The growing geriatric population is also an important factor in the demand for teleradiology services as this population base majorly require hospitalization and admittance in ambulatory surgical centers. According to a recent research report by Future Market Insights (FMI), the global teleradiology services market is anticipated to expand at a whopping 21% CAGR between 2016 and 2026.
Image Transmission Issues to be a Key Concern
Increasing awareness among patients regarding the availability of teleradiology and growing knowledge about the benefits of easy accessibility to technology through teleradiology services will drive the demand and popularity of teleradiology services. On the other hand, low awareness about the availability of teleradiology services in underdeveloped nations will restrict the growth of the global teleradiology services market. The high cost of technology and services will also restrain the growth of the market. Some of the other challenges acting as an obstacle and hampering the growth of the market include image transmission issues and a lack of trained technicians and radiologists.
Teleradiology Service Market to Witness Significant Growth, Driven by Rising Geriatric Population and High Incidences of Chronic Diseases
One of the key trends in the teleradiology services market is service offerings making use of IT infrastructures such as cloud with low maintenance, artificial intelligence and algorithms, and image backup storage. On the basis of geography, the US has been leading in the global teleradiology services market. In fact, it is estimated that the US will account for a working 41.2% of the total market by 2026. This country will hold a market attractive index of 1.3 between 2016 and 2026.
Emergency Nighthawk Service to Emerge Dominant
On the basis of process type, the global teleradiology services market is segmented into preliminary reporting and certified reporting services process. Of these, the certified reporting services process segment accounted for 62.9% of the total revenue in 2016. On the basis of service type, the market is segmented into day time coverage, second opinion, emergency nighthawk, subspeciality reading, and clinical trials. The emergency nighthawk service type segment is leading and is expected to continue to do so till 2026. In terms of mortality, the computerized tomography CT scans segment is estimated to witness substantial growth and expand at a 23.6% CAGR between 2016 and 2026 leaving behind ultrasound scans, MRI scans, cardiac Echo, nuclear scans, electromyography, and mammography. On the basis of the end user, hospital pharmacies accounted for substantial shares in the market.