Teleradiology Market is slated to register a CAGR of 18.5% during the forecast period 2017-2022

Teleradiology Market size was around USD 2.28 billion in 2017. It is expected to grow at a CAGR of 18.5% to reach USD 5.33 billion by 2022. Teleradiology is the transference of radiological patient images from one place to another for official diagnosis or consultation with other radiologists. It involves the technology which deals in the transmission of radiography images from remote locations to a strong healthcare establishment in an urban area using software which makes use of the Internet.

Currently, Teleradiology global market is majorly driven by the technological advancement in healthcare industry, growing digitalization which aids in enhancing the Teleradiology process, and low costs in contrast to other modalities. Secondary factors include the shortage of radiologist worldwide, advancements in digital technology in external patient diagnosis, and enhanced healthcare awareness. On the other hand, inadequate common standards is the primary barrier for this market.

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Teleradiology Market segmentation by modality, by application and by technology solutions. By modality the market is segmented into X- Ray, Magnetic Resonance Imaging, Computed Tomography, Ultrasound Systems, and Nuclear Imaging. In 2015, the x-ray category lead the Teleradiology market with a revenue of over USD 500 million. The rising number of x-ray procedures and its wide acceptability, and the advent of novel technologies, like cost-effective filmless x-ray systems, are few key factors responsible for its large share. By application the market is segmented into Picture Archiving and Communication System (PACS), Radiology Information System (RIS). By technology solutions the market is segmented into Web-Based Teleradiology Solutions, Cloud-Based Teleradiology Solutions.

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Teleradiology Market geographical segmentation by North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. North America lead the market in 2015 with a share of over 40.0%. The establishment of a highly developed healthcare infrastructure, the availability of high-speed internet facilities, technology-enabled healthcare platforms, and high public healthcare expenditure are the major factors responsible for its high revenue share. In 2015, Western Europe commanded over 70% of the market share because of the technological advancements, such as PACS, RIS, and cloud computing services in this region. Asia Pacific is projected to be the fastest growing Teleradiology market owing to its rapidly growing healthcare infrastructure conjoined with the increasing demand for innovative and advanced medical platforms. Moreover, the huge base of the target population, the increasing government initiatives, and the strategic global expansions undertaken by major players trigger the market growth.

The major Teleradiology Market leaders are 4ways Healthcare Limited, RamSoft, Inc., Virtual Radiologic (vRAD), Agfa-Gevaert N.V., ONARD, Global Diagnostics, Everlight Radiology, Sectra AB, and Health Watch Tele Diagnostics Pvt. Ltd.

Market Segmentation:
By Modality: X- Ray, Magnetic Resonance Imaging, Computed Tomography, Ultrasound Systems, Nuclear Imaging
By Technology Solutions: Web-Based Tele Radiology Solutions, Cloud- Based Tele Radiology Solutions
By Application: Picture Archiving And Communication System (PACS), Radiology Information System (RIS)

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