Global Teleradiology Market: Snapshot
The global teleradiology market is envisioned to boast a lucrative future, as foreseen by radiologic and research experts, in view of the fact that the evolution of sundry wireless technologies could allow continuous and accelerated image transfer.
Worldwide institutions dealing with afterhours imaging services in different nations having different time zones while offering daytime reporting are anticipated to perk up the demand in the world teleradiology market. The significantly enhanced transmission speeds and Internet capacity coupled with swift advancements in digital image processing technologies could vastly benefit the world teleradiology market. Moreover, the telling surge in healthcare expenditure is envisaged to set the tone for the world teleradiology market.
The exorbitant cost of technology, paucity of imaging data security, and scarcity of adept technicians and radiologists could delay the growth in the world teleradiology market. Nonetheless, the world teleradiology market is expected to recover with the promotion in digital infrastructure. In 2016, the world teleradiology market had bagged in US$1.7 bn. However, by 2023, the world teleradiology market is envisaged to rake in US$3.6 bn at an 11.3% CAGR for the forecast period.
Computed Tomography Makes Statement as Groundbreaking Imaging Technology
Computed tomography (CT) scan technology is foretold to register an overpowering revenue share of US$1.23 bn by the concluding forecast year and also a higher CAGR in the worldwide teleradiology market. CT scan is considered to be a revolutionary imaging technology which makes possible the visualization of complex bodily structures. With such a leading-edge technology in place compared to ultrasound and x-ray, there has been a perpetual improvisation in remote patient monitoring. This could effectively bolster the growth of the worldwide teleradiology market.
With a view to procure sophisticated healthcare informatics and image data using various angles, CT scan incorporates the engagement of x-rays. A multiplicity of teleradiology services and technologies could be widely accessed by patients with small and medium-sized healthcare organizations making available CT scan equipment.
Curbed exposure to radiation, non-invasive nature, and raised patient awareness are some of the aspects of ultrasound imaging predicted to place it second on the list of highest revenue earners by modality in the worldwide teleradiology market. Besides being a first line of gynecological disorder diagnosis, ultrasound imaging is critically employed to track fetal development and identify various abnormalities in a safe and secure manner.
Asia Pacific Towers over CAGR but North America Dominates Revenue
Asia Pacific is prophesied to be amongst the highest CAGR getters by geography with 12.1% to talk for in the international teleradiology market. The growth of this regional teleradiology market could be accredited to the technological developments witnessed in Japan that are at par with the innovations of developed nations such as the U.S. and the U.K. Active government participation, approving healthcare policies, and expeditious technological advancements are prognosticated to testify for the roaring demand in the Asia Pacific teleradiology market. Australia, New Zealand, China, and India are predicted to be the other major Asia Pacific hubs for the teleradiology market.
However, in terms of revenue, North America could win the race with an enormous share in the international teleradiology market. The U.S. teleradiology market is expected to stay dominant in North America throughout the forecast period. The evolution in the IT sector and innovation driven technological development could help the U.S. pull in a bumper revenue. On the other hand, Canada could be counting its fate on upcoming teleradiology service providers. Real Time Medical operating in the country was evaluated to hold one of the largest non-hospital based teleradiology services networks.
This report analyzes the current and future prospects of the teleradiology market across the globe. Teleradiology is transmission of radiology images from one location to another for emergency services and second opinion from an expert. It is also a cost saving option. Hence, the global demand for teleradiology services is likely to increase during the forecast period from 2015 to 2023.
The research is a robust combination of primary and secondary research. Primary research formed the bulk of our research efforts with information collected from telephonic interviews and interactions via e-mails. Secondary research involved study of company websites, annual reports, press releases, stock analysis presentations, and various international and national databases. The report provides market size in terms of US$ million for each segment for the period from 2013 to 2023, considering the macro and micro environmental factors. Growth rates for each segment within the global teleradiology market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, and regulatory requirements.
The market report comprises an elaborate executive summary, which includes a market snapshot that provides information about various segments and sub-segments of the market. It also provides information and data analysis of the global teleradiology market with respect to market segments based on the modality type and geographic analysis. Based on modality, the global teleradiology market has been segmented into X-ray, ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), and nuclear imaging. Market size estimations involved in-depth study of teleradiology services and product features of different types of services. Additionally, market related factors such as increasing preference for technologically advanced services, product innovation and growing number of acute and chronic patient in various geographies and historical year-on-year growth have been taken into consideration while estimating the market size. The market size and forecast in terms of US$ million for each segment has been provided for the period from 2013 to 2023. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2015 to 2023, considering 2013 and 2014 as base years.
Furthermore, based on geography, the market has been analyzed into major regions, namely, North America, Europe, Asia-Pacific, Middle East, Africa, and Rest of the World (RoW). The market size and forecast for each of these regions has been provided for the period from 2013 to 2023, along with their respective CAGRs for the forecast period from 2015 to 2023, considering 2013 and 2014 as base years. The report also provides with market size and forecast for select countries in the respective regions, namely, the U.S., Canada, U.K., Germany, Australia, Malaysia, Philippines, Saudi Arabia, Qatar, Nigeria, and Ghana.
A detailed qualitative analysis of factors responsible for driving and restraining the market growth and future opportunities has been provided in the market overview section. This section of the report also provides with market attractiveness analysis, and a heat map analysis providing a thorough analysis of the overall competitive scenario in the global teleradiology market.
A list of recommendations has been provided for new entrants as well as existing market players to assist them in taking strategic initiatives to establish a strong presence in the market. The report also profiles major players in the market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. The global teleradiology market is highly fragmented with most of the private companies operating in this space. Majority of firms operating in the region are local, except for a few companies such as vRad, Inc., USA Rad, which have international presence. Some of the key players in the global teleradiology market include Agfa-Gevaert N.V., Cybernet Medical Corporation, Everlight Radiology, Global Diagnostics Ltd., InHealth, Medica Reporting Ltd., ONRAD, Inc., Radisphere National Radiology Group, Inc., Radiology Reporting Online (RRO), RamSoft, Inc., Sectra AB, Telemedicine Clinic, Teleradiology Solutions, Inc., TeleDiagnosys Services Pvt Ltd., The Telelaudo, Virtual Radiologic and (vRad).
The global teleradiology market has been 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