computed tomography (CT) scans, X-ray, and magnetic resonance imaging (MRI) are used for the diagnosis of several oncological disorders. The growing number of cancer patients in rural areas will spur demand for effective diagnosis, which, in turn, will augur well for the market. In addition, the surging cases of chronic and acute diseases will facilitate the market growth for teleradiology in the forthcoming years. Moreover, the rising technological advancements in this such as improved workflow efficiency will contribute positively to the growth of the market. Nonetheless, the increasing need for efficient diagnostics will offer lucrative business for the market.
Robust Distribution Network of Agfa-Gevaert will Enhance Market Competition
The key players operating in the market as Agfa-Gevaert Group are focused on enriching its product portfolio to strengthen its position in the market. The international presence of Agfa-Gevaert is due to its diversified and strong product portfolio. The emergence of regional players such as Everlight Radiology and Medica Reporting Ltd. will spur competition in the forthcoming years. In addition, the launch of cloud-based radiology will enable speedy growth of the market. Nonetheless, the rising focus towards deals and partnerships will create new business opportunities for the market in the foreseeable future.
The Report Lists the Prominent Players in the teleradiology Market
Further Report Findings:
The Market is Segmented into:
Value (USD billion)
By Imaging Technique
By End User