Teleradiology Market : An Insight On The Important Factors And Trends Influencing The Market & Global Industry By 2023

From being an adjuvant discipline to the practice of radiology, mostly used for seeking expert opinions in emergency and complex medical cases, teleradiology has evolved into an essential practice today. Favorable developments in the field of data transmission in the past few years have significantly widened the scope of teleradiology and the range and numbers of medical images that are being transmitted from remote areas with unsustainable radiology departments. Expert radiology centers around the world are extending services to places located across the globe in countries with different time zones, thanks to the virtually limitless potential for image transmission these days. The rising prominence of cloud platform has also enhanced the efficiency of teleradiology practices and will play a prominent role in the future development of the global teleradiology market.

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With the rising prevalence of a number of cancers and other chronic health conditions combined with the rising consumer awareness regarding disease prevention, the demand for effective teleradiology services is expected to expand at a favorable pace in the years to come. Transparency Market Research states that the global teleradiology market will exhibit a favorable 11.3% CAGR from 2015 through 2023. As a result, the market, which had a valuation of US$1.35 bn in 2014, will rise to US$3.63 bn by 2023.

CT Scan to be Key Enabler of Growth

The high acceptance of x-ray technology, on account of its accuracy, low cost, and low complexity of the resultant images have helped the x-ray segment in acquiring the leading position in the teleradiology market in the past few years. In 2014, x-ray teleradiology accounted for the largest share in the global market in terms of revenue. From 2015 through 2023, the segment of x-ray computed tomography scan (CT scan) will be the fastest growing segment, expanding at a 13.1% CAGR. The significant rise in transmission of CT scan images through teleradiology will be encouraged by the rising adoption of CT scanners across remotely located small- and medium-sized healthcare institutes and clinical services providers.

North America to Provide Sustained Growth Opportunities

Demand for effective teleradiology services in developed regions such as North America and Europe will be driven by the rising rift between the numbers of qualified radiologists and the numbers of medical images being produced. The American College of Radiology’s Commission on Human Resources (ACRCHR) states in one of its recent reports that the numbers of medical imaging are rising by 6% every year in North America. In comparison to this, the number of radiologists in North America is rising at a mere 2% annually.

In North America and Europe, demand for effective teleradiology services is also expected to rise owing to the rising numbers of cancers and the resultant rise in the volumes of medical images. The rising focus on prevention of breast cancer across these regions will essentially give a major boost to the telemammography modality in the coming years.

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Asia Pacific to Provide Most Lucrative Playing Field

The global demand for effective teleradiology services is expected to see a massive rise in Asia Pacific over 2015 and 2023. The region will prove to be the fastest emerging hub for teleradiology practices over the said period. Factors enabling the vast development of the market will be the developing healthcare infrastructures, upgradation of digital infrastructure, rising awareness about disease prevention, and increased spending on healthcare expenses by the emerging middle-class demographic in the region.

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