“Teleradiology Market Analysis By Product (X-ray, Computed Tomography, Ultrasound, Nuclear Imaging, Magnetic Resonance Imaging) Forecasts To 2024” Purchase This Report by calling ResearchnReports.com at +1-888-631-6977.
The global Teleradiology market size was valued at USD 1,636.6 million in 2015 and is expected to grow at a CAGR of over 19.0% from 2016 to 2024. The evolution of medical imaging technologies and the rise in the healthcare expenditure are the key factors expected to promote its growth.
Teleradiology ensures on-site solutions to radiologists across hospitals with real-time interpretation and remote access through the cloud network worldwide. The growing prevalence of chronic disorders, such as breast cancer, osteomyelitis, and cellulitis, and the rising number of emergency cases in the rural areas trigger the growth of the teleradiology market.
Teleradiology applications include tele-diagnosis, tele-consultation, and tele-monitoring, which help radiologists perform their work more efficiently. In addition, upgrading of Radiology Information Systems (RIS) and Picture Archiving and Communication System (PACS) has also led to an increase in the usage of teleradiology across the world.
The rising number of imaging procedures, the implementation of PACS, and the growing R&D activities pertaining to eHealth are some of the factors expected to boost the usage rates of teleradiology over the forecast period.
The product segment includes Computed Tomography (CT), x-ray, ultrasound, Magnetic Resonance Imaging (MRI), and nuclear imaging.
In 2015, the x-ray segment dominated the teleradiology market with a revenue of over USD 500 million. The increasing number of x-ray procedures and its wide acceptability, and the introduction of novel technologies, such as cost-effective filmless x-ray systems, are some of the key factors responsible for its large share. In November 2015, Fujifilm received a pre-market FDA approval for AMULET, a digital mammography system.
Ultrasound remains as one of the most promising imaging technologies and is mostly used for diagnosing medical ailments in women. Apart from medical ailments, it helps in the tracking and visualization of the developmental stages of a fetus during pregnancy.
The factors expected to drive market growth over the forecast period include the launch of the advanced bk3500 ultrasound system by Analogic Corporation in March 2016, the development of the progressive 3D and 4D modules in the ultrasound diagnostic imaging system, and the associated benefits of ultrasound over MRI and x-ray, such as minimum invasiveness, minimal radiation exposure, and cost-effectiveness.
With the growing number of institutions equipping themselves with computed tomography scanners, teleradiology-based computed tomography remains one of the fastest growing segments with a CAGR of over 20.0%.This is due to its ability to scan and examine complex body organs such as the brain, cardiac cavities, and lungs.
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Globally, the market is segmented into North America, Asia Pacific, Europe, Latin America, and the MEA.
North America was identified as the dominant market in 2015 with a share of over 40.0%. The presence of a highly developed healthcare infrastructure, the availability of high-speed internet facilities, technology-enabled healthcare platforms, and high public healthcare expenditure are the factors responsible for its high revenue share.
In 2015, Western Europe held over 70% of the market share owing to the technological advancements, such as PACS, RIS, and cloud computing services in this region.
Asia Pacific is predicted to be the fastest growing teleradiology market due to its rapidly growing healthcare infrastructure coupled with the rising demand for innovative and advanced medical platforms. Furthermore, the huge base of the target population, the rising government initiatives, and the strategic global expansions undertaken by key players trigger the market growth.
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Major market players include Virtual Radiologic (vRAD), Agfa-Gevaert N.V., ONARD, Global Diagnostics, Everlight Radiology, 4ways Healthcare Limited, RamSoft, Inc., Sectra AB, and Health Watch Tele Diagnostics Pvt. Ltd.
In an attempt to provide quality service and enhance their capabilities, these companies are now adopting strategic initiatives such as mergers and acquisitions and new product development. For instance, in January 2016, Rapid Radiology, Inc., one of the biggest players of the teleradiology market in the U.S. acquired Advanced Medical Imaging & Teleradiology (AMI) with an objective to provide an efficient and effective diagnosis for better healthcare solutions to its clients. In February 2016, Analogic Corporation in collaboration with Oncura Partners Diagnostics, LLC, introduced cloud-based ultrasound telehealth services.
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