Global Teleradiology Market is Driven by Increasing Number of Diagnostic Radiology Tests19 Apr 2016
Teleradiology is a subset of radiology that aims to deliver radiology and consultation services by using improved communication and information tools for exchanging the necessary information needed for accurate diagnosis, treatment, and follow-ups. Today, radiology amounts to a huge expenditure in the overall healthcare budget. However, the shortage of radiologists while the number of diagnostic radiology tests increases has created a huge opportunity for growth of teleradiology firms across the globe. Presently, teleradiology is showcasing accelerated growth in the areas of image processing and communication tools and technologies, which has upped its chances of earning massive revenues in the coming few years.
Emergence of Cloud Computing Propels Global Teleradiology Market
The main growth driver for the global teleradiology market is the evolution of cloud computing. This technology has allowed access to the image data as per the norms suggested by HIPAA (Health Insurance Portability and Accountability Act) regulations. Furthermore, cloud computing has also reduced the infrastructural costs, as the service is rendered on the basis of pay-per-use with minimal costs of start-up infrastructure.
Capital-intensive Nature of Equipment Restraints Market Growth
Some of the major restraints on the global teleradiology market are the expensive nature of the initial setup and installation of imaging equipment and lack of broadband availability in remote locations. Recovering these costs depends on the number of scans made per day, which is a huge gamble for many players. Therefore, the problem of reconciling high costs with the low volume of scans is a huge restraint for the overall market.
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Computed Tomography Modality to Take Over X-rays in Overall Market
The global teleradiology market is segmented on the basis of modality and geography. On the basis of modality, the market is segmented into magnetic resonance imaging, nuclear imaging, computed tomography, ultrasound, and X-ray. Geographically, this market is segmented into Asia Pacific, North America, Europe, the Middle East and Africa, and Rest of the World.
The most widely used imaging technology is X-rays, for economic reasons. Furthermore, its ubiquitous presence in large and small healthcare units is also leading to growth in its usage. However, analysts predict that the usage of computed tomography will grow at an accelerated pace from 2015 to 2023. This trend will be further propelled by the availability of CT scanners in healthcare centers across the globe. According to a research report published by Transparency Market Research, the global teleradiology market was valued at US$1.3 bn in 2014 and is likely to reach US$3.6 bn by 2023, rising at a CAGR of 11.3% from 2015 to 2023.
Europe and U.S. Emerge as Leaders in Global Teleradiology Market
Geographically, Europe and the U.S. are at the forefront of the global teleradiology market as these services are an integral part of radiology practices. This growth is also being propelled by the commercialization of these services and the growing interest of investors in such startups.
Some of the important players in the global teleradiology market are Agfa-Gevaert N.V., Everlight Radiology, Global Diagnostics Ltd., Cybernet Medical Corporation, InHealth, ONRAD, Inc., Radisphere National Radiology Group, Inc., Medica Reporting Ltd., RamSoft, Inc., Radiology Reporting Online (RRO), Sectra AB, Telemedicine Clinic, TeleDiagnosys Services Pvt Ltd., Teleradiology Solutions, Inc., Virtual Radiologic, and The Telelaudo.
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