Global Statistics Representing Teleradiology Market Scenario
Teleradiology is a technology used for transmission of radiological patient images from one location to another. The demand for teleradiology has upsurged in the last few years to take the second opinion in emergency conditions. Healthcare professionals are paying more attention to this technology as it can convert analogical images to digital and quickly & affordably transmit digital data over long distances. It has been found that the adoption & penetration of this product is growing at a healthy rate, especially in the developing region. For instance, in 2019, Argus Radiology has expanded its personalized version of teleradiology in India as most of the patients in the country are preferring to go for second opinion before performing any surgery or major treatments.
The global teleradiology market was valued at around USD 2,098.5 million in 2018 at a CAGR of 19.4% during the forecast period.
The global teleradiology market is segmented by imaging techniques, components, and end-user.
By imaging techniques, the market is segmented into X-rays, Computed Tomography (CT), Nuclear Imaging. As per our market analysis, the X-ray segment is expected to hold major market share in the years to come as it has become the primary diagnosis method for most of diseases, including respiratory diseases and stomach diseases. With this technology, radiologists can easily identify cracks, infections, injuries, and abnormal bones. It is also used in locating foreign objects present inside bones.
By component, the global teleradiology market is segmented into hardware and software.
On the basis of end-user, the market is segmented into hospitals and diagnostic centers. A large pool of patients visits hospital to receive treatment, which makes the hospital a leading end-user segment. On the other hand, the network of diagnostic centers is expanding to cater to the expanding need for radiological examination. To sustain in the intense competition and provide most accurate diagnosis, diagnostic centers are investing a massive amount in advanced technology.
Geographically, the teleradiology market is segmented into North America, Europe, Asia Pacific, and Latin America and The Middle East & Africa (LAMEA).
North America dominated the global market in 2018 and is expected to continue its dominance over the forecast period because of a strong presence of geriatric patients suffering from different chronic diseases such as cancer, arthritis, heart disease, central nervous system-related issue. This is further driving the demand for CT-Scan, MRI, and other imaging technics. The U.S. and Canada have significant penetration of state-of-the-art radiology centers.
Asia Pacific market is expected to grow at the fastest CAGR over the forecast period. The region has a considerable presence of key players like ‘Teleradiology Solutions’ which is known to provide quick and accurate comprehensive teleradiology services with expertise in reporting of all modalities, i.e. MRI, CT, CT angiography, Ultrasound, X-ray, and Nuclear Medicine. Moreover, Asia Pacific has an extensive network of multispecialty hospitals such as ‘Columbia Asia Radiology Group’ which provides accurate and standardized teleradiology services. Rising adoption of advanced medical technologies and improving healthcare IT infrastructure are key factors driving the regional market growth. Furthermore, rising focus of government on e-Health is further boosting the market growth.
Some of the key players in the global teleradiology market are Healthcare Ltd. (U.S.), CHC MediTech Pvt Ltd. (India), RamSoft, Inc. (Canada), Everlight Radiology (Australia), Agfa-Gevaert NV(Belgium), Virtual Radiologic Corporation (U.S.), Teleradiology Solutions Pvt. Ltd (India), and Global Diagnostics Ltd. (U.K.)
Teleradiology Market Segmentation
By Imaging Techniques
By End User
o North America
o South America
o Western Europe
o Eastern Europe
The Middle East & Africa
o The Middle East
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