Teleradiology Market Overview, Company Profiles, Trend Analysis and Forecasts 2024
The global Teleradiology Market size was valued at USD 1,636.6 million in 2015 and is expected to reach over USD 8.24 billion by 2024, with a CAGR of over 19.0%. Teleradiology can be defined as the exercise of a radiologist which interprets (reading) medical descriptions about those who are not actually there in the place where the descriptions are generated. Portable imaging companies, hospitals, imperative care facilities and even few personal practices utilize teleradiology services. Teleradiology services can reduce the patient worries by making it achievable for radiologists to offer their services excepting the need to be in the same place. In past few years, teleradiology was barely use in emergency, owing to the internet; this exercise started spreading very fast. Teleradiology makes it easy to remit images as it is to remit emails that have attachment.
Computer programs are their which are devoted exclusively to the spread of radiological pictures. All these development end result in teleradiology service are turning into a noteworthy medical exercise and it carries on rising over the forecast period. Teleradiology services tend to link the breach between the unwarranted requirement and supply of diagnostic services and radiologists around the globe. Teleradiology services assist to transmit radiological images such as MRIs, CTS and MRI from one place to a different place for sharing the descriptive images among other physicians and radiologist. By utilizing technologies such as, Internet, cloud storage ,wide area network, local area network (LAN), telephone lines, as well as voice recognition, image compression, and, advanced graphics processing, teleradiology allows physicians to help their patients from a distant place, in addition ion to which making ‘second opinions ‘becomes much easier Electronic descriptive image transmission in the digital set-up is done with the intention to consult or diagnose, and the expansion and innovation in the area of digital imaging technology is expected to fuel the growth of the global teleradiology market over the forecast period.
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Teleradiology generates the highest revenue and is the most mature segment of the industry in the telehealth technologies industry. Advancement in the field of digital technology has transformed the teleradiology services into an effectual means to transfer significant data about patients. Furthermore, technological advancement is expected to propel the growth of the global teleradiology market over the forecasted period. Increasing usage of cellular phones, personal digital assistants, patient monitoring systems and other wireless devices like mobile health services are expected to fuel the growth of the global teleradiology market over the forecasted period. Lack of security for imaging data coupled with the high cost of technology is likely to negatively shape the global teleradiology market over the forecast period. New developments in the field of global teleradiology such as radiology information systems (RIS)) and picture archiving and communication systems (PACS) is expected to open new opportunity for the market over the forecasted period.
Obligation to subordinate the healthcare expenditure has made the healthcare services provider to contract out the analysis of radiology images to budding and low-cost countries. The simplicity of entry for the new entrant in the teleradiology services has resulted in an advanced competition in the market, with a greater number of teleradiology service providers. Aforementioned factor is also expected to drive the growth telerdiology market over the forecast period. Increasing digitalization is also expected to help and improve the teleradiology market over the forecast period
On The basis of various imaging modalities the global teleradiology market can be segregated into four major parts such as, magnetic resonance imaging (MRI), computed tomography (CT), nuclear imaging-ray and ultrasound. The X-ray section of global teleradiology market has dominated the larger part of teleradiology market in past few years. Moreover ultrasound imaging is expected to witness more preference over Xray and MRI over the forecasted period owing to fact as the patient is exposed to lesser amount of radiation. CT scan imaging technology is also increasing owing to fact as it allows more ability to detect abnormalities in the pancreas, liver and others. Increasing number of healthcare institution radiologic understanding of CT scans is also increasing. High costs attached and Shortage of technical skill to MRI and nuclear imaging are some of, the parts that will nurture slowly over the forecast period.
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On the basis of region Global teleradiology market can be segregated into four parts that are .Asia Pacific, North America, Europe and others. In past few years North America has led the global teleradiology market. The foremost factors accountable for the enlargement of the teleradiology market in North America are rise in expenditure of healthcare companies, rapid innovation in medical approaches and well equipped hospitals. Asia Pacific is expected to see a faster growth rate over the forecast period owing to flourishing new companies in the Countries like India. Teleradiology services provider in India are capable of conquer the shortage of radiology services by providing imaging services to healthcare institution, when radiologists are not accessible in parts of North America such as US.
Time zone benefit is one more main thing that has been contributing the growth of teleradiology in India and is expected to drive the growth over the forecast period. The key vendors in Teleradiology market are Teleradiology Solutions, Sectra AB, Cybernet Systems Corporation, Virtual Radiologic, American Telecare Inc, and StatRad.
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