As per a recent report by Transparency Market Research (TMR), the teleradiology market in Western Europe is fragmented with the presence of several players with significant share of the pie. Some of the leading companies identified by the report in the Western Europe teleradiology market are Sectra AB, Cybernet Medical Corporation, Agfa-Gevaert N.V., ONRAD, Inc., Global Diagnostics Ltd., and Telemedicine Clinic. There is a significant number of domestic companies and hospitals in Western Europe who provide teleradiology services and are eating into the shares of the leading players.
According to the evaluations of the report, the teleradiology market in Western Europe had a valuation US$305.80 mn in 2014, and estimates it to be worth US$1.4 bn by the end of 2023, increasing at an impressive growth rate of 18.5% during the forecast period of 2015 to 2023. The report also finds that out of overall Europe market for teleradiology, Western Europe accounts for about 75% of the shares.
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U.K. and Germany Most Profitable Countries
Modality-wise, the TMR report segments the Western Europe teleradiology market into X-ray, computed tomography, nuclear imaging, ultrasound, and magnetic resonance imaging (MRI). Out of these, X-ray segment served the maximum demand in 2014 and is expected to remain most profitable throughout the forecast period. Some of the factors augmenting the demand for X-ray segment in Western Europe are high awareness levels among consumers as it is a long-standing technique, escalating number of procedures, and significantly lower cost as compared to other alternatives. The report also rates computed tomography teleradiology market to gain demand in the near future, owing to its ability to provide 3D images of vital body parts such as lungs, brain, heart, and abdomen. Accurate diagnosis and expected technological advancements also bode well for the future of computed tomography teleradiology market.
Country-wise, the report studies the opportunities available for the players in Western Europe teleradiology market in the U.K., Netherlands, Spain, Germany, Italy, and rest of Western Europe. Currently, Germany and the U.K. are the most lucrative countries for the vendors of teleradiology market and are expected to remain most fruitful with growing adoption of picture archiving communication systems (PACS), rapid development of digital image processing technology, and the presence of headquarters of several prominent players. Germany was the second most profitable country in 2014, but the lack of expert radiologists is restricting the market from flourishing.
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Improved Internet Penetration Bode Well for Future
Advancement in digital technology is the primary driver in the Western Europe teleradiology market. Effective informatics systems enable quick and quality image transfer to the desired location and facilitates proper interpretation by a consultant. The vastly improved capacity of the internet and the speed of transmission has permitted a much wider use of teleradiology. Emergence and acceptance of mobile technology (mHealth) to visualize and interpret images is further fueling the demand in the Western Europe teleradiology market.
Involvement of substantial costs in the initial setup and installation of imaging equipment, and unavailability of technology in remote locations had been the major restraint in the introductory days of teleradiology in Western Europe but incremented healthcare expenditure has successfully overcome his hindrance. On the other hand, lack of imaging data security, language barrier, shortage of skilled radiologists and technicians, complex regulations, and high cost of these equipment continue to challenge the market from attaining its full potential.
The information presented in this review is based on a Transparency Market Research report, titled, “Teleradiology Market (By Modality: X-ray, Ultrasound, Computed Tomography, Magnetic Resonance Imaging, and Nuclear Imaging) – Western Europe Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015-2023.”
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