- 16 September 2019 22:41
Teleradiology Market Hit US$ 10.7 Billion by 2026
Increasing need of teleradiology for emergencies and consultation is one of the market's high-impact drivers towards growth of the market. Technological innovation in image processing & transmission encourage the implementation of these techniques in hospitals, specialty diagnostic firms and emergency clinics.
Increasing numbers of imaging procedures, implementing the Picture Archiving and Communication System (PACS) and rising eHealth R&D operations are several other variables that will increase requirement for teleradiology facilities over the forecast period. Moreover, continuing worldwide efforts to improve knowledge of disease diagnosis and governance through educational programs create responsiveness among people. Such projects assist harness untapped business possibilities for cost-effective diagnosis.
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Continuously increasing demand for the various monitoring devices, rising prevalence of the different diseases, and growing healthcare spending will enhance the growth of the Middle East & Africa teleradiology market. Increase in penetration of the leading players including GE Healthcare, Philips, and others, fuels the teleradiology market growth. These players have embraced approaches to improve their capabilities such as innovative product development, collaborations & alliances, etc. For example, in May 2018, Qure.ai partnered with teleradiology Solutions and Telerad Tech (T2) to decrease costs and allow quicker, smarter CT test and X-ray diagnosis. Telerad Tech (T2) is a global health IT firm, providing AI-enabled RIS-PACS, while teleradiology Solutions is a worldwide leader in distant understanding and telehealth. Moreobver, GE Healthcare partnered with teleradiology Solutions to expand its scope across India with teleradiology's patented Radiology Workflow Solution- RadSpa to provide aerospace professionals with distant radiology news facilities.
X-ray was the dominant sector in 2018, accounting for over US$ 850 million in revenue. Reasonable pricing, elevated primary diagnostic utilization, and the implementation of new technologies such as filmless x-ray technologies are some of the variables accountable for dominance of the segment. This method also discovers broad application in multiple healthcare fields such as orthopedics, cardiovascular diagnosis, cancer screening, and dental interventions.
Teleradiology applications include tele-consultation, tele-diagnosis, and tele-monitoring, enabling radiologists to operate efficiently. Teleradiology ensures real-time interpretation of on-site solutions with remote access through the cloud network. Increasing long-term disease prevalence, such as breast cancer, cellulitis and osteomyelitis, and rising number of emergency cases in less developed areas are anticipated to drive the market further.
Introduction of constructive government programmes such as guiding radiologists that offers diagnostic imaging services is also expected to boost demand. For example, the Royal College of Radiologists, a registered charity, aims to guide radiologists to improve their practice and provide superior radiological services. Similarly, disbursement of resources by government agencies in nations like the U.S. and the U.K. to buy business processing devices is also anticipated to promote business growth.
In 2018, North America retained the biggest market share percentage of nearly 40% and is projected to keep its dominance over the forecast years. Increasing target population base combined with rising incidence of chronic diseases such as cancer, heart disease, limb impairment, and liver disease are key variables leading to peak development in the region. Moreover, advanced infrastructure, supporting public projects, and growing stipulate for effective radiology alternatives will further boost the regional market.
Asia-Pacific is projected to experience the highest CAGR of over 21% during the forecast period. This is ascribed to increasing supply for advanced and modern medical devices combined with swiftly expanding regional healthcare infrastructure. On the other hand, supportive public policies, growth initiatives by companies, and the region's increasing targeted population are also anticipated to boost market growth in near future.
Some of the key players operating in the global teleradiology includes 4ways Healthcare Ltd.; Virtual Radiologic; ONARD; RamSoft, Inc.; Agfa-Gevaert N.V.; Everlight Radiology; Teleradiology Solutions; HealthWatch TeleDiagnostics Pvt. Ltd.; and Global Diagnostics.