Teleradiology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Teleradiology Market – Overview
The teleradiology market has been projected to grow at a significant speed throughout the forecast period. The growth impetuses in the market are owing to the sudden emergence of the COVID-19 cases around the world. In addition to this, the rapidly growing geriatric population and the subsequent increase in the cases of related diseases are also predicted to fuel the growth prospects in the global market in the near future.
The rising number of advanced imaging processes and the shortage of skilled radiologists and advancements in teleradiology with the adoption of cloud-based solutions are serving as vital factors to bolster the expansion opportunities in the global market in the coming years.
Teleradiology Market – Key Drivers
The rising number of imaging procedures has been predicted to create the requirement for advanced teleradiology solutions for efficiency and reliability. Further, the rising adoption of blockchain technology and artificial intelligence in teleradiology has been predicted to create novel growth prospects in the teleradiology market in the following years. In addition to this, the rising adoption of these teleradiology solutions is helping to bridge the disparity related to rural-urban statuses. The solutions from the market are more cost-effective and convenient. These are helpful to eliminate the requirement for travel and also enable the radiologist to work from any location. The dearth of professional healthcare providers can also be resolved with these services. Thus, based on these factors, the global market is likely to expand at a noteworthy speed.
On the flip side, a decline in the reimbursement policies and the increasing burden of regulatory services are likely to restrict the growth impetuses in the global market. Furthermore, a high degree of expertise and technical skills are required in order to handle sophisticated and advanced diagnostic imaging systems. Thus, these factors are predicted to increase the complexity in cases with a shortage of adequate resources.
Teleradiology Market – Recent Developments and Key Players
The teleradiology market has been fragmented moderately. The global market has been commonly characterized with the presence of some local as well as international players. Further, these players have been projected to concentrate on different strategies in order to achieve a share in the global market, develop brand awareness, and penetrate the developing markets. Along with these efforts, these players are focusing to enhance their services to gain a larger consumer base. Mergers and acquisitions, novel product launches, expansion of company networks, and agreements or partnerships are some of the other noteworthy factors that are likely to fuel the market growth in the following years.
For instance, GE Healthcare has launched a cloud-based Edison True PACS in August 2021. It provides AI-enabled and innovative tools for decision-making that helps to enhance reading speed, enable confident diagnoses, reduce errors, and improve diagnostic precision.
Some of the key players in the teleradiology market are:
Teleradiology Market – Regional Assessment
The teleradiology market has been segmented into five major geographical regions that include, North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa. Further, these regions are also analyzed on the level of countries. Asia Pacific is likely to grow at the fastest pace in the global market due to increasing awareness related to the benefits of early diagnosis, growing medical tourism in the region, and improvements in the healthcare systems. Along with this, increasing healthcare infrastructure and rising government initiatives to modernize healthcare infrastructure are also serving as the pivotal factors to drive the growth avenues in the regional teleradiology market in the coming years.
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