Teleradiology Market to expand at a CAGR of 11.2% through 2015-2023

Introduction

The Global Teleradiology Market growth is estimated at a robust CAGR of 11.3% in terms of value over the forecast period of 2015 through 2023.The market is highly fragmented, with mostly private companies operating in this space. Majority of firms operating in the field are local, except for a few companies such as vRad, Inc., USA Rad, which have international presence.

North America Key for Global Teleradiology Market Growth

The global teleradiology market is expected to observe a significant growth coming from the North America market. In terms of value, the teleradiology market in North America is expected to expand at a CAGR of 11.5% over the forecast period, to reach a market value of about US$ 1,450 Mn by 2023. Currently, North America accounts for almost 40% of the total share of the global teleradiology market, which is expected to increase potentially by 2023 end. The North America teleradiology markets provide promising business opportunities due to increasing shortage of qualified radiologists, constant technological innovations and increased adoption of advanced medical imaging platforms. Telemammography is one of the rapidly growing teleradiology practices in North America, majorly due to increasing incidences of breast cancer followed by improved healthcare awareness among the patient population.

North America Teleradiology Market – Drivers

North America is expected to exhibit considerable growth, owing to constant technological advancements. Emergence and acceptance of mobile technology (mHealth) to visualize and interpret images further fuels the growth of the teleradiology market in the North America. Factors like high awareness among patients and continuous evolution of information technology are expected to drive growth of the North America teleradiology market in the near future. Furthermore, advent of wireless and low power consuming portable X-ray technologies is fuelling the growth of the North America portable X-ray equipment market. However, stringent regulatory policies might hamper growth of the teleradiology market in this region.

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North America Teleradiology Market - Segment Overview

By modalities, X-ray teleradiology is estimates as the largest segment of the North America market in terms of revenue in 2016. Portable X-ray equipment market has a very high adoption rates especially in the emergency departments and ICUs of hospitals. This market is the fastest growing X-ray product market and its high adoption rate is induced by various factors such as rise in demand for better imaging equipment. The CT teleradiology segment is expected to expand at the fastest CAGR during forecast period. Stationary CT scanners market are holding largest market share however, portable CT scanners market is expected to show highest growth during the forecast period of 2016 to 2023. This is attributed to adoption of these scanners by various medical institutes across North America.

By Country, the US accounted for about 90% of the North American teleradiology market. Canada, which constitutes only 10% of market share, has Real Time Medical as one of the largest non-hospital based teleradiology services network. It has over 70 subscribers nationwide. Overall there are many teleradiology service providers upcoming in Canada and are significantly developing in the coming years.

North America Teleradiology Market – Competition Scenario

The market is led by vRAD (a subsidiary of MEDNAX), which has acquired U.S.-based company NightHawk Radiology Services. This company generated revenue close to US$ 200 Mn in 2015. Other few leading companies in the market in this region include Teleradiology Solutions, Radisphere National Radiology Group, USARAD Holdings, Inc., and Foundation Radiology Group. Real Time Medical is the largest teleradiology service provider in Canada.

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Owing to distinct service offerings such as an exhaustive teleradiology service portfolio and geographical location advantage (time advantage), Asia Pacific excluding Japan is another significant regional market which is projected to register the highest CAGR among other regions in the global teleradiology market during the forecast period. Rest of the World (RoW) is identified as the least attractive market for teleradiology owing to lack of well-equipped healthcare institutions followed by lack of healthcare awareness among the patient population.

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This release was published on openPR.