Teleradiology Market By Application (Picture Archiving And Communication System (PACS), Radiology Information System (RIS)), By Modality (X- Ray, Magnetic Resonance Imaging, Computed Tomography, Ultrasound Systems, Nuclear Imaging), By Technology Solutions (Web- Based Tele Radiology Solutions, Cloud- Based Tele Radiology Solutions), By Region - Global Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2017–2022)
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Teleradiology Market size was around USD 2.28 billion in 2017. It is expected to grow at a CAGR of 18.5% to reach USD 5.33 billion by 2022.
Teleradiology is the transference of radiological patient images from one place to another for official diagnosis or consultation with other radiologists. It involves the technology which deals in the transmission of radiography images from remote locations to a strong healthcare establishment in an urban area using software which makes use of the Internet.
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Currently, Teleradiology global market is majorly driven by the technological advancement in healthcare industry, growing digitalization which aids in enhancing the Teleradiology process, and low costs in contrast to other modalities. Secondary factors include the shortage of radiologist worldwide, advancements in digital technology in external patient diagnosis, and enhanced healthcare awareness.
On the other hand, inadequate common standards is the primary barrier for this market.
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Teleradiology Market segmentation by modality, by application and by technology solutions. By modality the market is segmented into X- Ray, Magnetic Resonance Imaging, Computed Tomography, Ultrasound Systems, and Nuclear Imaging.
In 2015, the x-ray category lead the Teleradiology market with a revenue of over USD 500 million. The rising number of x-ray procedures and its wide acceptability, and the advent of novel technologies, like cost-effective filmless x-ray systems, are few key factors responsible for its large share.
By application the market is segmented into Picture Archiving and Communication System (PACS), Radiology Information System (RIS). By technology solutions the market is segmented into Web-Based Teleradiology Solutions, Cloud-Based Teleradiology Solutions.
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Teleradiology Market geographical segmentation by North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. North America lead the market in 2015 with a share of over 40.0%.
The establishment of a highly developed healthcare infrastructure, the availability of high-speed internet facilities, technology-enabled healthcare platforms, and high public healthcare expenditure are the major factors responsible for its high revenue share. In 2015, Western Europe commanded over 70% of the market share because of the technological advancements, such as PACS, RIS, and cloud computing services in this region.
Asia Pacific is projected to be the fastest growing Teleradiology market owing to its rapidly growing healthcare infrastructure conjoined with the increasing demand for innovative and advanced medical platforms. Moreover, the huge base of the target population, the increasing government initiatives, and the strategic global expansions undertaken by major players trigger the market growth.
The major Teleradiology Market leaders are 4ways Healthcare Limited, RamSoft, Inc., Virtual Radiologic (vRAD), Agfa-Gevaert N.V., ONARD, Global Diagnostics, Everlight Radiology, Sectra AB, and Health Watch Tele Diagnostics Pvt. Ltd.
By Modality: X- Ray, Magnetic Resonance Imaging, Computed Tomography, Ultrasound Systems, Nuclear Imaging
By Technology Solutions: Web-Based Tele Radiology Solutions, Cloud- Based Tele Radiology Solutions
By Application: Picture Archiving And Communication System (PACS), Radiology Information System (RIS)
Reasons to Access:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
- Segment-level analysis in terms of modality, application and technology solutions along with market size forecasts and estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economic and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
- Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
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