The increasing number of radiological patients is projected to enable growth in the global teleradiology market. Recently Fortune Business Insights announced a report, titled “Teleradiology Market Size, Share and Global Trend by Mode of Imaging (X-Ray, Magnetic Resonance Imaging (MRI), Computed Tomography, Ultrasound, Interventional Imaging), By Technology (Web-based Technology, Cloud-based Technology), By End User (Clinics, Hospitals, Ambulatory Surgery Centres) Geography Forecast till 2026,” which studies in detail various factors impacting growth of the market.
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Some of the major companies that are present in the Global Teleradiology Services Market are;
- NexxRad Teleradiology Partners
- Vision Radiolog
- ONRAD Inc.
- Agfa-Gevaert Group
- vRad (Virtual Radiologic)
- Everlight Radiology – Emergency & Trauma Radiology Reporting That Follows the Sun
- 4ways Limited
- Argus Radiology
- RadNet and other.
As per the report, in 2017 North America was among the major shareholders. The trend is unlikely to change and North America is expected to hold its position. Moreover, the region is anticipated to witness promising growth over the forecast period 2018-2025. The high demand for medical imaging in the region is expected to contribute towards the market expansion. Furthermore, presence of a developed network infrastructure is facilitating smooth operations of teleradiology.
This is anticipated to increase the growth rate in the global market. At present the adoption of teleradiology in Asia Pacific is quite slow owing to the slowly developing infrastructure in some nations. However, the region is anticipated to expand at a relatively higher CAGR during the forecast period. Presence of large patient pool in the region is likely to drive the Asia Pacific teleradiology market. Besides this, excessive burden on current resources due to shortage of radiologist is expected to fuel the demand for teleradiology solutions and specialists.
The Association of Ambra Health and MC Healthcare has announced their strategic plan in 2018, to launch cloud imaging platform in the Japane market. The main aim of the strategy is to push digitalization further in the healthcare sector and especially in medical imaging. This in response is expected to propel growth in the global teleradiology market.
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Adoption of Digitalization to Enable Growth in Global Market
Rapid adoption of digitalization and technological upgrades in teleradiology are some factors expected to drive the global market. For instance, eRAD (a subsidiary of RadNet, Inc.) equipped Picture Archiving and Communication System at Aligned Imaging Solutions. The system is enabled to facilitate faster image processing and quick access to the image directory.
Moreover, rising emphasis on streamlining the hospital procedures is anticipated to increase the adoption of teleradiology software.
On the contrary, high cost coupled with, advanced teleradiology and lack of network infrastructure in several areas are some factors that may restrain the market.
Telerad and Zebra Strategizing Together to Lead the Market
The Global Teleradiology Market is a progressive market and witnessing entry of new players. The competition is increasing owing to the rising opportunities in the market. Key players have adopted innovative strategies to gain higher share in the market. Some players are involved in mergers and acquisitions also. For instance, Telerad Tech and Zebra Medical Vision partnered together in 2017. The aim of partnership was to develop an intelligent teleradiological system. The system would involve integration of cloud computing and teleradiology and data analytics and deep learning. The market is anticipated to gain from certain mergers and developments. Some of the key players operating the global teleradiology market are Nexxrad, Vision Radiology, ONRAD Inc., Agfa-Gevaert Group, Virtual Radiologic, Everlight Radiology, RamSoft, Inc., 4ways Limited, Argus Radiology, and RadNet, Inc.
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