The
global Teleradiology Market size is estimated to reach
USD 10.9 billion by 2027 registering a CAGR of 13.9% over the forecast period,
according to a new report by Grand View Research, Inc. Shortage of
radiologists, coupled with continuously rising demand for imaging procedures,
is expected to drive the market. Despite a significant increase in the
installation of radiology equipment in countries such as U.K., U.S., and
Singapore over the past few years, there is still a high unmet need for
diagnostics imaging. For instance, as per a report by the National Health
Service (NHS), the average waiting time for an MRI test in England was reported
to be 21 days in 2018.
In
addition, legislative amendments made by various governments worldwide for
diagnostic imaging services will enhance the growth of teleradiology during the
forecast period. For instance, amendments in Australia’s Health Insurance Act
1973 for diagnostic imaging have enabled Medicare funding for these diagnostic
imaging services since March 2008. This has allowed better access to diagnostic
imaging for various conditions. North America is a major market for
teleradiology and accounted for 39.5% of the global revenue in 2019 due to
factors such as greater funding for R&D, rising patient awareness levels,
and growing cancer prevalence.
The
regional market is likely to expand further on account of favorable government
initiatives for improving the healthcare facilities in rural areas and
increased healthcare expenditure. Asia Pacific is expected to witness the
fastest growth over the forecast period, exhibiting a CAGR of 14.9%. Rising
demand for innovative and advanced medical platforms, coupled with rapidly
growing healthcare infrastructure, supports the growth in this region. In
addition, presence of target population and need for improved disease diagnosis
are anticipated to drive the demand for teleradiology equipment in
APAC.
Further
key findings from the report suggest:
- X-ray held the largest
teleradiology market share in 2019 owing to its wide application scope,
such as in the detection of dental injuries and fractures in bones.
Growing demand for bedside imaging and core diagnostics and introduction
of novel technologies are expected to further boost segment growth
- CT scan is expected to
witness the fastest growth over forecast period. Extensive usage, faster
testing, high-resolution imaging capacity, and advent of new generation systems
such as 4D are some of the factors responsible for segment growth
- Based on end use,
hospitals held the largest market share in 2019. Large patient base,
building financial capacity, and receptivity to advanced technologies are
the factors responsible for uptake of radiology products in hospitals
- North America held the
largest share in the market for teleradiology in 2019 due to wide usage of
advanced technologies, presence of key companies, and established
healthcare infrastructure in the region
- Asia Pacific is expected
to be the fastest-growing region over the forecast period due to
supportive government regulations for the expansion of teleradiology and
quick adoption of new technologies
- Some of the prominent
companies are 4ways Healthcare Ltd.; HealthWatch TeleDiagnostics Pvt.
Ltd.; RamSoft, Inc.; Everlight Radiology; Virtual Radiologic; Agfa-Gevaert
N.V.; ONARD; Teleradiology Solutions; and Global Diagnostics. Most of
these companies focus on expanding their product portfolios and entering
in untapped markets such as Asia Pacific.
About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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