Teleradiology Market is Projected to Bring in USD 4.75 Bn Revenues by 2022
Sarasota, FL -- (SBWIRE) -- 09/13/2017 -- Zion Market Research has published a new report titled "Teleradiology Market by Category Type (Hardware, Software and Telecom and Networking), Modality Type (X-ray, Computed Tomography, Magnetic Resonance Imaging, Ultrasound, Nuclear Medicine and Fluoroscopy) and Region: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022". According to the report, global teleradiology market was valued at approximately USD 1.91 billion in 2016 and is expected to generate revenue of around USD 4.75 billion by end of 2022, growing at a CAGR of around 16.5% between 2017 and 2022.
Teleradiology is the process of electronic transmission of radiologic images from one location to another for the interpretation and/or consultation. Teleradiology allows more timely interpretation of radiologic images and helps in giving a greater access to secondary consultations. The major advantage of teleradiology is that the users in different locations may simultaneously view the images. Teleradiology is widely implemented by hospitals, urgent care clinics, and specialist imaging companies to address staff shortage to provide radiological services and the lack of expertise. The teleradiology process includes; image acquisition and storage station, an image sending station, a transmission network and a receiving image station that must have a high-quality display screen that has been cleared for clinical purposes. Teleradiology benefits both the patients as well as the radiologists. Various advantages of teleradiology for the patients include the availability of top radiologists for the interpretation of the findings, as well the findings are obtained in a very short period of time and even the costs of travel for the patients, accommodation, and absence from their workplace are minimized.
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In the countries like US and UK, radiological scans performed are increasing whereas the shortage of radiologist persists. Also developing countries like India experience shortage of radiological experts in rural areas. During night hours emergency conditions lack of availability of diagnostic services causes great problems. Teleradiology plays important role in outsourcing radiology interpretation or diagnosis and assures competent and timely professional help. Thus the use of teleradiology has become of prime importance in remote locations, night hours and in emergency situations.
Technological advancement in teleradiology is expected to be the major driver for the global teleradiology market. In addition, the increase in healthcare expenditure will surge the teleradiology market worldwide in the coming years. However, the high cost of technology coupled with a shortage of skilled radiologists and technicians may pose the challenge to teleradiology market. Nevertheless, high penetration rates of smartphones and internet coupled with increased healthcare awareness among patients across the globe are expected to act as an opportunity for teleradiology market in near future.
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Based on category type, teleradiology market has been segmented into hardware, software and telecom and networking. Software segment is expected to grow at the fastest rate during the forecast period. Based on modality type, the market is segmented into X-ray, computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, nuclear imaging, and fluoroscopy. Based on geography, teleradiology market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including U.S. Germany, France, UK, China, Japan, India, and Brazil.
North America is expected to remain the dominant region over the forecast period. Availability of high-speed internet facilities highly developed healthcare infrastructure, and high public healthcare expenditure is expected to boost the market in this region. Europe was the second largest market followed by Asia-Pacific. Asia-Pacific is expected to show fastest growth rate during the forecast period. The Middle East and Africa, and Latin America are also expected to experience noticeable growth in the years to come.
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Some of the key players in teleradiology market include Virtual Radiologic, Agfa-Gevaert Group, ONRAD, Inc., Global Diagnostics Ltd., Everlight Radiology, 4ways Healthcare Limited, RamSoft, Inc., Sectra AB and HealthWatch TeleDiagnostics Pvt. Ltd. among others.
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