Teleradiology Market Size Is Projected To Be Around $10 Billion By 2025
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A research study titled, “Teleradiology Market by Modality - Global Industry Analysis and Forecast To 2025” published by Crystal Market Research, states that the teleradiology market is projected to be around $10 billion by 2025.
The rapid development in telecommunication and computer technologies has fueled a revolution in medicine facilitating all kinds of assistance to the patients at a distance. The availability of mediums to affordably and quickly transmit digital data over long distances has largely contributed to the evolution of remote diagnostics and consultation over the years. Teleradiology refers to the transfer of digitized medical images over electronic networks and interpretation of those transmitted images for diagnostic purposes. Any type of medical image can be transmitted through teleradiology provided; those images are converted in a digital form. Conventional hard copy images can be transformed into a digital form using special high resolution laser scanners or charge coupled device (CCD) scanners. Many medical images are inherently digital such as magnetic resonance images, nuclear medicine images, ultrasound images, computed radiography images, digital radiography images, and digital fluoroscopy images. If such images are in a standard format, they can be directly linked to a teleradiology system.
For data transfer, teleradiology systems use general packet radio service (GPRS), global system for mobile telecommunications (GSM), and 3G systems that enable the transmission of multimedia content at high speed. Transmission of the digitized images requires communication equipment. The type of communication equipment varies with the medium being used. Such equipment includes a conventional telephone line, a channel service unit for a T1 line, a terminal adapter required for an ISDN line, a cable modem or a DSL modem. Once the images are received at the interpretation site, they can be directly routed to an interpretation workstation or they could be sent to an image server which permits distribution of these images within the facility or institution. The kind of monitor used to display these acquired images depends upon whether it is used for on call emergency or for detailed primary readings. Digital imaging data management systems have data storage capacity which has to be in compliance with the state, federal regulations pertaining to retrieval and retention of medical records.
Teleradiology has widespread applications in remote medical assistance. 24 hour on call coverage for emergency cases is possible even when the clinician is not available at the institution. Primary interpretations or second opinions are easily managed in a hassle free manner with electronically transmitted medical images. Safety of the medical images can also be considerably improved by storing them in a digitized form.
Some of the key factors driving the growth of teleradiology market are, the growing prevalence of chronic disorders leading to rise in number of emergency cases in urban as well as rural areas, increase in medical expenditure in developing countries and favorable evolution of telecommunication and medical imaging technology. With instant remote access to the images on the cloud network, radiologists can deliver efficient diagnosis, consultation and monitoring to the patients at remote locations.
X-ray segment occupied major share of the overall market in 2016 owing to rise in number of X-ray scans and growing number of bone related fractures and dental injuries. Additionally, introduction of innovative and advanced filmless X-ray systems will further boost the market growth. The computed tomography segment is projected to witness a significant growth during the forecast period. This is primarily attributed to its high resolution imaging capacity.
The U.S. accounted for the largest share of the North American teleradiology market in 2016. This large share can be attributed to number of factors such as the presence of well-established healthcare infrastructure due to high healthcare expenditure, availability of high speed internet services, and high adoption of advanced products in the country.
Cybernet Systems Corporation,Agfa-Gevaert N.V., Everlight Radiology Pty Ltd, RamSoft, Inc., StatRad, LLC.,ONRAD, Inc.,Virtual Radiologic Corporation (an affiliate of MEDNAX Inc.),Spectra AB, and USARAD Holdings, Inc. are some of the major players operating in the market.
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Key Findings of the Research Study:
- X-ray segment accounted for almost one-third share of the global teleradiology market in 2016.
- Computed tomography market is projected to grow at a double digit CAGR during the forecast period.
- Ultrasound is one of the most promising imaging modality due to its benefits such as high biocompatibility, portability, and low cost.
- North America accounted for around two fifth share of the overall market in 2016 primarily due to the availability of high speed internet services.
- Asia-Pacific teleradiologymarket is projected to grow at significant CAGR during the forecast period owing to increasing demand for advanced healthcare services with rising disposable income of the people.