The global teleradiology market size is estimated to reach USD 10.9 billion by 2027 registering a CAGR of 13.9% over the forecast period, according to a new report by Grand View Research, Inc. Shortage of radiologists, coupled with continuously rising demand for imaging procedures, is expected to drive the market. Despite a significant increase in the installation of radiology equipment in countries such as the U.K., the U.S., and Singapore over the past few years, there is still a high unmet need for diagnostics imaging. For instance, as per a report by the National Health Service (NHS), the average waiting time for an MRI test in England was reported to be 21 days in 2018.
In
addition, legislative amendments made by various governments worldwide for
diagnostic imaging services will enhance the growth of teleradiology during the
forecast period. For instance, amendments in Australia’s Health Insurance Act
1973 for diagnostic imaging have enabled Medicare funding for these diagnostic
imaging services since March 2008. This has allowed better access to diagnostic
imaging for various conditions. North America is a major market for
teleradiology and accounted for 39.5% of the global revenue in 2019 due to
factors such as greater funding for R&D, rising patient awareness levels,
and growing cancer prevalence.
The
regional market is likely to expand further on account of favorable government
initiatives for improving the healthcare facilities in rural areas and
increased healthcare expenditure. Asia Pacific is expected to witness the
fastest growth over the forecast period, exhibiting a CAGR of 14.9%. The rising
demand for innovative and advanced medical platforms, coupled with rapidly
growing healthcare infrastructure, supports the growth in this region. In
addition, the presence of target population and the need for improved disease
diagnosis are anticipated to drive the demand for teleradiology equipment in
APAC.
Full Research Report On Teleradiology Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/teleradiology-market
Further key
findings from the report suggest:
- X-ray held the largest
teleradiology market share in 2019 owing to its wide application scope,
such as in the detection of dental injuries and fractures in bones.
Growing demand for bedside imaging and core diagnostics and the
introduction of novel technologies are expected to further boost segment
growth
- CT scan is expected to
witness the fastest growth over the forecast period. Extensive usage,
faster testing, high-resolution imaging capacity, and the advent of new
generation systems such as 4D are some of the factors responsible for
segment growth
- Based on end-use, hospitals
held the largest market share in 2019. Large patient base, building
financial capacity, and receptivity to advanced technologies are the
factors responsible for uptake of radiology products in hospitals
- North America held the
largest share in the market for teleradiology in 2019 due to the wide
usage of advanced technologies, presence of key companies, and established
healthcare infrastructure in the region
- Asia Pacific is expected to
be the fastest-growing region over the forecast period due to supportive
government regulations for the expansion of teleradiology and quick
adoption of new technologies
- Some of the prominent
companies are 4ways Healthcare Ltd.; HealthWatch TeleDiagnostics Pvt.
Ltd.; RamSoft, Inc.; Everlight Radiology; Virtual Radiologic; Agfa-Gevaert
N.V.; ONARD; Teleradiology Solutions; and Global Diagnostics. Most of
these companies focus on expanding their product portfolios and entering
untapped markets such as Asia Pacific.
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Grand View Research has segmented
the global teleradiology market on the basis of product, end-use, and region:
Teleradiology
Product Outlook (Volume, ‘000 Units; Revenue, USD Million, 2016 - 2027)
- X-ray
- Ultrasound
- Magnetic Resonance Imaging
(MRI)
- Computed Tomography (CT)
- Nuclear Imaging
Teleradiology
End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Hospitals
- Ambulatory Imaging Center
- Radiology Clinics
Teleradiology
Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Russia
- Switzerland
- Netherlands
- Sweden
- Spain
- Belgium
- Asia Pacific
- China
- Japan
- India
- Thailand
- South Korea
- Singapore
- Australia
- Taiwan
- Indonesia
- Malaysia
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
- Kuwait
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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