Global Teleradiology Market to Rise to US$3.63 bn by 2023, Says TMR

ALBANY, New York, April 19, 2018 -- According to the report, the global teleradiology market will exhibit a CAGR of 11.3% from 2015 to 2023, rising to a valuation of US$1.35 bn in 2014 to US$3.63 bn in 2023. From a geographical standpoint, the market in North America is presently the most promising in terms of present growth dynamics as well as future growth potential, thanks to the well-established healthcare infrastructure and vast funds pumped into the healthcare system by governments. In terms of technology, the segment of computed tomography is expected to remain the most lucrative radiology modality marketed by the teleradiology market.

Advancements in Digital Communication Technologies to Strengthen Teleradiology Market

Some of the leading factors driving the global teleradiology market are the rising healthcare expenditure among urban consumers and the rapid technological advancement in communication infrastructure, which has allowed hospitals across the globe to install teleradiology technology with relative ease. While radiology itself has been a major part of healthcare for over a century, the recent advancements in digital information communication technologies has helped the teleradiology sector emerge at a steady pace. The ease of sharing diagnostic images with modern communication technologies has resulted in increasing collaboration to make the diagnostic procedure more accurate.

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The steady expansion of telecommunications technologies in rural areas has also helped the global teleradiology technology market gain widespread demand. The high costs of radiology are also steadily being offset by the increasing disposable income of urban consumers. These factors are likely to continue to drive the market at a steady pace in the next few years.

High Cost of Establishing Teleradiology Setups to Hold Back Market Expansion in Certain Regions

While the market has mostly positive growth prospects, the cost-intensive nature of the teleradiology industry owing to the high costs of technologically advanced medical imaging machines central to teleradiology setups remains one of the toughest challenges for the market. This factor, coupled with the sorry state of broadband networks in several emerging markets and rural dwellings could hamper the growth prospects of the market to a certain extent in the next few years.

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The global market for teleradiology features a largely fragmented vendor landscape, a host of small regional players, and a few larger vendors with international presence, observes Transparency Market Research in a recent report. Despite regional players accounting for a significant share of the market across regional territories, large vendors domiciled in developed regions such as North America and Europe present stiff competition with their innovative products, brand value, and extensive global outreach.

To gain a stronger hold on the market, international companies could benefit from entering into long-term contracts with healthcare service providers and community hospitals located in remote locations across emerging regional markets, acquisition of small, aspiring vendors, and introduction of region-specific, economical products. Some of the leading companies in the market are Radiology Reporting Online, vRad, Inc., and USA Rad.

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