Teleradiology Market Analysis with Global Growing Industry Key Players - Agfa-Gevaert N.V., Cybernet Medical Corporation, Everlight Radiology

Introduction AI in the healthcare has changed the ways of working of the sector as the AI identifies which treatment protocols have worked well for patients. However, lack of trained radiologists especially in the developing countries has augmented demand for teleradiology technology. This factor is playing crucial role in development of the teleradiology market. Further, several favorable government initiatives for guiding the radiologists is driving growth of the global teleradiology market. For instance, the Royal College of Radiologists has aimed to provide guidance to radiologists and help their practice. Further, growing investment in the market by government bodies in countries including the U.K. and the U.S. for adopting advanced imaging systems are anticipated to drive market growth in coming years.

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According to report by TMR, the teleradiology market stood at US$1.7 bn in 2016 and is estimated to expand at a CAGR of 11.3% during the forecast period to reach a valuation of US$3.6 bn by 2023-end. Additionally, the market is gaining traction due to rising need for real-time solutions on breast cancer, cellulitis, and osteomyelitis coupled with rising number of emergency cases globally.

Further, continuously evolving technology and clearance from FDA is also benefiting the market growth. For instance, in 2014, the Telerad Tech has received approval for its product – RADSpa. However, the company has entered in a partnership with Wipro GE Healthcare in 2017. Through this partnership, the company will be improving their product RadSpa and upgrade it to Remote Radiology Reporting Services across India, especially in Tier 2 and beyond markets.

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Regionally, Asia Pacific is estimated to expand at a CAGR of 12.1% during the forecast period from 2015 to 2023. This attributable to the rising adoption of advanced technologies in developing countries coupled with presence of favorable health care policies in the region. However, North America is estimated to retain its dominance over the forecast period.

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