The highly fragmented market for teleradiology features the presence of a large number of regional players, with the exception of some large companies with international presence, such as vRad, Inc., Radiology Reporting Online, and USA Rad. North America and Europe, the regions with some of the largest vendors in the global teleradiology market, will be the key enablers of teleradiology practices across the world and play a central role in the overall development of the global market, notes a recent report by Transparency Market Research (TMR).
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Acquisitions of small, regional players, and long-term contracts with remotely located community hospitals and other healthcare service providers, especially across emerging markets such as Asia Pacific and Latin America, will allow teleradiology companies to expand their global footprint. Although less in number than in the European market, teleradiology companies in North America will contribute the largest share in the overall revenues of the global teleradiology market from 2015 through 2023, thanks to their global presence.
Rise in Healthcare Expenditure and Improved Healthcare Infrastructure to Enable Widespread Adoption of Teleradiology
The vast improvement in telecommunication networks, enhanced data transfer speeds, and improved digital infrastructure of remote parts of the world has revolutionized the global teleradiology market in the past few years. In the next few years as well, developments across the data transmission field will be prove to be a major driver of the global teleradiology market, allowing its evolution from an ancillary radiology discipline to a mainstream practice.
Radiology is a cost-intensive diagnostic modality owing to the high prices of the technologically advanced medical imaging machines central to the field. This factor, in combination with the factor of unavailability of broadband networks in urban dwellings has remained one of the toughest challenges for the teleradiology market in the past years. However, substantial rise in healthcare expenditures and widened broadband networks in the past few years have enabled the widespread expansion of teleradiology practices on a global front. These factors have especially allowed the teleradiology market in extending its reach to emerging economies such as Latin America and Asia Pacific, considered to be the regional markets with the most lucrative growth opportunities.
Asia Pacific to Provide Most Attractive Growth Opportunities
North America is currently the leading regional market for teleradiology and is expected to provide considerable growth opportunities over the next few years as well. The market in the region will be driven by the digitally advanced healthcare infrastructures, integration of teleradiology services in the workflow of a vast number of medical imaging service providers, and high healthcare awareness among the population. The rising prevalence of a number of cancers in the region has also led to an increased need for effective teleradiology services in the region.
Nevertheless, Asia Pacific will provide the most lucrative growth opportunities for the global teleradiology market in the coming years. Factors fueling demand for teleradiology services in the region will be the rising expenditure on health and wellbeing, improving healthcare infrastructure, and widening network of high-speed broadband services.
The global teleradiology market is expected to expand at a favorable 11.3% CAGR over the period between 2015 and 2023, and rise from a valuation of US$1,354.6 mn in 2014 to US$3,632.6 mn in 2023.