Teleradiology Market: Mobile Health Services to Help Market Growth During 2013 - 2019

Teleradiology helps transmit radiological patient images such as CTS, MRIs, and X-Rays from one location to another to share the images with other radiologists and physicians. Utilizing standard network technologies such as telephone lines, the Internet, local area network (LAN), wide area network, cloud storage, as well as advanced graphics processing, image compression, and voice recognition, teleradiology allows physicians to assist their patients from a remote location, in addition to making ‘second opinions’ much easier to obtain. In 2012, the global teleradiology market was worth US$0.92 billion. With the increasing need for teleradiology in the medical field, the market is expected to expand at a CAGR of 22.3% during the period between 2013 and 2019, and reach a valuation of US$3.78 billion by 2019. 

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RIS and PACS to Open New Opportunities for Global Teleradiology Market 

In the telehealth technologies industry, teleradiology generates the highest revenue and is the most mature segment of the industry. Advancements in digital technology have helped transform teleradiology into an effective channel to exchange critical information about patients. Further technological advancements will propel the global teleradiology market. Increased usage of mobile phones, patient monitoring systems, personal digital assistants, and other wireless devices in mHealth or mobile health services are expected to boost the global teleradiology market in the coming years. However, high cost of technology coupled with the lack of imaging data security is expected to negatively affect the overall market. Recent developments in the global teleradiology market such as picture archiving and communication systems (PACS) and radiology information systems (RIS) will open new opportunities for the market. 

X-ray Segment Led Global Teleradiology Market in 2012

The global teleradiology market has been segmented into various imaging modalities such as X-ray, computed tomography (CT), ultrasound, nuclear imaging, and magnetic resonance imaging (MRI). Owing to the low cost and increased digitalization that helps enhance the teleradiology process, the X-ray segment dominated the overall teleradiology market in 2012.

However, ultrasound imaging technology is gaining preference over MRI and X-ray, as the patient is exposed to lower amounts of radiation. CT scan imaging technology is also rising, as it allows detailed visualization to diagnose abnormalities in organs such as the liver, the pancreas, and others. With growing number of healthcare institutions installing CT scanners, radiologic interpretation of CT scans are also increasing. Due to the lack of technical expertise and high costs attached to nuclear imaging and MRI, these segments will grow slowly during the forecast period. 

North America Dominated Global Teleradiology Market

The global teleradiology market has been divided into four key regions: Europe, North America, Asia Pacific, and Rest of the World. In 2012, North America led the overall market with more than 33% share in the revenue. Increasing awareness about teleradiology technologies among patients, along with the growing presence of healthcare institutions equipped with the latest devices have helped the market in this region. 

Key Players in Global Teleradiology Market

Some of the key players in the global teleradiology market are American Telecare Inc., ONRAD, Cybernet Systems Corporation, Sectra AB, StatRad, Teleradiology Solutions, and Virtual Radiologic. Some of the segments are in a nascent stage and industry players are mainly focusing on tapping these segments. 

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