Facts and Factors Market Research has published a new report titled “Teleradiology Market By Component (Software, Services, and Telecom & Networking), By End-User (Individual Radiologists, Clinics, Other Medical Groups, Diagnostic Centers, Hospitals, and Community Centers), and By Type of Modalities (MRI, Plain Films/X-Rays, Computed Tomography (CT), and SPECT/PET): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
According to the report, the global Teleradiology market was valued at approximately USD 2,578 million in 2018 and is expected to reach a value of around USD 11,766 million by 2027, at a CAGR of around 18.3% between 2019 and 2027.
Teleradiology is de?ned as the electronic transfer of radiographic pictures from one site to another for the purpose of analysis and consultation. The enhanced development, as well as deployment of digital imaging systems and the growing availability of high bandwidths permitting the transmission of huge data volumes at greater speed, has enlarged the scope of the Teleradiology system.
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Moreover, Teleradiology also helps in transferring of radiological pictures of the patient including X-rays, MRIs, and CTs to doctors and radiologists for the purpose of examining them. Teleradiology has been at the core of a number of health technology valuations across myriad countries in regards to its utilization. Teleradiology is possible with radiology services comprising of two distinct functions. First, taking the image requiring the presence of the patient and another is having a physician examine the image.
Growing occurrence of chronic ailments to drive the market expansion
Increase in the cases of chronic ailments like cancer is projected to help the Teleradiology market garner massive revenue gains over the forecast period. Moreover, a rise in the number of scans due to growing cases of chronic ailment along with usage of Teleradiology for diagnosing the scans will steer the expansion of business over the forecast timespan.
Furthermore, technological breakthroughs witnessed in the Teleradiology will further boost the growth of the market over the forecast timeline. Apparently, the introduction of new technologies like the utilization of mobiles and tablets to improve the Teleradiology services will further enlarge the market scope during the period from 2019 to 2027. In addition to this, the growing need for transmitting radiological pictures through the use of online technologies aided by telecommunication in case of medical emergencies will empower the growth of the Teleradiology industry during the forecast timeline.
In addition to this, breakthroughs in web technologies across the healthcare systems, particularly in wireless image transmission is likely to impel the market growth over the forecast timeline. However, high costs for implementing the Teleradiology solutions and security risks will inhibit the expansion of the market over the forecast timeline. Nonetheless, the massive opportunities for the Teleradiology in the healthcare IT sector will help in nullifying the negative impact of the hindrances on the overall market growth.
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Software to dominate the component segment in terms of value over the forecast timeline
Teleradiology software systems aid in raising the work efficiency of the radiologists and help in studying the accuracy & service quality through automated monitoring. This, in turn, will drive the growth of the segment during the forecast timeline.
Individual radiologists segment to contribute majorly towards the overall market share by 2027
The growth of the segment during the forecast timeline is due to massive sue of Teleradiology by the individual radiologist to enhance the healthcare delivery services along with helping the patient in getting quick discharge from the clinics & hospitals. Apparently, a rising trend among the patients towards visiting hospitals for quick diagnosing of disease along with large-scale usage of Teleradiology services in the healthcare diagnostic centers will boost the segmental growth over the forecast period.
North America to lead the overall regional market growth in terms of earnings
The growth of the market in the region is due to easy accessibility of high-speed internet amenities, presence of robust healthcare infrastructure facility, rise in the public healthcare expenses, and growing cases of cancer in the region.
The key players included in this market are Telerad Tech, Teleradiology Solutions, Flatworld Solutions Pvt. Ltd., 4ways Limited, ALTA VISTA TELERADIOLOGY, Argus Radiology, Everlight Radiology, FUJIFILM Holdings America Corporation, Koninklijke Philips N.V., Medica Reporting Limited, MEDNAX Services, Inc., ONRAD, Inc., Radisphere Radiology (A Sheridan Company), StatRad, LLC, Telemedicine Clinic, and Vital Radiology Services.
This report segments the Teleradiology market as follows:
Global Teleradiology Market: By Component Segment Analysis
- Telecom & Networking
Global Teleradiology Market: By End-User Segment Analysis
- Individual Radiologists
- Other Medical Groups
- Diagnostic Centers
- Community Centers
Global Teleradiology Market: By Type of Modalities Segment Analysis
- Plain Films/X-Rays
- Computed Tomography (CT)
Global Teleradiology Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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