The global teleradiology market is expected to reach over USD 8.24 billion by 2024 according to a new report by Grand View Research, Inc. The introduction of technology-enabled, accurate, and real-time medical imaging devices favor their application in hospitals, particularly for emergency cases. Moreover, new digital technology systems facilitate the timely intervention of specialists from different locations for critical cases. The rising base of geriatric population coupled with the increasing prevalence of diseases, such as bone injuries, cancer, and dental problems, drives the need for medical imaging systems. This is expected to have a positive impact on the teleradiology market.
In rural areas, there is a dearth of specialized radiologists in hospitals and majority of the hospitals lack adequate access to the latest medical facilities; hence, these areas serve as a huge base of untapped opportunities. The increasing government initiatives to encourage the use of teleradiology in clinics and hospitals in emergency situations are expected to augment the growth of the teleradiology market.
Benefits associated with teleradiology are the factors likely to accelerate the market growth over the forecast period. One of the most crucial benefits of teleradiology is getting a spur-of-the-moment, second consultative opinion for critical cases with high-resolution images, which can be sent across the globe to reputed domain-specialists in radiology, thus facilitating a good connectivity among radiologists worldwide. Furthermore, outsourcing of radiology services can be done for small-scale hospitals or hospitals in under-served communities, where the interpretation of reports can be obtained as and when required.
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Further key findings from the study suggest:
· The x-ray segment dominated the market in 2015 due to its wide range of applications, such as the detection of fractures in bones or dental injuries and the increasing demand for core diagnostics and bedside imaging. In 2015, this segment occupied over 30.0 % of the revenue share.
· The teleradiology-based CT scan is the fastest growing segment and is expected to grow at a CAGR of over 20.0% over the forecast period. Its lucrative growth is attributed to the teleradiology-associated advantages, which include a high-resolution imaging capacity, a faster testing rate, high usage rates, and the introduction of new generation models, such as 3D and 4D.
· In 2015,North America dominated the teleradiology market owing to the existence of an advanced healthcare IT, the introduction of high-speed connections, and high penetration rates of new technologies
· Supportive government regulations for the expansion of teleradiology and faster technology adoption in Asia Pacific are expected to drive the demand for teleradiology over the forecast period
· Key players include Agfa-Gevaert N.V., Virtual Radiologic (vRAD), ONARD, Everlight Radiology,Global Diagnostics, 4ways Healthcare Ltd., Spectra AB, Health Watch Tele Diagnostics Pvt. Ltd., and RamSoft, Inc.
· In an attempt to register significant growth, market players adopted several strategies such as geographic expansions, partnerships, new product development, and acquisitions. For instance, in April 2016, Agfa Healthcare signed an agreement with Derby Teaching Hospitals to implement its ORBIS ICU manager service.
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