Teleradiology Market will Register a CAGR of 22.3%. through 2016-2026

According to National Institute of Cancer, 448.7 new cancer cases per 100,000 men and women are diagnosed each year in the US. Taking into account the gravity of such details, the demand for teleradiology is expected to surge not just in the US, but in regions witnessing higher concurrence of cancer. In its latest report, Future Market Insights assesses that the global demand for teleradiology will soar vigorously in the years to come. And, the report projects that largest share of global teleradiology revenues will be emanating from the US alone. The country will not only account for dominance of North America in the global teleradiology market, but by the end of 2026, US teleradiology revenues will have closed in on US$ 5.5 Bn value. During this period, the US teleradiology market is expected to reflect a sizeable gain of 416 BPS, exhibiting a stellar CAGR of 22.3%.

According to Future Market Insights, the global market for teleradiology is presently valued at US$ 1.9 Bn, and is anticipated to be worth US$ 13.2 Bn by the end of 2026, reflecting a CAGR of 21%. The report, titled “Teleradiology Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” has analysed the global teleradiology market by splitting other parts of the world from the US. Dominance of US on the global teleradiology market is expected to remain throughout the forecast. Teleradiology Solutions, Argus Radiology, USARAD Holdings, Inc., TeleDiagnosys Services Pvt. Ltd., Imaging Advantage, Foundation Radiology Group, Direct Radiology, Imaging On Call, LLC, ONRAD, Inc., Rays (Envision Healthcare Company), StatRad LLC, ARIS Radiology, NightShift Radiology, Mednax, Inc., Alta Vista TeleRadiology, and Quality Nighthawk are US-based companies actively participating in the growth of global teleradiology market.

However, the report also anticipates higher contribution from Europe and the Asia-Pacific excluding Japan (APEJ) region. By the end of 2026, the teleradiology market in Europe will have reached US$ 2.76 Bn in value, while teleradiology revenues accounted the APEJ region will record fastest growth at 24.6% CAGR. European healthcare companies such as Global Diagnostics (Integral Diagnostics), 4ways Healthcare Limited, Medica Group PLC, Teleconsult Europe, and Telemedicine Clinic are also observed as key market players. The report has also profiled companies such as Everlight Radiology, SRL Diagnostics, and Vital Radiology Services, which are based across the APEJ region.

The report has observed that increasing consumer awareness regarding teleradiology & easy accessibility of this technology are boosting the market’s growth at considerable extent. Due to online availability of the radiology series, diagnostic images of complex problems can be shared between professionals within a medical setting. Moreover, local clinicians or radiologists can get opinions from subspecialists in order to make informed decision. Active participation and initiatives taken by various government and non-profit organizations to spread awareness regarding telemedicine worldwide is also expected to fuel growth of the global teleradiology market.

A majority of teleradiologists will be preferring CT-scan as the modality for diagnosis, revenues from which are expected to surge at 23.6% CAGR.. MRI scan and ultrasound scans will also be prominent modes of carrying out teleradiological diagnosis. While hospitals & clinics, collectively, will remain the largest end-users of teleradiology, the demand for such diagnostic technology is expected to gain traction across ambulatory surgical centres (ASCs). By 2026-end, ASCs will account for an estimated 30% share of global teleradiology revenues.

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