Global Teleradiology Market: Snapshot
It is predicted that the global teleradiology market will have a good run in the future because of the development of sundry wireless technologies that can transfer images continuously and quickly. All the institutions in the world that deal with afterhours imaging services across the globe that have varying time zones yet offer day time reporting are predicted to boost the global teleradiology market to a great extent. Due to high transmission rates along with fast improvements in digital image processing methods, sundry wireless technology can provide immense benefits to this market globally. Another factor that is predicted to bolster the growth of the teleradiology market worldwide is the high rise in the healthcare expenditure.
Lack of Skilled Technicians May Hamper Growth of Global Teleradiology Market
Some hurdles in the global teleradiology market are the high expenditures related to technology, less image data security, as well as lack of skilled technicians and radiologists. However, teleradiology market is predicted to be back on track because of the promotion in digital infrastructure. Global teleradiology market had accounted for a total of US$1.7 bn in the year 2016, but it is predicted that towards the end of 2023 world teleradiology market will bring in around US$3.6 bn throughout the assessment period, thereby growing at a CAGR of 11.3%.
Computed Tomography Scan Technology to Remain in High Demand and Register a High CAGR
It is predicted that computed tomography scan technology will account for a total of US$1.23 bn at the end of the assessment period, thereby registering a high CAGR in this market. Computed tomography is also known as CT scan which is powerful imaging technology with the help of which complex bodily structures can be seen. In the global teleradiology market, ultrasound imaging is expected to be second in terms of revenue generators by mortality because of less exposure to radiation, as well as increased awareness among patients. Ultrasound imaging is also very important for tracking foetal development as well as in identifying any abnormalities safety and securely.
Advancement in Technology by Japan Gives Significant Boost to Asia Pacific Teleradiology Market
On the basis of geography, Asia Pacific is predicted to have one of the highest CAGR's by registering 12.1% in this market globally between 2015 and 2023. The reason behind the highest CAGR of Asia-Pacific is ascribed to the advancement in technological development in Japan that are equal to the innovations of emerging economies like the United States and United Kingdom. The favourable steps taken by the government, favourable health care policies, as well as quick technological improvements are attributed for the high demand in the Asia Pacific teleradiology market. Other important nations for the global teleradiology market are India, China, Australia, and New Zealand. However, on the basis of revenue, North America is predicted to be much ahead as it is predicted to hold the largest share globally. It is expected that North America will continue to be at the top for the teleradiology market.
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