Global Teleradiology Market: Rising Disposable Income Fuels Market’s Growth Significantly

The global market for teleradiology has witnessed a robust development over the past decade. The rise in disposable income has enabled people to afford expensive medical treatments, increasing the demand for improved healthcare infrastructure and involvement of advanced technologies. Teleradiology, being one of the most important healthcare technologies, has been witnessing immense demand over the last couple of years. The trend is expected to continue in near future due to increasing pool of patients across the globe.

According to a research report, recently published by Transparency Market Research (TMR), the global teleradiology market had reached a value of US$0.92 bn in 2012. Analysts at TMR project the market to report a healthy CAGR of 22.30% during the period from 2013 to 2019 and reach US$3.7 bn by the end of 2019.

Browse Full Report: http://www.transparencymarketresearch.com/teleradiology-technology-Market.html

X-ray, MRI, CT, ultrasound, and nuclear imaging are some of the major radiological techniques, applied in medical sciences. X-Ray, among all, has been the most sought-after technique for the electronic transmission of radiological images from one place to another in a digital format through the Internet. The rising incidence of cardiovascular, respiratory, oral, and other diseases across the world is the main reason contributing to the exceptional development of the global market for X-ray. Here is a snapshot of the historical as well as the current performance of this market.

• The global X-ray market stood at US$7.8 bn in 2013. Analysts expect it to reach around US$12 bn by the end of 2022.

• Analog X-ray machines dominated the market till 2005. Since then the market for digital X-Ray machines has been the leading segment of this market.

• The digital X-ray machines market accounted for around 70% of overall demand in 2013. The future also looks promising for the market.

• The market for stationary X-ray machines leads the global X-ray products market at present. In 2013, it held almost 60% of the overall market.

• The portable X-ray machines market, however, is likely to outperform the former on account of the ease of usage offered by portable machines.

North America Dominates Global Teleradiology Market 

North America is the dominant regional market for X-ray. It acquired around 35% of the overall market in 2013. The large base of the geriatric population suffering from various orthopedic, cardiovascular, genitourinary, and abdominal diseases in the U.S. and Canada, together with high disposable income of consumers in this region, is fueling the North America X-ray market to a great extent.

North America is also the leading regional market for teleradiology. It has occupied more than 33% of the global market in 2012. The infrastructural development of the North America healthcare industry has been the key driving force behind the emergence of this region as the market leader. The regional market is likely to retain its position over the next few years on account of the increase in funding and several initiatives by governments in the regions to boost R&D activities in teleradiology.

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Agfa-Gevaert N.V., Cybernet Systems Corp., American TeleCare Inc., ONRAD Inc., Sectra AB, Radisphere National Radiology Group Inc., StatRad, vRad, and Teleradiology Solutions are some of the key market players operating in the global teleradiology market.

Teleradiology Market is Expectedto Reach USD 3.78 Billion Globally in 2019: TMR

According to 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 estimated value of USD 3.78billion in 2019.

Teleradiology encompasses the electronic transmission of radiography images from a remote location to an urban healthcare set up via internet technology. Teleradiology tends to bridge the gap between the imbalanced demand and supply of radiologists and diagnostic services across the globe. Efficient image transfer demands three major components namely image capture and sending station followed by telecommunication channels (such as internet) and lastly, image receiving station. Initially, the image transfer process was undoubtedly tedious and time consuming coupled with no assurance of image clarity and quality.Presently, teleradiology industry is witnessing the rapid evolution of image processing and transmission tools and technologies.

Browse the full Teleradiology Market Report at http://www.transparencymarketresearch.com/teleradiology-technology-Market.html

Presence of avant-garde radiology equipment coupled with hi-tech transmission channels and new age software’s have rendered speed and accuracy to the process. Also, with the increased implementation of PACS, Radiology Information System (RIS), etc. has further favored the production of immediate yet accurate reports to the concerned physician/clinician/surgeon. The burgeoning demand for qualified radiologists, constant technological innovations followed by improved healthcare awareness are some of the major factors that encourage the growth and acceptance of global teleradiology technologies and services. Also, 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 geographies.

Global teleradiology market can be analyzed by four major geographical locations namely, North America, Europe, Asia-Pacific and Rest of the World (RoW). These geographical locations are further evaluated on the basis of the type of imaging modalities being used such as x-ray, ultrasound, computerized tomography (CT) and nuclear imaging.Of these modalities, evolution of x-ray teleradiology has been commendable as compared to other imaging modalities majorly due to low cost, less turnaround time and high level of healthcare awareness.The other lucrative modalities constitute CT, Ultrasound and MRI teleradiology during the forecast period from 2013 to 2019. Consistent technological upgradations of medical imaging equipment followed by improved healthcare informatics enhances the acceptance level of teleradiology technologies and services.

At a regional level, North America was the largest market in 2012 for teleradiology, followed by the European region. This is attributed to rapid technological innovations, large consumer base and high disposable income. Also, presence of well-equipped healthcare institutions along with ready acceptance of novel approaches in medicine will lead to rapid growth and development of teleradiology practices in the above mentioned markets. Asia-Pacific and RoW regions are anticipated to exhibit commendable growth by 2019 due to exhaustive teleradiology service offerings, geographical location advantage and increasing healthcare expenditure in these regions.

Teleradiology market is witnessing constant market consolidation owing to increasing demand for radiologists worldwide coupled with introduction of advanced internet technologies and healthcare informatics. Some of the players 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.

The global teleradiologymarket is segmented as follows:

Global Teleradiology Market, by Modalities

• X-ray
• Ultrasound
• Computed Tomography (CT)
• Magnetic Resonance Imaging (MRI)
• Nuclear Imaging

Global Teleradiology Market, by Geography

·        North America

·        Europe

·        Asia-Pacific

·        Rest of the World (RoW)

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