Rising cases of cancer, orthopaedic and other chronic diseases likely to impact the global teleradiology market
A rising prevalence of cancer is one of the major reasons driving an increase in revenue growth of the global teleradiology market. According to the National Institute of Cancer, about 449 new cancer cases per 100,000 men and women are diagnosed each year in the U.S. Also, approximately 39% of men and women are expected to be diagnosed with cancer during their lifespan. The American Society of Clinical Oncology estimates that approximately 4000 children and teenagers and nearly 24,000 adults in the U.S. were expected to have either brain or central nervous system cancer in the year 2016. That is why the global teleradiology market serves a vital life-saving function and benefits both doctors and patients.
Advancements in digital technology will boost the global teleradiology market
Informatics systems linked to the global teleradiology market allow the rapid transfer of high-quality images to the desired users or their location and this helps the image to be properly interpreted by the healthcare consultant. Rapid improvements in digital image processing technology enables images to be effectively distributed across the globe. With advanced technology leading to better transmission capability, the global teleradiology market has increased in size and scale with worldwide centres providing 24/7 reporting for emergency imaging in countries in different time zones.
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Lack of imaging data security a significant barrier in the global teleradiology market
Teleradiology consists of the transfer of imaging data across national boundaries, for which maintaining data security and confidentiality is absolutely vital. The lack of an efficient method to secure data could significantly impact the growth of the global teleradiology market. For the purpose of safeguarding data from theft, there is a pressing need for robust data encryption technology and virtual private networks. The lack of robust technologies and data security tools could impede the growth of the global teleradiology market.
CT Scans was the largest segment by modality in the global teleradiology market in 2016
By modality, the CT Scans segment accounted for more than 25% of the revenue share of the global teleradiology market in 2016 and it is expected to gain a massive 662 basis points by the year 2026 over 2016. CT scans are extremely beneficial to diagnose both cancer and orthopaedic diseases and this should boost market demand over the duration of the forecast period. The market attractiveness index of the CT Scans segment is 2.9 over the decade 2016-2026, making CT Scans the most attractive segment by modality in the global teleradiology market. By the year 2026, the CT Scans segment is anticipated to account for a market share of almost 35%. In terms of value, the CT Scans services market was valued at over half a billion dollars in 2016 and this should rise to nearly US$ 4.6 Bn by the year 2026, registering a substantial CAGR of 23.6%.
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CT Scans segment leads the U.S teleradiology market and should remain the leading segment throughout the forecast period
The CT Scans segment held approximately 28% revenue share of the U.S teleradiology market in 2016 and is anticipated to gain 874 basis points by the year 2026 as compared to 2016. The CT Scans segment dominated the U.S. teleradiology market in revenue terms in 2015 and is projected to continue to do so throughout the forecast period. It is the most attractive segment in the U.S teleradiology market, recording an attractiveness index of 3.0 over the forecast period. With a CAGR of 25.7%, the U.S CT Scans services market will be worth almost US$ 2 Bn by the year 2026, making it a highly lucrative segment of the global teleradiology market.