According to a new report published by Allied Market Research, titled,"Teleradiology Market by Imaging Technique, Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2018 - 2025," the global teleradiology market accounted for $2,709 million in 2017 and is expected to reach $10,621 million by 2025 with a CAGR of 18.4% from 2018 to 2025. North America was the highest revenue contributor in 2017 and is anticipated to maintain the same trend throughout the forecast period.
Teleradiology is the branch of telemedicine that involves transmission of radiological images and related data from one location to another for diagnostic and consulting purpose. It is an advanced technology that has emerged due to the imbalance between demand and availability of diagnostic services during emergency situations. Earlier, teleradiology was used only for emergencies; however, with advent of internet and advancements in the IT industry, teleradiology practice has become more common in recent years. The availability of computer programs such as picture archiving & communication system (PACS) and radiological information system (RIS), that are specifically dedicated to sending radiological images has led to the major advancements in teleradiology technologies.
The prime factor that drives the teleradiology market growth includes imbalance between the demand and availability of radiological services. Lack of timely diagnostic services causes a major problem for clinicians during emergencies, especially night hours, which further contributes to fuel the teleradiology market size globally to initiate proper treatment at the earliest.
Based on teleradiology market trends by application, the CT scan segment accounted for the majority of teleradiology market share of the global market in 2017. This is attributed to the surge in number of institutes installing CT scanners and the capability to scan complex body structures such as lungs, brain, and cardiac cavities.
Based on end user, the ambulatory surgical centers segment generated the maximum revenue in 2017, and is anticipated to exhibit prominent growth during the forecast period. This is attributed to the fact that these centers offer improved efficiency in health care delivery, allowing patients to spend less time in the health care setting.
Key Findings of the Teleradiology Market:
- The radiology information system (RIS) of software segment is anticipated to grow at the highest rate with a CAGR of 19.2% during the forecast period.
- The U.S. was the major shareholder in the North America teleradiology market and accounted for the highest share in 2017.
- Based on technology, the software segment is expected to grow at a CAGR of 18.1 % during the forecast period.
- Based on end user, the hospitals segment held a remarkable position in 2017, registering a CAGR of 17.0 % from 2018 to 2025.
Asia-Pacific is anticipated to grow at the fastest CAGR of 21.5% and is anticipated to continue this trend during the forecast period, due to increase in adoption of teleradiology technologies such as PACS & RIS, and high prevalence of chronic diseases, specifically in China, India, and the other developing economies. Moreover, rise in investments toward development of healthcare information technology (HCIT) by the key players in the teleradiology field majorly drives the growth of the Asia-Pacific market.
The report provides a comprehensive analysis of the leading companies operating in the global teleradiology market such as Siemens AG, 4ways Limited, Global Diagnostics Limited, Mednax, Inc., Koninklijke Philips N.V., GE Healthcare, Everlight Radiology, Agfa-Gevaert Group, Radisphere National Radiology Group, Inc., and Fujifilm Medical Systems, Inc. The other players in the value chain (not included in the report) include Cybernet Medical Corporation, Spectra AB, Medica Reporting Ltd., Radiology Reporting Online (RRO), Sectra Imtec AB, StatRad, LLC, Ramasift Inc., and Alta Vista Teleradiology.