Teleradiology is a crucial component of modern healthcare and comprises of various technologies used to allow easy sharing of diagnostic information within the medical community. While radiology itself has been a major part of healthcare for over a century, the recent advancement in digital information broadcasting technologies has allowed for the steady emergence of teleradiology. The ease of sharing diagnostic images with modern communication technologies has resulted in increasing collaboration to make the diagnostic procedure more accurate.
According to Transparency Market Research, the global teleradiology technology market was valued at more than US$1.3 bn in 2014. Exhibiting a robust 11.30% CAGR from 2015 to 2023, the market’s valuation is expected to rise to US$3.6 bn. Cloud-based teleradiology is likely to become a major part of the global teleradiology technology market in the coming years.
What are the major drivers for the global teleradiology technology market?
The prime factors driving the demand for teleradiology technology are the increasing healthcare expenditure among urban consumers and the rapid technological advancement in communication infrastructure, which has allowed hospitals all over the world to install teleradiology technology with relative ease. The steady expansion of telecommunications technologies in rural areas has also helped the global teleradiology technology market gain widespread demand. The high costs of radiology are also steadily being offset by the increasing disposable income of urban consumers.
Which is the major regional market for teleradiology technology?
Despite North America’s dominance in the global teleradiology technology market, which is a result of the constant innovation of advanced technology in the region, Asia Pacific is likely to be the most influential regional segment of the global market in the coming years. The rapid urbanization in Asia Pacific has allowed medical care providers to include teleradiology services, while the increasing presence of telecommunications technology in rural areas is allowing small-scale healthcare providers to collaborate with major hospitals in order to improve their radiological diagnostics.
Last month, the Indian state of Uttarakhand was declared to be in line for installation of teleradiology technology at state-run hospitals, indicating the promising prospects for the teleradiology technology market in Asia Pacific. Despite the presence of radiology equipment, the lack of competent diagnosticians is often the complaint in relatively undeveloped areas. This move will allow the local hospitals to collaborate with private radiologists, who can provide their diagnoses remotely. Such schemes are being implemented across Asia Pacific, thanks to their convenience for both parties. China and Japan are also likely to be dominant in the Asia Pacific market for teleradiology technology.
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Teleradiology technology is also likely to benefit from the increasing efforts in developed regions such as North America and Western Europe to have different medical teams coordinating for obtaining diagnoses. This increases the chances of obtaining the correct diagnosis and thus aids patient outcomes.
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