Teleradiology is a part of radiology that aims to deliver high-quality patient care by using the latest forms of communication and cutting-edge tools and technologies. The shortage of radiologists and the increasing requirement for the number of radiology tests to be conducted, there is a massive opportunity for teleradiology companies around the world.
According the latest teleradiology trends, the global market was worth $1.3 billion in 2014 and is expected to reach $3.7 billion by 2023, as it is growing at a staggering compound annual growth rate of 11.3%. According to the current teleradiology market growth trends, the main areas which are showing a promise are communication tools and image processing. These areas have great chances of earning greater revenues in the coming years.
The evolution of teleradiology industry in the past decade has been tremendous and it has been able to integrate the everyday processes of radiology very easily. Experts in the industry attribute this massive evolution to the rapid technological advancements in the world today. The following points explain how the landscape of the teleradiology domain is slowly shifting:
Teleradiology providers were earlier posing as a competitor to the everyday business of hospitals. Due to the market growth and technological advancements the role of these teleradiology providers has changed. Now through various specializations, these companies provide a supporting role to healthcare providers through services such as nighthawk reading, volume overflow, etc.
Telemammography is gaining a lot of popularity around the globe. Earlier when teleradiology was developed, they usually did not consider mammography as part of it and was usually left for the local healthcare clinics. Now, mammography has been gaining importance due to the increasing number of mammograms and so teleradiology providers have started interpreting mammograms. Right now Telemammography is considered as the fastest growing imaging modality in teleradiology.
Teleradiology providers are more concentrated on the hospitals these days. The major factors for this shift have been the healthcare reforms, hospitals buying out practices, and accountable healthcare organizations.
The benefits of using teleradiology are not only restricted within the United States but is popular throughout the world. More and more people are moving towards using teleradiology as it is convenient, fast and cost saving.
The latest healthcare reforms and the rapid technological advancements have led to a more consumer-oriented healthcare. Teleradiology makes it easy for patients to get a second opinion for all their treatments and diagnosis.
The inventions of various tools and technologies such as wireless technologies, mobile health, electronic medical records, tele-health, etc. has enabled the healthcare industry undergo a massive change in the past decade. Digital health platforms have become important part of any healthcare provider. These health platforms help in:
Teleradiology market research suggests that it is fast becoming the most important part of the healthcare provider's daily workflow. It is important that every new tele-health service provider understands the various teleradiology market trends and segmentations and trends in order to provide high-quality services. The teleradiology market is basically divided in two ways mentioned below:
This segmentation is mainly in the following form:
Hardware being the largest segment in this classification, accounts for almost 45% of the market share. The main components of the category include storage and video conferencing units. The video conferencing equipment allows multiple individuals such as physicians, patients, etc. from different locations to discuss and provide the relevant treatment.
The storage units help to store images imported from different imaging modalities and can be accessed by multiple professionals at a time. The software used and the networking partners help in putting together the entire process.
This segmentation is mainly divided based on the location:
In 2015, the American continent was a leading market in the teleradiology field accounting for more than 50% of the global market.
The presence of healthcare institutions which are well-equipped with state-of-the-art infrastructure has mainly led to this boom in this region. The regions of APAC and EMEA are fast catching up due to the various healthcare initiatives and policies by governments and increased R&D funding available.
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