Teleradiology sector across EMEA

You've come to the right place to understand Teleradiology services in Europe and Emerging Markets. Here is how we can help you:
  • Detailed research report on Teleradiology services with marketshare and growth rates for 18 countries and information on a further 10 (HBI Intelligence)
  • Database of 10 Teleradiology service providers, including profile and major external investors (HBI Intelligence)
  • Merger and acquisition (M&A) intelligence showing likelihood of sale (HBI Intelligence)
  • News stories and interviews with Teleradiology operators (HBI Deals and Insights)
  • Events that cover healthcare services globally including Teleradiology (HBI 2020)
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Sector Report
Teleradiology Sector

Updated: June 2020

Executive Summary

EXECUTIVE SUMMARY
 
Teleradiology, the remote interpretation of diagnostic images, has seen an explosion in the formal third-party provider market. 
 
Growth in the formal market in 2019 came to 21% across the 11 European countries we cover in detail (UK, France, Germany, Norway, Sweden, Finland, Spain, Portugal, Hungary, Poland and Czechia). This makes teleradiology the fastest growing health care services sector in EMEA. It remains unconsolidated with no one player having a high marketshare.
 
Pure play sector growing fast
 
Companies which specialise in the sector are seeing rapid growth. As developed health systems begin to place more emphasis on primary care and prevention through diagnostics, growth in imaging volumes is vastly outpacing growth in radiologist capacity, which is where remote reading can make up the shortfall. 
 
These businesses can be very profitable. Gross margins tend to be very high at up to 50%. EBITDA can be as high as 30%.

Outsourcing is also growing fast.
 
Medica in the UK is the largest player
 
Our survey shows that growth has been particularly strong in the UK and Nordic region. Medica in the UK has managed to IPO although its shares are substantially down since floating, The report identifies 40 smaller pure plays in other countries and also looks at how groups like Unilabs, Affidea and Synlab are using teleradiology.
 
Opportunities
 
By enabling radiologists to specialise in specific conditions, teleradiology enables far more accurate readings. The development of AI algorithms may enable more cost effective and higher quality readings. Growing shortages should lead to more outsourcing with teleradiology enabling hospitals to meet demand peaks. 
 
Regions that struggle to recruit radiologists at all include northern Scandinavia, Poland, the UK and some parts of Portugal.
Teleradiology players may be well placed to develop sophisticated AI algorithms into their business model much faster than hospitals.
 
Threats
 
Our research shows there is significant professional and regulatory resistance to the idea that images could be read in other countries and concerns re non-native speakers who do not have the correct training.
The remote reading of images requires the transfer of huge amounts of patient data and the EU’s General Data Protection Regulation (GDPR), implemented in 2018, is another reason the imaging sector has not dived headfirst into teleradiology. Penalties for mishandling patient data can be 2-4% of annual turnover, which could all but wipe out profits.
Most hospitals in Europe’s developed markets are PACS-enabled but IT interoperability remains an issue. 
 
Will teleradiology providers adopt AI solutions quicker than their customers? If they don’t, they risk having less work outsourced to them by hospitals who with the help of AI solutions will be able to prioritise their workload.
 
In principle, teleradiology has very low barriers to entry with minimal capex costs to set up a business. 
 
Sample report pages and data
 
What we offer
 
-       Instant overview of the EMEA teleradioiogy market and players This report gives you visibility of this important, fast-growing market  across 18 countries with market data on 11 as well as detailed profiles of the Top 50 players.
 
-       Ever green!  Updated throughout your subscription As part of our HBI intelligence platform this report is updated throughout the period of your subscription. You will also receive additional news stories and interviews on teleradiology throughout the period.
 
-       Insights on business models The report is based on in-depth interviews with many operators. It divides players by type: pure play, imaging providers, academic hospitals, verticalised medtech. The report also looks at how teleradiology players can best build customer loyalty.
 
-       Identify national opportunities We assess opportunities at national level based on the regulatory environment , proposed reforms and radiologist shortages.
 
-       Size markets This report enables you to swiftly see market sizes and market shares
-       Save time and money This report will save you weeks researching these opaque markets and enable you to swiftly identify investment opportunities, new partners and markets.
 

Table of Contents

Table of Contents
 
EMEA overview
 
Datasets
Size of EMEA market 2018
Marketshare of major EMEA players 2018
Comparison of market sizes 2018
Comparison of market growth rates 2016-2020
 
Introduction
 
Definition, methodology and sources  
 
Provider Types
 
Who are the customers/payors and their behaviours?
                                    - Public sector hospitals
                                    - State payors
                                    - Private sector  
                                    - B2C
 
Contrast with Emerging Markets
 
Benefits of teleradiology and drivers of growth/opportunities
 
-       Meeting demand (on-call and elective) 
-       Higher throughput and lower cost
-       Higher quality reporting through sub-specialisation
-       Flexibility for radiologists 
 
Downsides of teleradiology and curbs on growth/risk 
 
                        - Trust and reputational risk
                        - The GDPR headache
- IT infrastructure
- Country regulations/regulatory risk 
- Unsociable hours and working environment – lack of clinical environment/interaction with other specialists 
- Threat of Artificial Intelligence
                        - Losing contracts
-        Overtrading
 
What the future holds
 
-       Growth, growth, growth - for now 
-       Formalisation of the sector 
-       Tariff cuts
- Combining teleradiology with AI
- Combining teleradiology with other forms of telediagnostics 
- More internationalisation as cross-border regulation loosens up 
providing more than just extra reporting capacity 
 
Belgium
 
Market description and trends.
 
Czech Republic
 
Data sets
For-profit /private market size and growth rates 2016-2020
Marketshare of major players 2018
 
Market description and trends.
 
Finland
 
Data sets
For-profit /private market size and growth rates 2016-2020
Marketshare of major players 2018
 
Market description and trends.
 
France
 
Data sets
For-profit /private market size and growth rates 2016-2020
Marketshare of major players 2018
 
Market description and trends.
 
Germany
 
Data sets
For-profit /private market size and growth rates 2016-2020
Marketshare of major players 2018
 
Market description and trends.
 
Greece
 
Market description and trends.
 
Hungary
 
Data sets
For-profit /private market size and growth rates 2016-2020
Marketshare of major players 2018
 
Market description and trends.
 
Norway
 
Data sets
For-profit /private market size and growth rates 2016-2020
Marketshare of major players 2018
 
Market description and trends.
 
Poland
 
Data sets
For-profit /private market size and growth rates 2016-2020
Marketshare of major players 2018
 
Market description and trends.
 
Portugal
 
Data sets
For-profit /private market size and growth rates 2016-2020
Marketshare of major players 2018
 
Market description and trends.
 
Russia
 
Market description and trends.
 
Saudi Arabia
 
Market description and trends.
 
South Africa
 
Market description and trends.
 
Spain
 
Data sets
For-profit /private market size and growth rates 2016-2020
Marketshare of major players 2018
 
Market description and trends.
 
Sweden
 
Data sets
For-profit /private market size and growth rates 2016-2020
Marketshare of major players 2018
 
Market description and trends.
 
Switzerland
 
Market description and trends.
 
United Kingdom
 
Data sets
For-profit /private market size and growth rates 2016-2020
Marketshare of major players 2018
 
Market description and trends.
 

Teleradiology News & Interviews

Our indepth stories dig deep and cover profit multiples, revenue, EBITDA and CEO thinking.

412 news stories on Teleradiology.

Investigation finds 'most' Nigerian labs paying 20% kickbacks 24h ago

An investigation has found that kickbacks are still rife in the Nigerian diagnostics market with some of the market's players artificially hiking prices so as to retain the extra costs....

PWC on M&A drivers in Spanish healthcare sector 6d ago

The Spanish private healthcare market has been one of Europe's most attractive for institutional investors of late with strong organic and inorganic growth opportunities. PWC Spain's deals leader for Healthcare & Pharma Jose Zarzalejos talks us through the drive...

Multiples drop 10-15% in German outpatient sector 2w ago

EBITDA multiples paid in the German outpatient sector have fallen 10-15% from pre-COVID levels because of market uncertainty due to the pandemic, an advisor tracking the space tells HBI....

Local PE firm buys Romanian imaging group 3w ago

A Romanian private equity firm has acquired a majority stake in imaging services operator Medima Health....

Adding value post-COVID - where are the easy wins? 2mo ago

How do you add value to a business in a post COVID world - and are there any easy wins for new acquisitions? On Wednesday last week, an online audience heard HBI365's lively Q&A panel with with Ameos CEO Dr Axel Paeger, McKinsey partner Sebastian Sieler, and L...

Interview: Arjan Toor, CEO, Cigna Europe 2mo ago

Cigna now describes itself as “a global health service company” rather than an insurer and has reorganised its European operations. Toor has recently been promoted to CEO Europe. He says that the insurer, which has 15% (US$840m) of its revenue in Europe, d...

Five Arrows-backed German imaging group quietly grows into second-largest player 3mo ago

A German imaging and radiotherapy group has quietly expanded to become the market's second-biggest player with the backing of Rothschild's PE arm Five Arrows, and is seeking additional financing to continue its growth, HBI can reveal. ...

Health care values look high 3mo ago

Analyst forecasts suggest that healthcare sector valuations have been largely unaffected by the crisis, with EMEA hospitals and medtech stocks now being more expensive than before the Covid outbreak, both on an EBITDA and PE multiples basis....

€300m-plus IPO for Middle East's largest imaging platform planned 4mo ago

Africa-focused private equity firm Meditterania Capital Partners intends to triple the EBITDA of its recently-formed imaging platform Ray Lab which spans Egypt, Jordan and Saudi Arabia before exiting, preferably by IPO, in a few years' time, partner Daniel Viñ...

Database of 10 Teleradiology service providers

HBI has built a unique database of the Top 4,000 operators globally in health care services. As part of this, we have identified the top 10 Teleradiology operators in Europe and will soon add the major players in Emerging Markets.

Profiles include revenue/sales data as well as EBITDA and other profit margins where known. They also cover private equity ownership with dates and mergers and acquisitions.

Mergers & Acquisition (M&A) Intelligence

Our deal pipeline shows how likely all private equity and some privately companies are to sell based on algorithms and journalistic know-how.

HBI 2020 – the only CEO-level conference to cover healthcare services globally

HBI 2020 – the only CEO-level conference to cover healthcare services globally

In 2019 this event brought together 700 delegates from over 40 countries. Over 60% are CEO level and they included 150 specialist investors in health care services. HBI 2020 includes two sessions on diagnostics (imaging and labs) which will include a discussion with major operators on teleradiology trends and opportunities.

Other sessions look at trends in the investment and merger and acquisition  digital health and telehealth.
 
Contact us in the UK on 0207 183 3779 for more information.