This market research report presents a detailed segmentation of the global teleradiology market by category (hardware, software, and telecom and networking), by modality (X-ray, CT, Ultrasound, MRI, and nuclear imaging), and by geography (the Americas, APAC, and EMEA). The leading vendors in this market are Agfa HealthCare, Siemens Healthcare, StatRad, and vRad.
Technavio’s market research analysts predict the global teleradiology market to grow at a CAGR of almost 16% between 2016 and 2020. The market is driven primarily by the advancements in imaging technology. Developments such as the advent and upgrade of picture archiving and communication system (PACS) and radiology information system (RIS) has resulted in the improvement of the overall teleradiology process from image capturing and storage to processing and reporting. In 2015, the Americas dominated the global teleradiology market by accounting for around 50% of the total market share. The increasing presence of well-equipped hospitals and healthcare institutions, and their acceptance of new healthcare technologies is the key driver for the market in this region. The teleradiology market is expected to thrive in the Americas during the forecast period due to its large base of well-informed patient population and rapid technological innovations.
The new market research report from Technavio presents a breakdown and analysis of the teleradiology segments by category.
“The increasing adoption of cloud-based technology is the latest trend to watch out for in the market. Reduced infrastructural costs, removal of redundancy, and universal data access are some of the advantages that come with implementing could-based services with teleradiology. Cloud-based teleradiology services also reduces the risk of the hospital PACS server going down due to the distribution of patients’ radiological images across a virtual network of servers spread over different geographies” says Amit Sharma, Lead Analyst, ICT, Technavio Research.
At present, the hardware segment dominates the global teleradiology market with a market share of over 42%. This segment consists of videoconferencing units and store-and-forward units. The increasing number of imaging procedures combined with the shortage of radiologists and an increasing need for quick consultations in emergency cases at lower costs are likely to propel the global teleradiology hardware market by 2020.
The key vendors in the global teleradiology market include Agfa HealthCare, Siemens Healthcare, StatRad, and vRad. This market is highly fragmented with the presence of several private players. At present, the market is witnessing constant market consolidation due to the increasing demand for radiologists across the globe along with the adoption of healthcare informatics and advanced internet technologies. Vendors in the market are investing in research activities for providing better services at reduced costs.
A more detailed analysis is available in the Technavio report, Global Teleradiology Market 2016-2020.
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