A recent report published by Infinium Global Research on teleradiology market provides in-depth analysis of segments and sub-segments in global as well as regional teleradiology market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional teleradiology market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global teleradiology market. According to the report, the global teleradiology market is projected to grow at a CAGR of 19.1% over the forecast period of 2018-2024.
Teleradiology is the branch of telemedicine in which telecommunication systems are used to transmit radiological images of patients. Teleradiology is the transmission of radiological images, such as x-rays, CTs, and MRIs, from one location to another for the purposes of sharing studies with other radiologists and physicians. In addition, teleradiology uses standard network technologies such as the internet, telephone lines, Wide area network, and local area network and cloud computers for the transmission of images. One of the greatest advantages of using teleradiology services is that it allows hospitals and diagnostic centers to treat patients round the clock. The benefits offered by teleradiology includes improved access to care that is this technology is anticipated to play a significant role in improving service to rural areas and has the potential to improve the current shortage of radiologists. On the other hand, after hour service is also being provided in order to provide medical facilities and reliving the radiologist from the burden of being on-call at night.
Before the internet age, teleradiology mostly involved consulting individual radiologists over the phone for emergent cases. Teleradiology is an emerging field that has the potential to benefit both patients and healthcare service providers immensely as it helps eliminate distance barriers and improve access to quality health services or information that otherwise are not available in rural and distant communities. In addition, up gradation of technology that is being used in picture archiving and communication systems and taking the second opinion from the specialist in the emergency case is strengthening the growth of the teleradiology market. Furthermore, an increasing prevalence of long-term diseases such as cellulitis, osteomyelitis, and breast cancer in less developed areas drives the growth of the teleradiology market.
However, high expenditure towards technology as well as lack of skilled technicians and radiologist is likely to curtail the growth of the teleradiology market. Furthermore, recent advancements in web-based technology in healthcare systems especially the wireless image transmission systems are creating several opportunities for the key players in the teleradiology market over the years to come. On the other hand, the teleradiology groups are working with several specialists and sub-specialist such as Neuroradiologists, Musculoskeletal radiologists, Abdomen and Pelvic imaging specialists and cardiac radiology. Here, the patient’s scanned reports are sent to various specialists thereby the hospital treating the patient gets the best specialist report in the particular specialty. This, in turn, is creating a positive influence on the market to grow over the upcoming years.
Among the geography, North America dominated the global teleradiology market. The growth in the North American region is due to the availability of technology-enabled healthcare platforms. Moreover, the Health Care Financing Administration (HCFA) in the US mandates round-the-clock services in every hospital. The Asia Pacific is anticipated to be the fastest growing region owing to the rapidly increasing medical platforms along with growing healthcare infrastructure. Besides this, increasing government initiatives, large target population base, and strategic global expansions are motivating the growth of this market in this region.
The report on global teleradiology market covers segments such as product and application. On the basis of product, the global teleradiology market is categorized into x-ray, ultrasound, magnetic resonance imaging (MRI), computed tomography (CT), and nuclear imaging. On the basis of application, the global teleradiology market is categorized into tele-diagnosis, tele-consultation, and tele-monitoring.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while the Asia-Pacific region includes countries such as China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are the major markets included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in the region. In the Asia-pacific region, rapid industrial growth in India and China offer substantial potential for the growth in the teleradiology market. As a result, the APAC region is projected to experience growth at a CAGR of x.x% over the forecast period 2018-2024.
The report provides profiles of the companies in the global teleradiology market such as Everlight Radiology, Global Diagnostics, ONRAD, Inc, Agfa-Gevaert Group, Virtual Radiologic (vRad), HealthWatch TeleDiagnostics Pvt. Ltd., USARAD Holdings, Inc., RamSoft, Inc., 4ways Healthcare Ltd, and Cybernet Medical Corporation.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global teleradiology market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of teleradiology market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the teleradiology market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the teleradiology market to understand the present and future trends in this market and formulate their strategies accordingly.
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