Teleradiology Market Responds to Impressive Progress in Medicine and Healthcare

Transparency Market Research has published a new report on the global teleradiology market. As per the report, the global teleradiology market is predicted to expand at a 22.30% CAGR during the period between 2013 and 2019. The report, titled ‘Teleradiology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019,’ states that the global teleradiology market stood at US$0.9 bn in 2012 and is expected to reach US$3.8 bn by 2019 owing to factors such as technological advancements and the introduction of mhealth services.

Teleradiology consists of the electronic transmission of radiological images from a particular location to another in a digital format using the internet. Image transfer is primarily carried out from the sender’s end to a secondary location for either consultation or an official diagnosis. Consistent developments and advancements in digital imaging technology have favored the acceptance of teleradiology technologies. The increasing acceptance of social media platforms and the internet in general is further expected to augment the use of teleradiology practices across the globe.

Continuous upgradation of radiology information systems (RIS) and picture archiving and communication systems (PACS) is expected to enhance the teleradiology process. The global teleradiology market is segmented on the basis of geography and modality. Based on modality, the global teleradiology market is classified into x-ray, ultrasound, computed tomography (CT), nuclear imaging, and magnetic resonance imaging (MRI). The x-ray teleradiology segment is expected to register new growth opportunities due to increased awareness, low costs compared to other modalities, and increasing digitalization.

Ultrasound imaging technology, popularly used in diagnosing women’s ailments, is majorly employed to track and visualize development stages of a fetus at the time of pregnancy. Compared with x-rays, ultrasound imaging technology is more beneficial due to its minimally invasive nature. The acceptance of MRI imaging technology is still at a nascent stage due to the high costs of the equipment and lack of technical expertise.

Based on geography, the global teleradiology market is divided into Europe, Asia Pacific, North America, and Rest of the World. In 2012, the global teleradiology market was led by North America, which held a revenue share of more than 33%. The presence of well-equipped healthcare institutions and hospitals and the increasing use of high-bandwidth internet are predicted to propel the North America teleradiology market in the years to come.

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The Asia Pacific teleradiology market is expected to register considerable growth in the coming few years due to ongoing developments in healthcare informatics and medical imaging platforms. However, lack of image data security is expected to hamper the growth of the global teleradiology market through the forecast period.

Agfa-Gevaert N.V., American TeleCare, Inc., Cybernet Systems Corporation, ONRAD, Inc., Radisphere National Radiology Group, Inc., Sectra AB, StatRad, Teleradiology Solutions, and Virtual Radiologic (vRad) are some of the leading companies in the global teleradiology market. The entry of new companies is expected to make the global teleradiology market highly competitive in the coming years.

Pre-Owned X-ray and Mammography Machines to Lead Global Pre-Owned Medical Devices Market

A new Transparency Market Research report states that the global pre-owned medical devices market stood at US$2.4 mn in 2012 and is predicted to reach US$4.9 mn by 2019. It is predicted to expand at a CAGR of 10.60% from 2013 to 2019. The title of the report is “Pre-Owned Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.” The current condition of the market and the future growth prospects of the market have been elaborated upon in detail in this report.

As per this study, the pre-owned medical devices market is fuelled by the installed medical devices reaching the end of their lifecycle and the rising demand for screening. In addition, the supportive post-sales services have also propelled the market’s growth. On the other hand, factors such as regulatory restraints, the negative perception of the quality of refurbished pre-owned medical devices, and the operations of original equipment manufacturers (OEMs) within the refurbishment market may restrain the growth of the market in forthcoming years. The report segments the market on the basis of device type and geography.

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On the basis of device type, the report segments the market into CT machines, x-ray and mammography machines, ultrasound machines, MRI machines, c-arm devices, and nuclear imaging and medical devices. Amongst these, the segment of pre-owned x-ray and mammography machines is predicted to expand at a CAGR of more than 6.0% during the forecast horizon. However, newly launched x-ray and mammography machines are more economical in comparison with other medical devices including SPECT, MRI, CT, and PET machines. Hence, consumers prefer purchasing new x-ray and mammography machines as compared to refurbished pre-owned machines. Hence, on the basis of value, though the segment of refurbished pre-owned X-ray and mammography machines held the largest share, its growth rate is poised to be low in comparison with the other segments of refurbished pre-owned medical devices.

The report segments the pre-owned medical devices market on the basis of geography into Europe, North America, Asia Pacific, and RoW. Amongst these, the regions of North America and Asia Pacific lead the market with collectively the highest share and are predicted to exhibit a huge growth rate in the forecast horizon. On the other hand, within Europe and RoW, a number of countries have discouraged or banned the utilization of refurbished pre-owned medical devices and thus these regions hold a small share in the market. These two regions are also poised to exhibit a low CAGR all through the forecast horizon.

As stated in the report, the major players dominant in the market for pre-owned medical devices are Philips Healthcare, GE Healthcare, Siemens Healthcare, Agito Medical, Soma Technology, and Toshiba Medical Systems, among others.

An Expert suggetions on Teleradiology Market

Teleradiology is the transmission of radiological images from the sender (primary location) to the receiver (secondary acquisition site) via internet technology. This electronic image transfer in a digital format is done for the purpose of consultation or diagnosis, and consistent advancement in the field of digital imaging technology has resulted in the growth of global teleradiology market. Ultrasound, magnetic resonance imaging (MRI), x-ray, computed tomography (CT), and nuclear imaging are some of the major segments of teleradiology.

Double-Digit Growth Forecast for Teleradiology Market

Teleradiology has emerged as the largest as well as the most mature segment of the overall telehealth industry, thanks to evolving technologies in medical imaging. The surging popularity of mhealth all over the world has also catapulted the teleradiology market to greater heights. Apart from this, advanced technologies in the communication sector, rousing acceptance of the Internet, and the vital role of social media platforms has led to the proliferation of the teleradiology market.

Constant upgradation of Radiology Information Systems (RIS) and Picture Archiving and Communication Systems (PACS) is also boosting the process of teleradiology over the past few years, resulting in enhanced image capture, processing, storage, and reporting.

Propelled by these factors, the global market for teleradiology is anticipated to register an impressive CAGR of 22.30% from 2013 to 2019, according to a report by Transparency Market Research. In 2012, the value of the teleradiology market was pegged at US$0.9 bn, which is forecast to grow to US$3.7 bn by 2019.

While the investment opportunities presented by teleradiology are rather strong, this market is anticipated to be challenged by high cost of technology and security concerns with respect to imaging data.

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Technological Advancements Fueling Developed Teleradiology Markets

The global teleradiology market covers four main regions: Europe, Asia Pacific, North America, and Rest of the World. In 2012, North America emerged as the leader in the teleradiology market with a share of more than 33% in terms of revenue. The key factor driving this regional market is the booming healthcare sector. Presence of well-informed patients, availability of well-equipped healthcare institutions and hospitals, rapid adoption of unique medical approaches, rise in healthcare expenditure, and increased demand for advanced healthcare practices are the leading factors responsible for the growth of the teleradiology market in North America. In addition, the growing use of high-bandwidth internet technologies in medicine and healthcare boosts the teleradiology market in the region.

Western Europe is the second largest teleradiology market, driven by technological advancements and surging healthcare awareness among patients. The Asia Pacific teleradiology market holds immense potential for growth, according to leading market analysts, thanks to ongoing developments in the fields of healthcare informatics and medical imaging.

Radisphere National Radiology Group, Inc., American TeleCare, Inc., Virtual Radiologic (vRad), StatRad, Sectra AB, ONRAD, Inc., Agfa-Gevaert N.V., Cybernet Systems Corporation, and Teleradiology Solutions are some of the most prominent players in the global teleradiology market. Strong competition among these players to obtain a greater share of the market pushes them to develop novel and innovative imaging solutions. This has strongly supported the growth of the teleradiology market.

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Global Teleradiology Market: Mobile Health Services to Help Market Growth During 2013-2019

The global teleradiology market was worth US$0.92 billion in 2012. It has been predicted that this market will grow at a CAGR of 22.3% from 2013 to 2019, eventually reaching an estimated market value of US$3.78 billion. These projections are provided in a market research report titled Teleradiology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019, released by market intelligence firm Transparency Market Research.

The report details the important historical benchmarks of the global teleradiology market and the driving and restraining factors that govern it.

It states the teleradiology segment to be the largest source of revenue for the telehealth technologies industry.

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The teleradiology market involves the technology that deals in the transmission of radiography images from external or remote locations to a strong healthcare establishment in an urban area though software that make use of the Internet. It is the largest and the most mature segment of the telehealth industry and makes use of advanced communication technology in an effort to exchange critical information about a patient in the most efficient manner possible.

The report discusses a comparative overview of the global teleradiology market with respect to the past and the present. Earlier communication systems would convert analog images into digital ones through the use of binary code. The code was then forwarded to a receiving terminal where the data was again converted to analog. Modern methods circumvent this need of conversion thereby saving time and maintaining imaging efficacy.

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The report also includes important developments in the global teleradiology market, such as the advent of Radiology Information Systems (RIS) and Picture Archiving and Communication Systems (PACS). These technologies have created a substantial increase in demand of teleradiology services and technologies around the world. The growth of the global teleradiology market along with the increasing use of high bandwidth broadband systems have created a high level of efficiency and assurance across remote channels of the healthcare industry.

The increasing popularity and growing applications in the mobile health segment of the global teleradiology market has allowed radiologists to boost their diagnosis and consultation speeds by letting them do so even while commuting. This has eliminated the requirement of a doctor to access stationary computer terminals for consultations that can be performed using mobile devices.

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The report details the geographic segmentation of the global teleradiology market. It states that North America dominated the global teleradiology market in 2012 with more than 33% of the market share in terms of revenue. This was possible due to the presence of healthcare institutions that possess eligible equipment along with a growing acceptance and knowledge of the public with respect to the technologies.

Medical Imaging Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019

Modern and technologically advanced imaging techniques and equipment have aided the diagnosis of even complex diseases such as Parkinson’s and Alzheimer’s. Sophisticated medical imaging equipment are not only non-invasive in nature but also deliver accurate and speedy diagnosis.

Factors such as rising incidence of target diseases, expanding percentage of geriatric population, technological advancements, and increasing initiatives by government and private bodies have contributed to the overall growth of the global medical imaging equipment market. In addition, rise in disposable income and growing patient pool in emerging economies is likely to boost the demand for medical imaging equipment in the near future.

In contrast, excise duty imposed on the sale of medical devices in the U.S. and low patient adoption rate for conventional MRI and CT scanners are expected to restrict the growth of the medical imaging equipment market.

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CT Scanners, Nuclear Imaging Equipment Fastest Growing Product Segments

On the basis of product type, the medical imaging equipment market is categorized into computed tomography (CT) scanners, x-ray devices, magnetic resonance imaging (MRI) equipment, ultrasound systems, and nuclear imaging equipment.

Being the oldest form of imaging technique and also most popular in terms of patient comfort, x-ray devices held the largest share of the medical imaging equipment market in 2012. On the other hand, CT scanners and nuclear imaging equipment are both anticipated to record the highest CAGR of 5% from 2013 to 2019 due to increasing global prevalence of different types of cancers.

X-ray Devices Emerge as Largest Technology Segment

The medical imaging equipment market, by technology, is immensely fragmented. The x-ray devices market is segmented into computer radiography (CR), analog, and digital radiography (DR). CT scanners are broken down into high, medium, and low-slice scanners. Ultrasound systems include technologies such as Doppler, 2D imaging, 3D imaging and 4D imaging, lithotripsy, and HIFU. MRI equipment is segmented into low, medium, and high-field. Nuclear imaging equipment includes technologies such as positron emission tomography (PET) and single photon emission computed tomography (SPECT).

Technology-wise, the x-ray devices segment held the largest share of the overall medical imaging equipment market, while the segments of CT and nuclear imaging equipment are anticipated to register the highest growth rate by 2019.

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North America Most Dominant Region, Asia Pacific Fastest Growing One

Geographically, the medical imaging equipment market is segmented into North America, Asia Pacific, Europe, and Rest of the World. While North America dominates the global market in terms of size, Asia Pacific is anticipated to be the fastest growing regional market for medical imaging equipment by 2019. Factors such as rising geriatric population, advancement in healthcare infrastructure, and development of medical tourism are expected to support the Asia Pacific medical imaging equipment market to register a growth rate of over 5% from 2013 to 2019.

The consolidated nature of the global medical imaging equipment market is reflected in the fact that the top three players together account for almost 50% of the overall market. Some of the prominent names in the medical imaging equipment market are GE Healthcare Ltd., Samsung Medison Co. Ltd., Carestream Health, Inc., Toshiba America Medical Systems Inc., Shimadzu Corp., Philips Healthcare, Hologic Inc., Hitachi Medical Corp., Fonar Corp., Fujifilm Holdings Corp., Genesis Medical Imaging Inc., and Siemens Healthcare.

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