According to Transparency Market Research’s latest report on the global teleradiology Market for the historical period 2017-2018 and forecast period 2019-2027, advancements in digital technology, rise in number of radiology imaging procedures are projected to drive the global teleradiology Market
According to the report, the global teleradiology Market was valued at US$ 2.6 Bn in 2018 and is projected to expand at a CAGR of 16.9% from 2019 to 2027
Advancements in digital technology and adoption of outsourcing in developed countries: Key Drivers
Rapid developments in digital image processing technologies ensure effective image distribution across the regional, local, and global level. The vastly improved capacity of the Internet and the speed of transmission have permitted a much wider use of teleradiology, with centers across the world providing day-time reporting for out of hours imaging services in other countries with different time zones.
Emergence and acceptance of mobile technology (mHealth) to visualize and interpret images further fuels the growth of the teleradiology market in the developed nations such as the U.S., Germany, U.K., Australia and Japan. Widespread use of smart connectivity devices and related solutions confirms effective interpretation of the medical images, thereby reducing treatment time. Hence, advancements in digital technology will enhance the remote patient monitoring methodologies and accessibility to radiologist’s interpretation and consultation. Outsourcing radiology services to well-trained radiologists, who can work for a relatively lower fraction of cost is profitable to the health care providers, according to macroeconomic principles. Hubs are, therefore, emerging in price-sensitive countries in Asia to handle the bulk of radiology reporting requirements. Radiologists providing services to the rich and developed countries are focusing more on improving their role as imaging consultants, which is considered to be a value addition to patient care in certain cases.
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Companies in the global teleradiology Market are undergoing strategic acquisitions and various product launch which enable product distribution in various regions and also strengthen their market share in global market.
Envision Healthcare Corporation acquired several companies in the last two years to expand its several others services and geographical presence. For instance, in January 2017 the company acquired Sunshine Radiology, LLC to expand its radiology business. In April 2017 Envision Healthcare Corporation acquired Imaging Advantage, LLC. This acquisition was also intended to expand its radiology business