Global Teleradiology Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2023: Credence Research

The latest market report published by Credence Research, Inc. “Global Teleradiology Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 - 2023,” the Global Teleradiology market was valued at USD 3,200.6 Mn in 2015, and is expected to reach USD 10,841.0 Mn by 2023, expanding at a CAGR of 16.5% from 2016 to 2023.

Browse the full report Global Teleradiology Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2023 at http://www.credenceresearch.com/report/teleradiology-market

Market Insights

Teleradiology is defined as the electronic transmission of radiologic images for the purpose of consultation and interpretation. Thus, teleradiology allows prompt and timely interpretation of imaging reports and offers greater access to multiple consultations. Techniques such as X-ray, CT, MRI, nuclear imaging and ultrasound are used to obtain the images. Wide application of X-ray across areas such as fracture detection, tumor detection, dental injuries and periodic disease monitoring drive the demand for X-ray imaging. Growing preference for bedside imaging and core diagnostics further allow for the growth of this segment. With the help of teleradiology, remote diagnosis and monitoring is possible and also offer cost containment in treatment. Surge in prevalence of the chronic condition, has in turn increased the demand of imaging diagnosis and monitoring devices. Advances technology such as radiology information systems (RIS) and picture archiving and communication system (PACS) has led expansion of teleradiology market. Radiology information systems are software solutions that facilitate storage and management of radiology and imaging data such as patient scheduling, payments and report exchange among patients and physicians, hospitals and healthcare facilities. Adoption of radiology information systems in safeguard data security, administration integrity, efficient data processing with multi-site information access. Efficient incorporation and implementation of radiology information systems allow for systematic cost and operation control in long-term use.

The global teleradiology market is segmented by modality type as X-ray teleradiology, ultrasound teleradiology, CT teleradiology, MRI teleradiology, nuclear imaging teleradiology and others. Among the considered imaging modalities, X-ray teleradiology currently dominates the market with approximately one-third of the market share in 2015. Based on the type of application, the global teleradiology market is segmented as picture archiving and communication system (PACS) and radiology information system (RIS). 

As of the current market scenario, North America and Europe lead the global market in terms of revenue. Government guidelines for digitization of healthcare records and high rate of adoption of advanced technologies in Western Europe are the prime contributors to the dominance of these regions. Asia-Pacific will witness the fastest market growth during the forecast period owing to growing awareness, rapid evolution of healthcare infrastructure and flourishing medical tourism industry in the region. Awareness about the proven benefits of teleradiology in remote counselling will further support the growth of teleradiology market in Asia-Pacific and Middle East and Africa markets.

Market Competition Assessment:

Key players in the global Teleradiology systems market are Argus Radiology, Agfa-Gevaert N.V., Cybernet Medical Corporation, Everlight Radiology, 4ways Healthcare Limited, 4ways Healthcare Limited, Franklin and Seidelmann, GE Healthcare, Global Diagnostics, Merge Healthcare, Medica Reporting Ltd., NightHawk Radiology, ONRAD, Radiology Reporting Online (RRO), Radisphere National Radiology Group, Inc., Sectra AB, StatRad, Philips Medical Systems, TeleDiagnosys Services, Teleradiology Solutions, Telemedicine Clinic, Virtual Radiologic and others

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Key Market Movements:

·        Increase inhealth care expenditure and advancement in technology

·        Increasing prevalence of chronic conditions such as cancer, cellulitis and osteomyelitis has the surge in the demand for imaging diagnosis and monitoring

·        Rapid evolution in technology of imaging, especially advancement of PACS and RIS

·        Efficient incorporation and implementation of radiology information systems allow for systematic cost and operation control in long-term use

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