Teleradiology Market: North America will Remain the Largest Market through 2023
Global teleradiology market revenues are expected to reach a total of US$ 1,738.4 Mn in 2016, a year-over-year growth of 13%. The U.S. will continue to be at the forefront of global adoption, with high awareness and availability of advanced teleradiology software boosting growth of the market. Overall, the North America teleradiology market is anticipated to reach US$ 688.2 Mn in 2016.
In addition to North America, other key markets for teleradiology include the U.K. and Germany in Europe, and Australia, Malaysia, and Philippines in Asia Pacific. The Europe teleradiology market is expected to grow by 13.1% in terms of revenues in 2016, whereas the APAC radiology market’s growth is projected at 13.8%. U.K. and Australia will continue to remain the largest markets for teleradiology in Europe and APAC respectively.
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Rapid development in digital image processing technologies, and advancement in telecommunications, digital technology, and healthcare informatics are fuelling the adoption of radiology in these key markets. Lack of expert radiologists has also contributed to making teleradiology an appealing alternative in emergency cases for a second opinion. While these factors are expected to fuel the growth of the market in 2016 and beyond, high cost, combined with lack of foolproof security can pose challenges to adoption.
On the basis of modality, X-rays are the most commonly used imaging procedure in the teleradiology market. This segment was valued at US$ 449.1 Mn in 2015, and is anticipated to grow by 11.5% in 2016 to reach US$ 500.7 Mn in revenues. X-ray technique is highly economical and is widely used in primary diagnosis, becoming an integral part in both small and large healthcare providers. While X-rays will continue to the largest segment on the basis of modality, adoption of computed tomography (CT) scan is also witnessing robust growth. The CT scan segment is anticipated to witness a growth rate of 14.9% in 2016.
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Key players in the global teleradiology market include Everlight Radiology, InHealth, Global Diagnostics Ltd., Radisphere National Radiology Group, Inc., TeleDiagnosys Services Pvt Ltd., Telemedicine Clinic Cybernet Medical Corporation, Agfa-Gevaert N.V., Sectra AB, Medica Reporting Ltd., ONRAD, Inc., Radiology Reporting Online (RRO), RamSoft, Inc., Teleradiology Solutions, Inc., The Telelaudo, Virtual Radiologic and (vRad).
Long-term Outlook: The global teleradiology market is anticipated to increase at a CAGR of 11.2% during the forecast period 2015–2023. North America will remain the largest market during the end of the forecast period, whereas CT scan will pip X-rays to emerge as the largest segment on the basis of modality.
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