Teleradiology Market to Reach $10.62 Bn, Globally, by 2025 at 18.4% CAGR: Allied Market Research
Advancements in medical digital technology, rise in prevalence of chronic diseases, development of IT infrastructure, and increase in healthcare expenditure fuel the growth of the global teleradiology market.
PORTLAND, Oregon, June 22, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Teleradiology Market by Imaging Technique (X-rays, Computed Tomography (CT), Ultrasound, Magnetic Resonance Imaging (MRI), Nuclear imaging, Fluoroscopy, Mammography, and Others), Technology (Hardware, Software, and Telecom & Networking), and End User (Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2025." According to the report, the global teleradiology industry was estimated at $2.70 billion in 2017, and is anticipated to hit $10.62 billion by 2025, registering a CAGR of 18.4% from 2018 to 2025.
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Drivers, restraints, & opportunities-
Advancements in medical digital technology, rise in prevalence of chronic diseases, development of IT infrastructure, and increase in healthcare expenditure fuel the growth of the global teleradiology market. On the other hand, low availability of broadband networks in rural areas and dearth of skilled professionals impede the growth to some extent. However, development of low-power consuming, wireless and portable X-ray technologies is expected to create a number of opportunities in the industry.
COVID-19 scenario-
- Although the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry, the teleradiology market has not been highly impacted as the demand for proper transmission of radiological images and related data from one location to another for various diagnostic purposes has remained the same.
- However, the changing relationship between China and the rest of the world is expected to influence competition and opportunities in the global market.
The computed tomography segment to dominate by 2025-
Based on imaging technique, the computed tomography segment accounted for around one-fourth of the global teleradiology market share in 2017, and is expected to rule the roost by the end of 2025. Capability of CT scan to shot complex body structures such as lungs, brain, and cardiac cavities drives the growth of the segment. The nuclear imaging segment, on the other hand, would grow at the fastest CAGR of 23.2% throughout the forecast period. This is attributed to technological advancements and increase in diagnostic applications in several diseases, such as cancer & cardiovascular infections.
The software segment to maintain the dominant share-
Based on technology, the software segment contributed to nearly three-fifths of the global teleradiology market revenue in 2017, and is anticipated to lead the trail from 2018 to 2025. This software happens to minimize the wait times that teleradiologists, medical professionals, and physicians experience in the process of retrieving, reviewing and editing patient radiological images which, in turn, has fueled the growth of the segment. Simultaneously, the telecom & networking segment would register the fastest CAGR of 20.4% till 2025. This is due to growing demand for telecom services and increasing deployment of 4G.
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North America garnered the major share in 2017 –
Based on region, North America held the major share in 2017, generating more than two-fifths of the global teleradiology market. This is attributed to the high awareness about teleradiology and availability of advanced teleradiology software such as PACS, RIS in the province. At the same time, the Asia-Pacific region would portray the fastest CAGR of 22.1% during the study period. Rise in healthcare expenditure along with strong government support for the development of advanced tele-based technologies has boosted the market growth in this region.
Key players in the industry-
- Siemens AG
- Global Diagnostics Limited
- Radisphere National Radiology Group, Inc.
- Fujifilm Medical Systems, Inc.
- Mednax, Inc.
- Koninklijke Philips N.V.
- 4ways Limited
- GE Healthcare
- Agfa-Gevaert Group
- Everlight Radiology
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