The TMR report projects the global teleradiology market to register an impressive CAGR of 11.3% from 2015 to 2023. The market was valued US$1.35bn in 2014. By the end of 2023, the market will be worth US$3.63 bn, predicts the report.
Among various modalities, CT procedures account for a leading share in the market. This is expected to fuel demand in the teleradiology market due to its powerful imaging technology to observe complex bodily structures. Region wise, Asia Pacific is expected to contribute the largest share in the global teleradiology market in the coming years. This is attributed to a flourishing healthcare infrastructure and rapid technological advancements in healthcare sector in the region.
Rapid Advancements in Telecommunication Technologies Fuel Teleradiology Market
Teleradiology is a system of having medical images which are mostly interpreted by the radiologists from a distant location. Many non-invasive imaging modalities such as MRI, CT scan, ultrasound, X-rays help in proper disease treatment as well as diagnosis. However teleradiology helps in storing digital radiograph images through various software such as picture archiving and communication system (PACS) software. Rapid development of wireless technologies, rising demand for digital imaging in hospitals, and growing healthcare expenditure are major factors driving the global teleradiology market.
Furthermore, teleradiology is extensively used in mobile imaging companies, urgent care clinics, and hospitals. Rapid interpretation of images in emergency situations remotely, advancements in medical digital technology, and increasing demand for transmitting radiological images which are supported by telecommunication are also fueling the global teleradiology market. Apart from these, growing web technologies in healthcare sectors, increasing research and development activities in eHealth, and rising cases of long-term diseases are also boosting the global teleradiology market.
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Costly Teleradiology Infrastructures and Lack of Technicians Hinder Market Growth
Some of the challenges hindering the growth of the global teleradiology market are high cost of teleradiology infrastructure, absence of skilled professionals as well as less image data security, and lack of funds and internet connection in developing economies. Nonetheless, rising governments’ policies to set up teleradiology systems in several emerging economies is believed to help industry players overcome these challenges in the near future.
Transparency Market Research (TMR) notes that the global teleradiology market is categorized by the presence of several large and small players operating in it. Thus, the competitive landscape of the market has underwent successive fragmentation in the coming years. The rivalry between the potential players is likely to increase as they aim at exploring new revenue streams through collaborating with community hospitals.
Out of the various strategic alliances adopted by players in the global teleradiology market is to stay ahead of the competitors, bolstering product portfolio and expanding geographic reach for cementing their foothold in developing economies have paid off the most. The global teleradiology market is expected to grow steadily due to the existence of potentially large players who are capitalizing on their brand value for establishing their credibility in the market. Such leading vendors are also banking on their ability for innovative offerings to gain a competitive edge in the market. Some of the leading players in the global teleradiology are USA Radiology Management Solutions, vRad, and Radiology Reporting Online.