LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global teleradiology market is expected to grow at a CAGR of more than 15% during the forecast period.
This research report titled ‘Global Teleradiology Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes the global teleradiology market into five major segments by modality. They are:
- X-ray
- CT
- Ultrasound
- MRI
- Nuclear imaging
X-ray
X-rays are widely used for diagnostic imaging in general medicine. The X-ray teleradiology segment held the largest market share in 2015 and is predicted to lead during the forecast period. X-ray is the most sought-after technique for electronic transmission of radiology images via internet technology. This is attributed to key advantages such as low cost and less turnaround time.
The X-ray teleradiology segment is primarily driven by the rising incidence of cardiovascular, respiratory, and oral diseases. The increase in the number of X-ray procedures also augurs well for the growth of the segment. In addition, the growing complexities of images due to technological advancements has resulted in the need for expert advice. Also, increased healthcare awareness and increasing digitalization promises lucrative business opportunities for the X-ray teleradiology segment.
CT
CT is an imaging procedure used to create detailed images of body parts, blood vessels, bones, and soft tissues for diagnosis. CT scanning is the best method for detecting cancer as the images generated confirm the presence or absence of a tumor. The CT teleradiology segment will witness significant growth during the forecast period as it is used to visualize and provide highly accurate 3-D images of complex body parts such as brain, heart, lungs, and abdomen.
“Expert radiologists are required to study the complex and in-depth images generated by CT. Thus, the demand for teleradiology is predicted to increase rapidly during the forecast period owing to a shortage of radiologists worldwide,” says Amit Sharma, a lead analyst at Technavio for IT professional services.
Ultrasound
Ultrasound is used to capture live images from the inside of the body. For instance, it is preferred for tracking a developing fetus during pregnancy as it is minimally invasive and does not use ionizing radiation. Low cost and high reliability of receiving images is expected to boost the growth of this segment.
Analyzing the complex 3-D and 4-D images produced from ultrasound platforms requires experienced radiologists. In addition, a second opinion from expert radiologists is preferred in emergencies. These factors increase the demand for ultrasound teleradiology. However, lack of advanced image transfer technology in rural areas and lingual differences might restrict the growth of the ultrasound teleradiology market.
MRI
MRI teleradiology is in its infancy stage due to high equipment costs and unavailability of sophisticated MRI instruments. Many healthcare institutions from small to medium cannot afford the installation and maintenance of sophisticated MRI equipment.
The market is predicted to experience moderate growth during the forecast period due to high precision diagnosis requirement. Expert radiologists are needed for analyzing MRI pictures and providing quality care. The shortage of radiologists worldwide is driving the growth of the MRI teleradiology segment.
Increasing brain-related disorders and injuries along with growing awareness about chronic disease management, especially in economically backward areas, are factors that have fueled the demand for MRI teleradiology. However, the large investment needed for MRI equipment might hinder the market growth.
Nuclear imaging
Nuclear imaging uses small amounts of radioactive substances in the diagnosis and treatment of diseases such as different types of cancers, neurological disorders, heart disease, and other body abnormalities. Nuclear imaging provides unique information compared to other imaging procedures and helps identify diseases in the early stages.
The nuclear imaging teleradiology segment is witnessing a sluggish growth owing to the perceived notion of the adverse effects of radioactive materials on frequent admission and the need for sophisticated technology. However, the segment is expected to show promising growth during the forecast period driven by the widespread use of single photon emission computed tomography (SPECT) and positron emission tomography (PET) scanners for cancer detection. “Also, the increasing adoption of multimodality imaging is expected to propel the growth of the segment during the forecast period,” says Amit.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Agfa HealthCare
- Siemens Healthcare
- StatRad
- vRad
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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