Despite the presence of relatively small number of regional players and a handful of global players, the global teleradiology market is markedly fragmented, notes Transparency Market Research (TMR). Several regional players boast of sizeable shares in their respective regions, the status quo is constantly threatened by numerous large players based in developed markets, notably from Europe and North America. In order to retain their shares in the overall market, these regional companies constantly need to bolster their product portfolio and geographic reach. On the other hand, globally prominent players are capitalizing on their brand value and the strength of innovative offerings to gain a competitive edge over their rivals.
The global teleradiology market stood at US$ 1.35 Bn in 2014. Expanding at a robust CAGR of 11.3% from 2015 to 2023, the opportunities in the global market is projected to reach a worth of US$3.63 Bn by the end of 2023.Among the various regions, Asia Pacific is anticipated to be one of the most promising markets rising at potentially attractive CAGR of 12.1% during 2015–2023. The extensive regional demand is attributed mainly to rapid advancements in the healthcare sector across its key economies.
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- Demand Fueled by Rapid Advances in Telecommunication Technologies
The substantial drive that teleradiology has witnessed over the past few years stems from the need for meeting the burgeoning demand for radiology services in various parts of the world. The growth of the teleradiology market is increasingly fueled by the rapid advances being made in the internet and communication technologies (ICT) used in the healthcare industries. The attractive strides being made by healthcare IT in developing and developed countries is propelling the growth of the market.
The rising need for transmission of radiological images using a range of digital technologies supported by telecommunication in medical emergencies is bolstering the demand for teleradiology. Recent advancements in web technologies in healthcare systems, notably wireless image transmission systems, have boosted the market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Teleradiology Market (Modality – X-Ray, Ultrasound, Computed Tomography, Magnetic Resonance Imaging, and Nuclear Imaging) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2023”.