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The teleradiology software market studied was projected to grow with a CAGR of nearly 8.2% over the forecast period. The major factors accrediting to the expansion of the market are increasing prevalence of chronic diseases like cancer, heart disease, bone disorders, and other chronic diseases which requires medical imaging. According to National Institutes of Health (NIH), in 2018, an estimated 1,735,350 new cases of cancer will be detected in the United States and 609,640 people will die from cancer. According to a survey conducted by European Heart Network in 2017, 3.9 million deaths in Europe are due to cardiovascular diseases. These statistics proove that the incidence of chronic diseases is increasing boosting the market. Furthermore the increasing number of radiology centres and hospitals using the teleradiology software has a postive effect on the growth of the market. However the shortage of skilled radiologists who can interpret the results, creating a huge gap of demand and supply is the major drawback for the market growth.
Key Market Trends
Picture Communication and Archiving Systems (PACS) is expected to have a major share in the market growth
- PACS has the ability to deliver timely and effective access to images, interpretations and related data. It breaks down the physical and time barriers associated with traditional film-based image recovery, circulation, and display.
- Healthcare organizations consider the PACS system to be an important piece of equipment because it offers the benefits like enhanced analysis & viewing, improved data management, easy access to patient reports and images, chronological data management, and it’s user-friendly software.
- The major factors propelling the growth of the segment are increasing chronic diseases like heart diseases and cancer and increasing radiology centers. According to the World Health Organization, an estimated 17.9 million people died from CVDs in 2016, representing 31% of all global deaths. Of these deaths, 85% are due to heart attack and stroke. As per the statistics, the increasing there is an increase in the patient pool globally and the numbers are directly proportional to the market growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall teleradiology software market, throughout the forecast period. The market growth is due to factors such as the presence of a high prevalence of cancer and cardiovascular disease patients in the region, established healthcare infrastructure. According to the American College of Cardiology by 2035, around 130 million adults in the United States population are projected to have some form of cardiovascular disease. Stroke prevalence in adults is 2.7% in the United States. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase market growth.
The teleradiology software market is moderately competitive and consists of several major players. Some of the companies which are currently domianting the market are Carestream Health, Telerad Tech, Comarch SA, Medsynaptic Pvt Ltd, Perfect Imaging LLC, Impose Technologies Pvt Ltd., Morton & Partners Radiologists, Radical Radiology.
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