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The global teleradiology market is envisioned to boast a lucrative future, as foreseen by radiologic and research experts, in view of the fact that the evolution of sundry wireless technologies could allow continuous and accelerated image transfer.
Worldwide institutions dealing with afterhours imaging services in different nations having different time zones while offering daytime reporting are anticipated to perk up the demand in the world teleradiology market. The significantly enhanced transmission speeds and Internet capacity coupled with swift advancements in digital image processing technologies could vastly benefit the world teleradiology market. Moreover, the telling surge in healthcare expenditure is envisaged to set the tone for the world teleradiology market.
The exorbitant cost of technology, paucity of imaging data security, and scarcity of adept technicians and radiologists could delay the growth in the world teleradiology market. Nonetheless, the world teleradiology market is expected to recover with the promotion in digital infrastructure. In 2016, the world teleradiology market had bagged in US$1.7 bn. However, by 2023, the world teleradiology market is envisaged to rake in US$3.6 bn at an 11.3% CAGR for the forecast period.
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Computed Tomography Makes Statement as Groundbreaking Imaging Technology
Computed tomography (CT) scan technology is foretold to register an overpowering revenue share of US$1.23 bn by the concluding forecast year and also a higher CAGR in the worldwide teleradiology market. CT scan is considered to be a revolutionary imaging technology which makes possible the visualization of complex bodily structures. With such a leading-edge technology in place compared to ultrasound and x-ray, there has been a perpetual improvisation in remote patient monitoring. This could effectively bolster the growth of the worldwide teleradiology market.
With a view to procure sophisticated healthcare informatics and image data using various angles, CT scan incorporates the engagement of x-rays. A multiplicity of teleradiology services and technologies could be widely accessed by patients with small and medium-sized healthcare organizations making available CT scan equipment.
Curbed exposure to radiation, non-invasive nature, and raised patient awareness are some of the aspects of ultrasound imaging predicted to place it second on the list of highest revenue earners by modality in the worldwide teleradiology market. Besides being a first line of gynecological disorder diagnosis, ultrasound imaging is critically employed to track fetal development and identify various abnormalities in a safe and secure manner.
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Asia Pacific Towers over CAGR but North America Dominates Revenue
Asia Pacific is prophesied to be amongst the highest CAGR getters by geography with 12.1% to talk for in the international teleradiology market. The growth of this regional teleradiology market could be accredited to the technological developments witnessed in Japan that are at par with the innovations of developed nations such as the U.S. and the U.K. Active government participation, approving healthcare policies, and expeditious technological advancements are prognosticated to testify for the roaring demand in the Asia Pacific teleradiology market. Australia, New Zealand, China, and India are predicted to be the other major Asia Pacific hubs for the teleradiology market.
However, in terms of revenue, North America could win the race with an enormous share in the international teleradiology market. The U.S. teleradiology market is expected to stay dominant in North America throughout the forecast period. The evolution in the IT sector and innovation driven technological development could help the U.S. pull in a bumper revenue. On the other hand, Canada could be counting its fate on upcoming teleradiology service providers. Real Time Medical operating in the country was evaluated to hold one of the largest non-hospital based teleradiology services networks.
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