Teleradiology Market Expected to Reach US$ 3.6 Bn Globally in 2023: Transparency Market Research

Mar 30, 2016, 09:30 ET from Transparency Market Research

ALBANY, New York, March 30, 2016 /PRNewswire/ --

According to a new market report published by Transparency Market Research "Teleradiology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023", the global teleradiology market was valued at US$ 1,354.6 million in 2014 and is projected to expand at a CAGR of 11.3% from 2015 to 2023 to reach US$ 3,632.6 million in 2023. 

The radiologic interpretation in a timely and consistent manner has become a pressing issue for the radiology departments worldwide. Teleradiology network allows transfer of patient's medical images to the radiologists working at a remote location for image interpretation and consultations. Variety of transmission modes are available these days which facilitate the transmission of digital images to and fro between distant facilities. These modes include satellite connections, standard telephone lines, and wide area networks (WAN).  

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The most important part of teleradiology market is the effective informatics systems that enables quick and quality image transfer to the desired location and user, and facilitate proper interpretation by a consultant. Rapid developments in digital image processing technologies ensure effective image distribution across the local, regional and global level. The advancement in the telecommunication, digital technology, and healthcare informatics has paved the way for growth and development of teleradiology practices across the globe. As a result, more care providers in the developed nations are increasingly relying on the teleradiology services for taking emergency treatment decisions. The teleradiology services are now embedded into the workflow of most of the radiology practices, particularly in the U.S. and the developed nations of Europe. This growth is driven largely due to corporatization of the services and constant interest of investors into such startups. The global teleradiology market was valued at US$ 1,354.6 million in 2014 and is projected to expand at a CAGR of 11.3% from 2015 to 2023 to reach US$ 3,632.6 million in 2023. 

This report analyses the global teleradiology market on the basis of modalities, and geography. Various modalities studied in the report on global teleradiology market include X-ray, ultrasound, CT, MRI, and nuclear imaging. The commonly ordered imaging procedure comprises X-ray, as this technique is very economical and helps in primary diagnosis. X-ray imaging modality has become an integral part of both the small and large healthcare service providers. However, the Computed Tomography modality is expected to witness the highest growth during the forecast period from 2015 to 2023. The availability of CT scanner in most of the healthcare centers will be a significant propeller for demand of teleradiology services from this modality. 

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The advent and evolution of cloud computing has rendered a great positive impact on global teleradiology market. The development of this technology provides augmented universal access to image data in compliance with the Health Insurance Portability and Accountability Act (HIPAA) regulations. Cloud computing essentially brings down the infrastructural costs because this service is utilized on a pay-per-use model basis with minimum start up infrastructure costs. However, high costs involved in the initial set up and installation of imaging equipment and broadband technology in remote locations is one of the challenging factors for the new entrants in the teleradiology market. Moreover, the chances of recovering the costs solely depends on the number of scans arriving per day for a standalone service provider. Confidentiality and security of imaging data is crucial as there is susceptibility for a cyber-crime and hacking and hence a greatest hindrance in the growth of global teleradiology market. 

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Involvement of substantial costs in the initial setup and installation of imaging equipment, and unavailability of broadband technology in remote locations have been the major restraints in the introductory days of teleradiology in the U.S. and European countries. However, rise in health care expenditure has effectively facilitated in overcoming this hindrance. In addition, the interests shown by private investors in this market has led to growth of small players in the market. For instance, in the U.S., vRAD and Optimal Radiology have attracted significant capital in past few years. 

The global teleradiology market is highly fragmented with most of the private companies operating in this space. 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 

  • X-Ray
  • Ultrasound
  • Computed Tomography
  • Magnetic Resonance Imaging
  • Nuclear Imaging

Teleradiology Market, by Geography 

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • Rest of Europe
  • Asia-Pacific
    • Australia
    • Malaysia
    • Philippines
    • Rest of Asia Pacific
  • Middle East
    • Saudi Arabia
    • Qatar
    • Rest of Middle East
  • Africa
    • Nigeria
    • Ghana
    • Rest of Africa
  • Rest of the World 

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