Rising Adoption of mHealth Technologies Changing the Face of Teleradiology Market, Global Revenues to Expand at CAGR of 16.9% from 2019 to 2027, Says TMR

- Rapid outsourcing of radiology services across numerous Asia Pacific countries renders high growth momentum to expansion of the teleradiology market during 2019 - 2027; Awareness of the benefits drives adoption of smart connected devices

- Adoption of teleradiology services becoming key to management of chronic diseases such as cancer in developing and developed nations

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Transparency Market Research

Sep 01, 2020, 09:30 ET

ALBANY, N.Y., Sept. 1, 2020 /PRNewswire/ -- Adoption of teleradiology services in healthcare systems is growing on the back of the increasing worldwide presence of an enabling internet and communication infrastructure. Additionally, well-trained radiologists help boost strides in digital image processing technologies, expanding the benefits to patient population.

Analysts at TMR foresee North America to hold the sway in the global teleradiology market during 2019 – 2027, supported by constant advances in information technology.

Recognition of benefits of interventional radiology helps spur new revenue streams in the global teleradiology market. The global market was pegged at $2.6 Bn in 2018.

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Key Findings of Teleradiology Market Report

Global valuation of teleradiology market to reach US$ 10.5 Bn by the end of 2027
Among the various modalities, computed tomography (CT) expected to be the leading segment
North America held the dominant share in global teleradiology market in 2018
The dominance of the aforementioned regional market likely to remain unchanged until 2027
Opportunities in Asia Pacific teleradiology market to rise at promising CAGR during forecast period
Governments in China, India, and China ramping up investments in boosting teleradiology services

Explore 86 pages of top-notch research, incisive insights, and detailed country-level projections on Teleradiology Market (Modality - X-Ray, Ultrasound, Computed Tomography, Magnetic Resonance Imaging, and Nuclear Imaging) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027 at https://www.transparencymarketresearch.com/report-toc/1132

Teleradiology Market: Key Driving Factors and Promising Avenues

Growing acceptance of mobile health technologies among clinicians and patients in the developed world has been a key driver for prospects of the teleradiology market.
Strides in digitalization in healthcare systems have been propelling the application of smart connected devices and internet of things (IoT) in interpreting radiological imaging.
Several countries in Asia Pacific have become hubs for cost-effective access to advanced radiology services, thereby reinforcing revenue generation in teleradiology market.
Timely access to radiology reports is a key part of management of chronic diseases such as cancer and cardiovascular diseases (CVD). Thus, the need for reducing the prevalence of these diseases is spurring the demand in the teleradiology market.
In economies, the prevalence of CVD is high, teleradiology services is witnessing high adoption rate.
Growing clinical acceptance of interventional radiology is also boosting the outlook of teleradiology market.

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Teleradiology Market: Geographical Landscape

Regionally, North America is the leading regional market. Large presence of robust healthcare systems and lab infrastructure has accorded the region to be highly lucrative over the past few years. Strides being witnessed in internet infrastructure and focus of top players on expanding their radiology services in the region will help the regional market remain a key revenue generator during the assessment period.

Asia Pacific is expected to be the next hotspot of opportunities for teleradiology market stakeholders. Rise in demand for advanced radiology imaging procedures among worldwide patient population has nudged players to eye revenue streams in Asia Pacific countries, as the healthcare sector has made some big strides. A great deal of those strides are supported by investments made in IoT by private as well as public healthcare agencies in countries such as India, Japan, and China.

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Key Impediments to Teleradiology Market Stakeholders

The widespread adoption of teleradiology services is constrained majorly by two factors: lack of proper data security in imaging and high cost of implementation. Data confidentiality is a complex and thorny issue for stakeholders promoting the adoption of teleradiology, since the imaging need to be shared among multiple touchpoint across the globe. Another key impediment is difficulty in recuperating the investments being made for implementation of teleradiology systems by healthcare providers.

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The Teleradiology Market can be segmented as follows:

Global Teleradiology Market, by Type

X-ray
Ultrasound
CT
MRI
Nuclear Imaging

Global Teleradiology Market, by Region

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain
Rest of Europe

Asia Pacific

China
India
Japan
Australia & New Zealand
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

GCC Countries
South Africa
Rest of Middle East & Africa

Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:

X-ray Market: The X-ray market is estimated to progress at a modest CAGR of 5.5% throughout the forecast period. Companies are increasing their efficacy in services to customize the optimum pixel size for specific needs of OEMs within a reasonable short lead time. Sharper medical images and reduced self-heating are some of the key focus points that are driving R&D activities among companies.

Ultrasound Devices Market: The global ultrasound devices market was valued at US$ 6.5 Bn in 2017. It is anticipated to expand at a CAGR of 5.6% from 2018 to 2026. The diagnostic ultrasound segment dominates the global market. Rising prevalence of chronic diseases, technological advancements, increasing patient awareness and health care expenditure, and rising need for treatment of complex diseases are major factors driving the market.

Nuclear Imaging Services Market: Increase in geriatric population, rise in prevalence of chronic diseases such as cancer across the globe boost the growth of the global nuclear imaging services market. Moreover, the number of nuclear medicine procedures is anticipated to increase significantly in the near future.

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