The presence of a large number of regional companies and a handful of large companies with a global presence has led to a highly fragmented global teleradiology market, says Transparency Market Research in a new report. North America and Europe being home to key vendors for teleradiology will be influential for enabling teleradiology practices across the world and will play a major role in the development of the global teleradiology market.
Acquisitions of small, regional companies, and contract-based alliances with remotely located healthcare centers and community hospitals are what teleradiology companies are engaged in to expand their global reach. North America teleradiology companies although fewer in number than in European market will contribute the leading revenue to the overall teleradiology market between 2015 and 2023.
The global teleradiology market stood at US$1.3 bn in 2014. Rising at a CAGR of 11.3% between 2015 and 2023, the market’s valuation is projected to reach US$3.6 bn by the end of the forecast period.
Asia Pacific to Emerge as Significant Market for Teleradiology
North America currently leads the teleradiology market and is expected to account for significant revenue contribution to the global market in the coming years as well. The growth of this regional market is driven by the use of digital technologies in healthcare services, integration of teleradiology services with a large number of medical imaging service providers, and a high degree of healthcare awareness among the population.
However, Asia Pacific is expected to extend lucrative growth opportunities to the global market for teleradiology during the forecast period. Increasing expenditure on health and well-being, advancement of healthcare infrastructure, and expanding high-speed broadband networks are the key factors fuelling this regional market’s growth.
Computed tomography (CT) is expected to register an impressive revenue of US$1.23 bn by 2023 in the global teleradiology market. CT scan is increasingly being used for imaging as it enables to visualize complex bodily structures. The use of CT scan over X-ray and ultrasound has led to significant improvement in remote patient monitoring capabilities. These factors are expected to positively impact the teleradiology market. In particular, patients receiving services from small and medium-sized healthcare centers can leverage teleradiology services for transmitting and receiving CT scans to specialists for their view.
Ultrasound imaging stands as the second-leading revenue earner for the global teleradiology market on account of reduced exposure to radiation, satisfactory imaging for treatment purpose, and its non-invasive nature. Besides being the first line of imaging for gynecological conditions, ultrasound is used to track fetal development and identify fetal abnormalities if any in a safe manner.
Improved Healthcare Infrastructure and Use of Digital Technologies for Medical Data Transfer Drives Market
The tremendous improvement in telecommunication services, improved data transfer speeds, and developing digital infrastructure in remote parts of the world are the key factors revolutionizing the growth of global teleradiology market in the past couple of years. Further advancement in data transmission technology will enable teleradiology to become a mainstream practice, thereby benefitting the teleradiology market.
Radiology is cost-intensive due to the high cost of equipment that is central to this diagnostic modality. This, along with insufficient broadband bandwidths in urban areas has remained one of the key challenges for the growth of teleradiology market.
However, increasing healthcare expenditures and improved broadband networks are leading to an increasing adoption of teleradiology globally. These factors have expanded the reach of teleradiology services to emerging nations in Asia Pacific and Latin America.
The review presented is based on the findings of Transparency Market Research report, titled “Teleradiology Market (Modality - X-Ray, Ultrasound, Computed Tomography, Magnetic Resonance Imaging, and Nuclear Imaging) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”
The global teleradiology market is segmented as follows:
Teleradiology Market, by Modality
- Computed Tomography
- Magnetic Resonance Imaging
- Nuclear Imaging
Teleradiology Market, by Geography
- North America
- Rest of Europe
- Rest of Asia Pacific
- Middle East
- Saudi Arabia
- Rest of Middle East
- Rest of Africa
- Rest of the World
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