Teleradiology Market Expected to Reach US$ 3.6 Bn Globally in 2023

The radiologic interpretation in a timely and consistent manner has become a pressing issue for the radiology departments worldwide. Teleradiology network allows transfer of patient’s medical images to the radiologists working at a remote location for image interpretation and consultations. Variety of transmission modes are available these days which facilitate the transmission of digital images to and fro between distant facilities. These modes include satellite connections, standard telephone lines, and wide area networks (WAN).

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The most important part of teleradiology market is the effective informatics systems that enables quick and quality image transfer to the desired location and user, and facilitate proper interpretation by a consultant. Rapid developments in digital image processing technologies ensure effective image distribution across the local, regional and global level. The advancement in the telecommunication, digital technology, and healthcare informatics has paved the way for growth and development of teleradiology practices across the globe. As a result, more care providers in the developed nations are increasingly relying on the teleradiology services for taking emergency treatment decisions.

The teleradiology services are now embedded into the workflow of most of the radiology practices, particularly in the U.S. and the developed nations of Europe. This growth is driven largely due to corporatization of the services and constant interest of investors into such startups. The global teleradiology market was valued at US$ 1,354.6 million in 2014 and is projected to expand at a CAGR of 11.3% from 2015 to 2023 to reach US$ 3,632.6 million in 2023.

Involvement of substantial costs in the initial setup and installation of imaging equipment, and unavailability of broadband technology in remote locations have been the major restraints in the introductory days of teleradiology in the U.S. and European countries. However, rise in health care expenditure has effectively facilitated in overcoming this hindrance. In addition, the interests shown by private investors in this market has led to growth of small players in the market. For instance, in the U.S., vRAD and Optimal Radiology have attracted significant capital in past few years.

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