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.
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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.
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.
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