The major factors responsible for the growth of the teleradiology market include the rising number of imaging procedures, development of IT infrastructure and rise in healthcare expenditure along with the increasing prevalence of osteoarthritis and chronic diseases.
The rising number of imaging procedures will boost the demand for reliable and efficient teleradiology solutions resulting in high growth of the market. The teleradiology is the transmission of images such as X-rays, CTs and MRIs for the purpose of sharing information with radiologists or physicians from one location to another.
Teleradiology allows trained professionals 24/7 service and is also easily accessible to the rural population. Specific software enables patients to transmit images, and thus, allows the radiologist to effectively analyze the case study. Thus, there are many benefits with the usage of teleradiology services, like reduced cost, increased coverage, and timely interpretations, which, in turn, are the driving factors for this market.
Key Market Trends
Software is the Segment by Component which is expected to register fastest growth over the forecast period
Teleradiology can be used either for scanning a patient and storing the image to show it to the doctor later (when the doctor is not available), or it can be used for sending the images, generated from mobile imaging systems in remote areas, to the doctors in hospitals. Furthermore, most of the software make use of technologies like data compression, as most of the radiologists need to be able to share detailed, high-resolution images.
In January 2017, Direct Radiology has launched automation intelligence software to enhance its teleradiology offering. The technology developments include Automated Query Retrieve, Monitoring and Automated Uptime, and Reverse DICOM Report Delivery.
Similarly in November 2019, Nines, a teleradiology, and AI startup unveiled its software platform and hs raised USD 16.5 million funding from Series A. The funding was led by Accel and 8VC. Hence, the rising technological advancements and interoperability are expected to boost the growth of the market over the forecast period. Moreover, the rising demand for radiology procedures around the world is also expected to positively impact the growth of the market.
North America is Expected to Hold Largest Market Share over the Forecast Period
The major factor driving the growth of the market is the rising prevalence of various musculoskeletal conditions and presence of better healthcare infrastructure, as compared to most of the developed countries. The emergence of novel technologies, along with their adoption, is helping the United States to grow in the healthcare sector. Rising healthcare expenditure is the prime factor responsible for the growth of this sector. The rising number of diagnostic procedures are increasing in the country resulting in high growth of the market. Furthermore, owing to the benefits associated with the teleradiology most of the hospitals are adopting this solution. Therefore, it is beleived that due to the higher adopatability to the healthcare technology solutions, the United States will witness the largest share of the market studied.
The market studied is a fragmented market owing to the presence of various market players. The market players are involved in launching of the new products and expanding their product portfolio to strengthen their market position. In March 2019, Royal Philips has expanded its radiology solutions portfolio with innovative teleradiology services, aimed at addressing the increasing shortage of radiologists, as well as the pressing need to improve access to precision diagnoses.
Some of the market players are Agfa-Gevaert Group, Everlight Radiology, GE Healthcare, Koninklijke Philips N.V., MEDNAX, INC., Onrad, Inc., RamSoft, Inc., Teleradiology Solutions, and USARAD Holdings, Inc.
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