Based on a new market report published by Transparency Market Research "Teleradiology Market (X-ray, Ultrasound, CT, MRI and Nuclear Imaging) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global teleradiology market was valued at USD 0.92 billion in 2012 and is expected to grow at a CAGR of 22.3% from 2013 to 2019, to reach an approximated value of USD 3.78 billion in 2019.
Teleradiology stretches and covers the electronic transmission of radiography images from a remote location to an urban healthcare set up via internet technology.
Teleradiology is usually used to bridge the divide between the imbalanced demand and supply of radiologists and diagnostic services on a worldwide scale. Proficient image transfer requires three major elements namely image capture and sending station followed by telecommunication channels (such as internet) and lastly, image receiving station.
Originally, the image transfer process was unquestionably monotonous and time consuming coupled with no certainty of image clarity and quality. Today, teleradiology industry is witnessing the hasty evolution of image processing and transmission tools and technologies.
Presence of forward-thinking radiology tools and equipment factored in with hi-tech transmission channels and new age software's have rendered speed and accuracy to the process. Additionally, with the increased implementation of PACS, Radiology Information System (RIS), etc. has further favored the production of instant yet accurate reports to the waiting physician/clinician/surgeon.
The budding demand for qualified radiologists, constant technological innovations followed by improved healthcare awareness are some of the major components that spur the growth and acceptance of global teleradiology technologies and services. In addition, increasing sophistication in medical imaging platforms along with increasing rate of imaging utilization will further drive the development and evolution of teleradiology trends spread across countries and continents.
The global teleradiology market can be deciphered by four major geographical locations namely, North America, Europe, Asia-Pacific, and Rest of the World (RoW). These geographical locations are further assessed on the basis of the type of imaging modalities being employed such as x-ray, ultrasound, computerized tomography (CT) and nuclear imaging. Of these imaging modalities, evolution of x-ray teleradiology has been praiseworthy as opposed to other imaging systems largely due to low cost, less turnaround time, and high level of healthcare awareness.The other profitable modalities comprise CT, Ultrasound, and MRI teleradiology during the forecast period from 2013 to 2019. Reliable technological upgradations of medical imaging equipment followed by improved healthcare informatics enhances the acceptance level of teleradiology technologies and services.
On a regional level, North America was the largest market in 2012 for teleradiology, followed by the European region. This is due to speedy technological innovations, large consumer base, and high disposable income. Not to mention, presence of well-equipped healthcare institutions along with ready acceptance of new methods and applications in medicine will lead to swift growth and development of teleradiology practices in the above mentioned markets. Asia-Pacific and RoW regions are expected to showcase creditable growth by 2019 due to exhaustive teleradiology service offerings, geographical location advantage, and increasing healthcare expenditure in these regions.
The teleradiology market is witnessing stable market consolidation stemming from increasing demand for radiologists globally combined with the introduction of advanced internet technologies and healthcare informatics.
Some of the companies of the market include Virtual Radiologic, LLC, Teleradiology Technologies, Stat Rad, Sectra ABand Radisphere National Radiology Group, Inc. are some of the teleradiology service providers.