There are plenty of scopes in the image interpretation and diagnostic services such as Computer Tomography (CT) and Magnetic Resonance Imaging (MRI) which influences the growth of the teleradiology market. Teleradiology market report of IndustryARC states that the global teleradiology market size accounted for $2.68 billion in 2018. Furthermore, the demand in the teleradiology market is anticipated to rise at a CAGR of 18.58% during the forecast period 2019-2025.The report is titled “Teleradiology Market: By Product (X-ray, Computed Tomography, Ultrasound, Nuclear Imaging, Magnetic Resonance Imaging), By Application (Tele-consulting, Tele-diagnosis) By Category (Hardware, Software) & By Region – Forecast (2019 - 2025).”
Teleradiology Market: Leading Segments
The teleradiology service providers along with experts, high-end equipment, interpret reports, address the skill gap and provide effective clinical outcomes. Medical institutions and hospitals are outsourcing radiology services such as MRI, CT, X-ray and Magnetic Resonance Angiography (MRA), Positron emission tomography (PET) Scan/Imaging, to read and interpret. With the increasing clinical data, consumer-focused healthcare, X-Ray services are identified as the fastest growing services in the teleradiology market based on the products offered and is projected to grow at a CAGR of 19.35% during the forecast period 2019-2025.
The U.S. telehealth market is highly regulated. Teleradiology, telediagnosis, and telemonitoring services have progressed to the next level in the U.S. owing to quality care at low-cost, remote access to patients, and no traveling cost. Geographically, North America teleradiology market accounted for a share of 38% as of 2018.
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Teleradiology Market: Disruptive Trends
Teleradiology market started to gain momentum when combined with the cloud-based technology is now evolving further with artificial intelligence and deep learning.
Efficiency and accuracy of workflow continue to be the dynamic factors of the market as the need for consumer-focused healthcare and clinical data increases.
Teleradiology outsourcing companies are meeting the challenges of changing business environment by re-evaluating their operations, finding ways to expand their business by introducing services such as innovative Radiology Information System (RIS)/Picture Archiving And Communications System (PACS)-integrated technology, digital mammography or a new high field open MRI system, to attract new customers’ groups.
Teleradiology Market: Competitive Landscape
Virtual Radiologic, Cybernet Medical Corporation, Global Diagnostics Ltd., Medica Reporting Ltd, Agfa-Gevaert N.V., Sectra AB, RamSoft, Inc., Radisphere National Radiology Group Inc, Sectra AB, and Everlight Radiology are the key competitors, which are operating with a larger market share in the global teleradiology market.
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