The global teleradiology market size is estimated to reach USD 8.2 billion by 2024, exhibiting a CAGR of 19.1% during the forecast period.
Availability of real-time, technology-enabled, and accurate medical imaging systems has led to an increased adoption in hospitals and clinics. Besides, introduction of new digital technology devices enables timely intervention of healthcare professionals from different locations for serious cases.
Growing geriatric population coupled with rising prevalence of ailments, such as cancer, dental problems, and bone injuries, is augmenting the need for imaging devices. This is expected to drive the market. One of the major advantages of teleradiology is getting a second opinion for serious cases, which can be sent across the globe to specialists, thus enabling a good connectivity among radiologists globally.
North America teleradiology market represented 40.2% of the overall value in 2015. Favorable government initiatives pertaining to improvement of healthcare facilities in rural areas and heightened awareness levels among patients coupled with high healthcare expenditure are contributing to the growth of the regional market.
Asia Pacific is anticipated to be the fastest growing region for teleradiology due to soaring demand for innovative and advanced medical platforms coupled with improving healthcare infrastructure. Besides, increasing government initiatives, large target population base, and strategic global expansions undertaken by key players are likely to stimulate the growth of the market.
Further key findings from the report suggest:
The X-ray was the largest segment in 2016 owing to its broad range of applications, such as detection of dental injuries and fractures in bones, and growing demand for bedside imaging and core diagnostics
The CT scan is projected to register the fastest growth over the forecast period. High usage rates, faster testing rate, high-resolution imaging capacity, and introduction of new generation systems, such as 3D and 4D, are some of the factors supplementing the growth of the segment
North America was at the forefront of the market in 2016 due to presence of advanced healthcare IT and high penetration rates of new technologies
Asia Pacific is poised to witness the fastest growth over the forecast period due to supportive government regulations for expansion of teleradiology and faster technology adoption
Some of the key players in the market are
Virtual Radiologic (vRad)
Cybernet Medical Corporation
4ways Healthcare Ltd.
USARAD Holdings, Inc.
HealthWatch TeleDiagnostics Pvt. Ltd.
Key Topics Covered:
Chapter 1 Research Methodology & Scope 1.1 Information Procurement 1.2 Research Methodology 1.3 Geographic scope & assumptions 1.4 Country wise market calculation 1.5 Region based segment share calculation 1.6 Primary Sources 1.7 List of secondary sources
Chapter 2 Executive Summary 2.1 Market Snapshot
Chapter 3 Industry Outlook 3.1 Market Segmentation 3.2 Market Size and Growth Prospects 3.3 Teleradiology: Market dynamics 3.3.1 Market driver analysis 3.3.2 Increasing prevalence of target diseases 18.104.22.168 Increasing prevalence of osteoarthritis and osteoporosis 22.214.171.124 Increasing prevalence of cancer 126.96.36.199 Rising prevalence of other diseases 3.3.3 Introduction of technologically advanced diagnostics 3.3.4 Growing base of geriatric population 3.3.5 Favorable regulatory initiatives 188.8.131.52 Implementation of Picture Archiving and Communication System (PACS) 184.108.40.206 Other drivers 3.3.6 Market Restraint Analysis 220.127.116.11 Lack of skilled professionals 18.104.22.168 Lack of security for data imaging 3.4 Industry analysis - Porter's 3.5 Key Opportunities Prioritized 3.6 Teleradiology - PESTEL Analysis