Teleradiology Market to expand at a robust 16.5% CAGR from 2016 to 2022
Sarasota, FL -- (SBWIRE) -- 09/18/2017 -- 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 technique that enables to obtain images in one location, transmit them over a distance, and view them remotely for diagnostic or consultative purposes using electronic transmission devices. Teleradiology allows more timely interpretation of radiologic images in case of emergency, shortage or unavailability of the radiologist. Users at different locations can view images simultaneously. Teleradiology allows radiologic consultation without on-site radiologic support. Teleradiology is of prime importance in diagnosis, consultation and education of students, doctors and paramedical staff, scientific research, administration, management, planning and improvement of public health.
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Global Teleradiology market is primarily driven by technological advancements in teleradiology across the globe. Other major driving factors are an increase in healthcare expenditure and rising geriatric population base with increased prevalence of chronic disorders. However, high technology coupled with a possible shortage of skilled radiologists and technicians are the major restraints that may limit the growth of the market. Nonetheless, high penetration rates of smartphones and internet coupled with increased healthcare awareness among patients across the globe are likely to disclose the new avenues for teleradiology market in the near future.
The teleradiology market is segmented on the basis of category type as 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.
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North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are key regional segments of global teleradiology market. North America is anticipated to remain the leading region over the forecast period. Demand for teleradiology was highest in North America especially in the U.S. Europe was the second largest market followed by Asia-Pacific. Asia Pacific is expected to be growing at highest CAGR during the forecast period. Moreover, the Middle East and Africa and Latin America are also expected to show noticeable growth for this market in the years to come.
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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