Teleradiology is a comprehensive part of telehealth services. Teleradiology refers to electronic transmission of radiology images between two locations via technology for emergency services or second opinion. This service bridges the gap between the imbalance of demand and supply of expert radiologists and diagnostic services. Initially, the image transfer process was tedious, time consuming, and provided unreliable image clarity and quality. Currently, teleradiology shows the rapid progression in image processing and transmission tools and technologies. Hence, radiology experts believe that the teleradiology market will provide lucrative business opportunities in the near future.
Western Europe is a developed market and accounts for about 70% to 75% share of the teleradiology market in Europe. Consistent evolution of information and communication technologies and shortage of expert radiologists across Europe are likely to drive the market during the forecast period. Furthermore, cost effective solutions, emergency coverage, and increasing number of imaging procedures are anticipated to boost the teleradiology market in Western Europe. However, complex regulations, language barrier, and high cost of technology (initial investment) are expected to restrain the teleradiology market in the region.
The teleradiology market in Western Europe has been segmented based on modality into X-ray, ultrasound, computed tomography, magnetic resonance imaging (MRI), and nuclear imaging. X-ray teleradiology was the largest segment in 2014. The segment is likely to maintain its market share during forecast period owing to increasing number of X-ray procedures and need for expert radiologist advice because of complexity of images due to advanced technology. Ultrasound teleradiology accounted for the second largest share of the market due to development of 3-D and 4-D ultrasound platforms, absence of ionizing radiation, and increasing reliability of receiving clear images. However, CT teleradiology is considered a highly lucrative segment during the forecast period from 2015 to 2023 due to its ability to visualize complex body parts such as brain, lungs, and cardiac abnormalities, and favorable reimbursement policies.
Geographically, the teleradiology market in Western Europe has been segmented into six regions: the U.K., Germany, Spain, Italy, the Netherlands, and Rest of Western Europe. The U.K. and Germany together accounted for the largest share of the market. The U.K. accounted for the largest share of the teleradiology market in Western Europe in 2014. The market in the country is likely to witness the highest growth during forecast period owing to rapid development in digital image processing technology, high implementation of picture archiving communication systems (PACS), and presence of major market players along with a number of other domestic service providers. Germany was the second largest market in 2014 due to lack of expert radiologists and government initiatives to encourage the teleradiology market. However, the market in Germany is anticipated to expand at a slow growth rate as compared to that in the U.K. due to stringent cross-border regulations and high cost associated with teleradiology.
The teleradiology market in Western Europe is highly fragmented market. Key players in the teleradiology market in Western Europe include Agfa-Gevaert N.V., Cybernet Medical Corporation, ONRAD, Inc., Sectra AB, Telemedicine Clinic, and Global Diagnostics Ltd. Several other domestic players play an important role in the teleradiology market in the region.
1.1 Report Description
1.2 Research Methodology
1.3 Market Segmentation
2. Executive Summary
2.1 Market Snapshot
2.2 Western Europe Teleradiology Market, by Modality, 2014 (US$ Mn)
3. Western Europe Teleradiology Market Overview
3.2 Recent Market Trends: Western Europe Teleradiology Market
3.3 Market Dynamics
3.4.1 Advancements in digital technology
3.4.2 Increasing introduction of mHealth services
3.4.3 Rise in health care expenditure
3.5.1 High cost of technology
3.5.2 Language barrier
3.5.3 Stringent and complex regulations
3.6.1 Investment in teleradiology services to upgrade digital infrastructure
3.7 Porter’s Five Forces Analysis
3.8 Regulatory Framework
3.9 Market Attractiveness Analysis
4. Market Segmentation - By Modality
4.1 Introduction Western Europe Teleradiology Market
4.2 Market Revenue of X-ray, 2013–2023, (US$ Mn)
4.6 Nuclear Imaging
5. Market Segmentation - By Country
5.7 Western Europe
6.1 Adoption of New Business Models Enabling the Development of the Teleradiology Market
7. Company Profiles
7.1 Agfa-Gevaert N.V.
7.2 Cybernet Medical Corporation
7.3 ONRAD, Inc.
7.4 Sectra AB
7.5 Telemedicine Clinic
7.6 Global Diagnostics Ltd.
Western Europe Teleradiology Market: Overview
Teleradiology has now become an inseparable part of telehealth services across in Western Europe. The technology that allows the electronic transfer of radiology images between two locations to enable emergency services or allow for a second opinion, is increasingly being seen as the bridge between the mounting demand and lack of resources in the field of radiology and diagnostics. The market previously suffered from issues such as slow transfer of images with unreliable image quality and clarity. Over the years, however, the vast improvements observed in the field of image processing and telecommunications have made the teleradiology sector highly dependent.
The report presents a thorough analytical analysis of the Western Europe teleradiology market on both regional as well as global fronts. The study presents vast historical data and plausible forecast statistics over the period between 2015 and 2023 in terms of revenue and sales figures. A detailed and all-including segmentation and the key factors expected to encourage or discourage growth of the Western Europe teleradiology market have been included in the report. The vast data in the report is expected to provide the reader a strong understanding of the key aspects of the market. Furthermore, a thorough view of the market has been provided with the help of an in-depth competitiveness analysis of the market.
Western Europe Teleradiology Market: Trends and Opportunities
Analysts suggest that the increased reliability of diagnostics and other healthcare services possible with the help of the modern-day teleradiology will help the global teleradiology market attain great heights in the next few years. In Western Europe, especially, the presence of a highly developed healthcare infrastructure and an affluent patient population will help the market gain traction in the next few years. Western Europe accounts for nearly 70% to 75% of the overall Europe teleradiology market.
The market is also expected to benefit from the shortage of expert radiologists in the region and the cost effectiveness of teleradiology solutions. A vast rise in the number of imaging procedures will also boost the market in the region. However, factors such as the high initial investment required to setup teleradiology practice, complex approval regulations, and language barriers are expected to hinder the overall growth prospects of the market to a certain extent.
Western Europe Teleradiology Market: Segmentation
The Western Europe teleradiology market has been segmented on the basis of modality in the report into ultrasound, X-ray, magnetic resonance imaging (MRI), computed tomography, and nuclear imaging. Of these, these the segment of X-ray teleradiology dominated the overall market in 2014. The segment is also likely to retain dominance over the report’s forecast period. The high rate of adoption of X-ray procedures for a number of diagnostic purposes will be the key factor strengthening the growth prospects of the X-ray segment.
The segment of ultrasound teleradiology held the second position in the Western Europe teleradiology market in 2014, chiefly owing to the development of the 3-D and 4-D ultrasound technologies, the increased reliability of ultrasound in terms of image clarity, and the absence of ionizing radiation. The CT teleradiology segment is expected to hold immense promise in the next few years.
In terms of geography, the Western Europe teleradiology market has been segmented in the report into six regions: the U.K., Spain, the Netherlands, Germany, Italy, and Rest of Western Europe. Of these, the U.K. market dominates presently and is likely to lead to the most promising growth opportunities over the forecast period as well.
Western Europe Teleradiology Market: Competitive Dynamics
This study on the Western Europe teleradiology market presents a vast analytical overview of the competitive landscape of the market, including insights into the leading vendors in the market, their business profiles, financial overviews, SWOT analysis, and information regarding recent developments related to the said companies. Some of the leading companies in the Western Europe teleradiology market are ONRAD, Inc., Agfa-Gevaert N.V., Global Diagnostics Ltd., Cybernet Medical Corporation, Telemedicine Clinic, and Sectra AB.