Teleradiology Market Is Expected To Reach USD 10,841 Mn By 2023 | Credence Research

The latest market report published by Credence Research, Inc. “Global Teleradiology Market By Application (Picture Archiving and Communication System, Radiology Information System), Modality (X-Ray Teleradiology, Ultrasound Teleradiology, CT Teleradiology, MRI Teleradiology, Nuclear Imaging Teleradiology) – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2023,” the Global Teleradiology market was valued at USD 3200.6 million in 2015 and is anticipated to reach USD 10,841.0 million by 2023, increasing to CAGR by 16.5 per cent from 2016 to 2023.

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Market Insights

Teleradiology is described as the electronic transmission of radiological images for consultation and interpretation purposes. Teleradiology therefore enables for prompt and timely interpretation of imaging reports and provides higher access to various consultations. Techniques such as X-ray, CT, MRI, nuclear imaging and ultrasound are used to capture images. Wide implementation of X-rays across fields such as fracture detection, tumor detection, dental wounds and periodic disease surveillance drives demand for X-ray imaging. Increased preference for bedside imaging and key diagnostics further contribute to the development of this section. Remote diagnostics and tracking are feasible with the assistance of teleradiology, as well as offering cost containment in therapy. The increase in the incidence of chronic conditions has, in turn, boosted the demand for imaging diagnostics and tracking equipment. Advances in technology such as the Radiological Information Systems (RIS) and the Image Archiving and Communication System (PACS) have resulted to the growth of the teleradiology industry. Radiology information systems are software solutions that facilitate the storage and management of radiology and imaging data, such as patient scheduling, payments and exchange of reports between patients and doctors, hospitals and healthcare services. Adoption of X-ray information systems to protect data security, integrity of administration, effective data handling with multi-site access to information. Efficient integration and execution of information systems on radiology enables systematic cost and operational control over long-term use.

The worldwide market for teleradiology is divided into modalities such as X-ray teleradiology, ultrasound teleradiology, CT teleradiology, MRI teleradiology, nuclear imaging teleradiology and others. Among the imaging modalities considered, X-ray teleradiology currently dominates the market with approximately one third of the market share in 2015. Based on the sort of implementation, the worldwide market for teleradiology is segmented as a picture archiving and communication system (PACS) and a radiology information system (RIS).

According to the present market situation, North America and Europe are leading the worldwide income market. The main contributors to the dominance of these areas are the government guidelines for digitization of health records and the elevated rate of adoption of sophisticated techniques in Western Europe. Asia-Pacific will see the highest development in the sector during the forecast period due to increasing awareness, fast development of healthcare infrastructure and a thriving medical tourism industry in the region. Awareness of the demonstrated advantages of teleradiology in remote counseling will further promote the development of the teleradiology industry in the Asia-Pacific and Middle East and Africa industries.

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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

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

By Modality Type

  • X-Ray Teleradiology
  • Ultrasound Teleradiology
  • CT Teleradiology
  • MRI Teleradiology
  • Nuclear Imaging Teleradiology

By Application Type

  • Picture Archiving and Communication System (PACS)
  • Radiology Information System (RIS)

By Geography Segment

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Middle East & Africa (MEA)
  • Latin America

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