Teleradiology Market is Expanding at a CAGR of 11.3% by 2023

The highly fragmented market for teleradiology features the presence of a large number of regional players, with the exception of some large companies with international presence, such as vRad, Inc., Radiology Reporting Online, and USA Rad. North America and Europe, the regions with some of the largest vendors in the global teleradiology market, will be the key enablers of teleradiology practices across the world and play a central role in the overall development of the global market, notes a recent report by Transparency Market Research (TMR).

Acquisitions of small, regional players, and long-term contracts with remotely located community hospitals and other healthcare service providers, especially across emerging markets such as Asia Pacific and Latin America, will allow teleradiology companies to expand their global footprint. Although less in number than in the European market, teleradiology companies in North America will contribute the largest share in the overall revenues of the global teleradiology market from 2015 through 2023, thanks to their global presence.

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Rise in Healthcare Expenditure and Improved Healthcare Infrastructure to Enable Widespread Adoption of Teleradiology

The vast improvement in telecommunication networks, enhanced data transfer speeds, and improved digital infrastructure of remote parts of the world has revolutionized the global teleradiology market in the past few years. In the next few years as well, developments across the data transmission field will be prove to be a major driver of the global teleradiology market, allowing its evolution from an ancillary radiology discipline to a mainstream practice.

Radiology is a cost-intensive diagnostic modality owing to the high prices of the technologically advanced medical imaging machines central to the field. This factor, in combination with the factor of unavailability of broadband networks in urban dwellings has remained one of the toughest challenges for the teleradiology market in the past years. However, substantial rise in healthcare expenditures and widened broadband networks in the past few years have enabled the widespread expansion of teleradiology practices on a global front. These factors have especially allowed the teleradiology market in extending its reach to emerging economies such as Latin America and Asia Pacific, considered to be the regional markets with the most lucrative growth opportunities.

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Asia Pacific to Provide Most Attractive Growth Opportunities

North America is currently the leading regional market for teleradiology and is expected to provide considerable growth opportunities over the next few years as well. The market in the region will be driven by the digitally advanced healthcare infrastructures, integration of teleradiology services in the workflow of a vast number of medical imaging service providers, and high healthcare awareness among the population. The rising prevalence of a number of cancers in the region has also led to an increased need for effective teleradiology services in the region.

Nevertheless, Asia Pacific will provide the most lucrative growth opportunities for the global teleradiology market in the coming years. Factors fueling demand for teleradiology services in the region will be the rising expenditure on health and wellbeing, improving healthcare infrastructure, and widening network of high-speed broadband services.

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The global teleradiology market is expected to expand at a favorable 11.3% CAGR over the period between 2015 and 2023, and rise from a valuation of US$1,354.6 mn in 2014 to US$3,632.6 mn in 2023.

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.

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.

Browse the full Teleradiology Market (X-ray, Ultrasound, CT, MRI and Nuclear Imaging) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019 Press Release at http://www.transparencymarketresearch.com/pressrelease/teleradiology-technology-market.htm

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.