Teleradiology Market to Record an Exponential CAGR by 2024
Despite the presence of relatively small number of regional players and a handful of global players, the global teleradiology market is markedly fragmented, notes Transparency Market Research (TMR). Several regional players boast of sizeable shares in their respective regions, the status quo is constantly threatened by numerous large players based in developed markets, notably from Europe and North America. In order to retain their shares in the overall market, these regional companies constantly need to bolster their product portfolio and geographic reach. On the other hand, globally prominent players are capitalizing on their brand value and the strength of innovative offerings to gain a competitive edge over their rivals.
TMR observes that the players with international presence may leverage the synergies of long-term contracts they are entering with various service providers. They are also expected to explore new revenue streams by collaborating with community hospitals and acquiring small regional vendors in emerging markets, especially present in far-flung areas.
Top players include the names of vRad, Inc., USA Radiology Management Solutions, and Radiology Reporting Online.
The global teleradiology market stood at US$ 1.35 Bn in 2014. Expanding at a robust CAGR of 11.3% from 2015 to 2023, the opportunities in the global market is projected to reach a worth of US$3.63 Bn by the end of 2023.
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Among the various regions, Asia Pacific is anticipated to be one of the most promising markets rising at potentially attractive CAGR of 12.1% during 2015–2023. The extensive regional demand is attributed mainly to rapid advancements in the healthcare sector across its key economies.
The various modalities used in teleradiology are ultrasound, X-Ray, computed tomography (CT), nuclear imaging, and magnetic resonance imaging. Of these, the demand for CT procedures is expected to be lucrative throughout the assessment timeline.
Demand Fueled by Rapid Advances in Telecommunication Technologies
The substantial drive that teleradiology has witnessed over the past few years stems from the need for meeting the burgeoning demand for radiology services in various parts of the world. The growth of the teleradiology market is increasingly fueled by the rapid advances being made in the internet and communication technologies (ICT) used in the healthcare industries. The attractive strides being made by healthcare IT in developing and developed countries is propelling the growth of the market.
The rising need for transmission of radiological images using a range of digital technologies supported by telecommunication in medical emergencies is bolstering the demand for teleradiology. Recent advancements in web technologies in healthcare systems, notably wireless image transmission systems, have boosted the market.
The demand for teleradiology services in rural areas in several emerging economies is also vast. This is attributed to the lack of adequate radiological systems and the paucity of trained personnel in remote areas of these regions. The paucity of specialty expertise in urban centers in numerous emerging economies is also fostering the demand for teleradiology.
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High Cost of Setting Teleradiology Infrastructures may Retard Growth
The global teleradiology market is witnessing lucrative prospects from advancements being made in various digital image processing methods in developing regions. However, the growth is notably beset by the high cost of setting up infrastructures for teleradiology, given the lack of funds in emerging economies in several parts of the world. Add to this, the glaring lack of a reliable internet connection or poor state of broadband connections in rural areas is a significant deterrent to the steady expansion in the global market. The presence of subspecialty expertise in various imaging centers is further retarding the uptake of teleradiology in these regions.
Nevertheless, the rising demand for radiology outsourcing, coupled with the substantially increasing disposable incomes of urban populations, in various parts of the world is expected to fuel the expansion of the market over the next five years. Favorable governmental healthcare policies for setting up teleradiology systems in numerous emerging economies also augur well for the overall market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Teleradiology Market (Modality – X-Ray, Ultrasound, Computed Tomography, Magnetic Resonance Imaging, and Nuclear Imaging) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2023”.
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