Advancements in teleradiology and interdisciplinary approaches combining information & communications technologies and medicine has revolutionized the diagnostic sector. This has led to the sizeable market growth as the key players are constantly indulging in the R&D of novel imaging modalities that is further expected to drive the growth of this market.
A new report added by Allied Market Research, forecast that the global teleradiology market was valued at $2,143 million in 2016, and is projected to reach $7,345 million by 2023, growing at a CAGR of 19.0% from 2017 to 2023. The CT scans segment accounted for nearly one-fourth share of the total market in 2016.
Teleradiology is the branch of telemedicine which involves transmission of radiological images and related data from one location to another for diagnostic and consulting purpose. It is an advanced technology that has emerged due to the imbalance between demand and availability of diagnostic services during emergency situations. Earlier, teleradiology was used in emergencies only however, with advent of internet and advancement in IT industry, the teleradiology practice became more common in recent years. The availability of computer programs such as picture archiving and communication system (PACS) and radiological information system (RIS) that are specifically dedicated to sending radiological images has led to the major advancement in teleradiology technologies. This has made teleradiology a common practice in medicine for accurate diagnosis, interpretation, and proper treatment of patient.
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The prime factors that drive the growth of teleradiology market are imbalance between the demand and availability of radiological services. Lack of timely diagnostic services cause major problem for clinicians during emergencies especially night hours has further accelerated the demand of teleradiology technologies globally to initiate the proper treatment at the earliest. However, the scarcity of data security tools and robust technologies hamper the growth of the global teleradiology market. Funding by government and private organizations towards development of healthcare facilities in emerging economies is expected to provide lucrative growth opportunities for the teleradiology market growth.
The X-rays technique accounted for about one-sixth share of the total market in 2016. This is owing to the fact that X-rays are used as a common imagine modality for diagnosing wide range of diseases and are recommended as the first line of diagnosis for any bone-related diseases. However, the nuclear imaging segment is expected to register high growth of CAGR 24.4% throughout the forecast period. This is due to the continuous technological breakthrough in the nuclear medicine sector by development of new radiotracers and investment for the modernization of diagnostic imaging centers.
In terms of technology, software segment dominated the market with four-sevenths share in 2016. This is owing to the rapidly growing IT sector with novel software development and increase in number of advanced software solutions that enables quick transfer of images and their retrieval. However, telecom & networking segment registered fastest growth with a CAGR of 21.1% during 2017-2023. This is attributed to the growth in demand for network security services with data backup solutions across medical settings.
The web-based teleradiological solutions dominated the telecom & networking market with five-eighths share in 2016. This is due to the fact that web-based radiology platform enables radiologists to directly access the images at their workplace and provide quick diagnostic solutions.
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The diagnostic center of end user segment dominated the market with a one-third share in 2016. This is attributed to the high number of x-rays and CT scan diagnostic procedures carried out in the diagnostic centers owing to low service cost in these centers. They are also preferred as primary location for performing diagnosis procedure. However, ambulatory surgical centers are expected to show fastest growth at a CAGR of 20.1% during the forecast period. This is owing to low-risk complications and benefits associated with reduced cost and less hospital stay in ambulatory centers.
Key Findings of the Teleradiology Market:
- The radiology information system (RIS) of software segment is anticipated to grow at a highest rate with a CAGR of 19.8% during the forecast period.
- The U.S. was the major shareholder in the North America teleradiology market and accounted for the highest share in 2016.
- The hardware technology is expected to grow at a CAGR of 17.7% during the forecast period.
- China occupied one-sixth share of the total Asia-Pacific teleradiology market in 2016, registering a CAGR of 24.9% from 2017 to 2023.
- The hospitals end user segment held remarkable position with one-third share in 2016, registering a CAGR of 17.7% from 2017-2023.
In 2016, Asia-Pacific and LAMEA collectively accounted for about two-sevenths share of the market and is expected to continue this trend. This is due to increase in adoption of teleradiology technologies such as PACS and RIS and high prevalence of chronic diseases specifically in China, India, and the other developing economies. Moreover, rise in investments towards development of healthcare-information technology (HCIT) done by key players in the teleradiology field is the main reason for the growth of the market in Asia-Pacific.
The key players in the global teleradiology market are Siemens AG, Teleradiology Solutions (TRS), Global Diagnostics Limited., Mednax, Inc., Onrad, Inc., Telediagnostics Services Pvt. Ltd., Everlight Radiology, Agfa-Gevaert Group, Radisphere National Radiology Group, Inc., and Fujifilm Medical Systems, Inc. The other prominent players in the value chain include Cybernet Medical Corporation, Spectra AB, Medica Reporting Ltd., Teleradiology Solutions, Inc., Radiology Reporting Online (RRO), NightHawk Radiology, Inc., Sectra Imtec AB, StatRad, LLC., Ramasift Inc., and Alta Vista Teleradiology.