Teleradiology has immense importance in modern healthcare industry. It forms a crucial component of the overall healthcare service module, through facilitated sharing of diagnostic information among radiology experts. It enables radiology specialists from across the globe to review critical case reports/images, which plays a substantial role in underlining its technological significance.
Moreover, for better handling of emergency situations, governments are taking favourable initiatives toward encouraged use of teleradiology across the maximum number of clinics, hospitals, and healthcare facilities. While teleradiology has been in healthcare sector since decades, recent advancements in broadcasting technologies for digital information have taken it toward steady, enduring emergence in market. The ultimate aim is to achieve the maximum accuracy in diagnostic procedures.
Key Factors Shaping Teleradiology market
The key driver to escalate demand for expert radiologists’ opinion through teleradiology, remains the ever-present shortage of highly qualified, proficient radiology experts. Though developed regions have relatively sufficient number of radiologists to serve the total population, developing economies are still facing difficulty in leveraging adequate radiology resources to cater to the total population.
Developed nations already record hefty investments in healthcare segment, and most of the developing economies are now inclining toward higher healthcare investments. This approach is coupled with increasing incidences of conditions, which require radiology as a key diagnostic procedure. These being major forces fuelling the teleradiology market, there are a few other drivers, which provide strong impetus to the teleradiology market on a global level.
The past decade has observed considerably improved digital infrastructure within remote regions. Moreover, there has been discernible improvement in efficiency of telecommunication/broadband networks, including high data transfer speed. All these factors collectively form a favourable market condition for teleradiology.
In order to help patients even better through teleradiology, developed countries, including North America and Western Europe, are taking an effort to establish dedicated medical teams, which would coordinate among themselves in case of critical diagnosis.
Overall Market Dynamics: Asia Pacific to Grab Attractive Market Position
Market for teleradiology is foreseen to expand at a healthy double digit CAGR globally, in the near future. Compared to 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$1.35 Bn revenues recorded in 2014, the market is expected to reach a value of US$ 3.63 Bn by 2023 end.
Although North America has been representing the dominant market for teleradiology, coming years will see Asia Pacific emerge with the most lucrative growth opportunities for teleradiology market. The market growth in N. America attributes to prevalence of cancer incidences fuelling demand for teleradiology, extremely advanced digital infrastructure, and widespread availability of the technique.
In APAC, rising healthcare expenditure and widening high-speed broadband networks will collectively boost the market for teleradiology in the near future. Several local healthcare facilities based in Asia Pacific are effectively collaborating with leading hospitals, resulting in improved diagnostics using radiology. In India, many outsourcing centres for teleradiology are sprouting up and are expected to positively influence market.
Latest Technological Advancement: Cloud-based Teleradiology for 24x7x365 Service
Lifetrack Medical Systems, a healthcare startup, is one of the first providers of teleradiology services in the U.S. In 2015, the company announced an advancement plan in the field of radiology services, using cloud technology. The concept is absolutely novel and revolutionises the teleradiology world by allowing expert radiologists to serve any part of the world, with limited or no radiology resources for efficient diagnostics.
Lifetrack Medical Systems already works with select resellers in North America, Africa, Middle East, and Asia. Within the next couple of years, this technology may have a major impact on teleradiology market, especially propelling demand for professional radiology training and proficient teleradiology services globally, as the company already has plans of expansion in Australia, Central Asia, Middle East, and Africa.