The global market for teleradiology has witnessed a robust development over the past decade. The rise in disposable income has enabled people to afford expensive medical treatments, increasing the demand for improved healthcare infrastructure and involvement of advanced technologies. Teleradiology, being one of the most important healthcare technologies, has been witnessing immense demand over the last couple of years. The trend is expected to continue in near future due to increasing pool of patients across the globe.
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According to a research report, recently published by Transparency Market Research (TMR), the global teleradiology market had reached a value of US$0.92 bn in 2012. Analysts at TMR project the market to report a healthy CAGR of 22.30% during the period from 2013 to 2019 and reach US$3.7 bn by the end of 2019.
X-ray, MRI, CT, ultrasound, and nuclear imaging are some of the major radiological techniques, applied in medical sciences. X-Ray, among all, has been the most sought-after technique for the electronic transmission of radiological images from one place to another in a digital format through the Internet. The rising incidence of cardiovascular, respiratory, oral, and other diseases across the world is the main reason contributing to the exceptional development of the global market for X-ray. Here is a snapshot of the historical as well as the current performance of this market.
• The global X-ray market stood at US$7.8 bn in 2013. Analysts expect it to reach around US$12 bn by the end of 2022.
• Analog X-ray machines dominated the market till 2005. Since then the market for digital X-Ray machines has been the leading segment of this market.
• The digital X-ray machines market accounted for around 70% of overall demand in 2013. The future also looks promising for the market.
• The market for stationary X-ray machines leads the global X-ray products market at present. In 2013, it held almost 60% of the overall market.
• The portable X-ray machines market, however, is likely to outperform the former on account of the ease of usage offered by portable machines.
North America Dominates Global Teleradiology Market
North America is the dominant regional market for X-ray. It acquired around 35% of the overall market in 2013. The large base of the geriatric population suffering from various orthopedic, cardiovascular, genitourinary, and abdominal diseases in the U.S. and Canada, together with high disposable income of consumers in this region, is fueling the North America X-ray market to a great extent.
North America is also the leading regional market for teleradiology. It has occupied more than 33% of the global market in 2012. The infrastructural development of the North America healthcare industry has been the key driving force behind the emergence of this region as the market leader. The regional market is likely to retain its position over the next few years on account of the increase in funding and several initiatives by governments in the regions to boost R&D activities in teleradiology.
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Agfa-Gevaert N.V., Cybernet Systems Corp., American TeleCare Inc., ONRAD Inc., Sectra AB, Radisphere National Radiology Group Inc., StatRad, vRad, and Teleradiology Solutions are some of the key market players operating in the global teleradiology market.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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