Teleradiology is a division of telemedicine that necessitates transmission of radiological images (such as X-rays, CTs, and MRI) and connected data from one location to another for consulting and diagnosis determination. It is a progressive technology that has improved with the disparity among the availability and requirement of the diagnostic services.
According to the report analysis, ‘Global Teleradiology Market to reach USD 10.3 billion by 2027’ states that the foremost reason behind the improvement of teleradiology is that it is overpriced to have radiologists on-site. Customarily, the cost of radiologists on-site is nearly USD 1,500 per day. Whereas the price for teleradiology services allows to pay as per exam origin, and sometimes the cost is low as USD 8 per exam. This, in turn, results in cost-saving. Also, the usage of teleradiology services advances patient care by creating it feasible for radiologists to provide their services without accomplishment at the patient’s area. Therefore, this aspect is quickening the growth of the market across the world.
Moreover, the great prevalence of chronic syndromes such as, breast cancer, congestive heart failure, and orthopedic injuries, along with the advantageous government initiatives to convey end-to-end protection from the cybercrimes, such as Health Insurance Portability and Accountability (HIPPA) act, are the few aspects responsible for great CAGR of the market throughout the forecast duration. According to the World Cancer Research Fund International (WCRFI), breast cancer is the most communal form of cancer in women across the globe with an average of 2 million new cases being perceived every year.
Also, as per the American Cancer Research Society (ACRS) projects by 2030, the incident rate of breast cancer is projected to reach almost 9.9 million cases with over 5.5 million annual deaths, primarily owing to the aging populace. Therefore, this aspect further increases the requirement for teleradiology all over the globe. With the worldwide burden of COVID-19, the usage of teleradiology systems is meaningfully increasing to share study observations and details obtained for the cure of Covid-19 patients. This will assist to avoid the excessive exchange of hard copies of imaging results, as well as safeguard in-person contacts. Therefore, the market is composed to increase at a sustainable rate during the near future. However, the restricted obtainability of broadband networks, coupled with the lack of skilled radiologists, may act as a foremost restraining aspect for the market growth over the review period of 2020-2027.
Although, the Global Teleradiology Market is worth approximately USD 3.6 billion in 2019 and is projected to augment with a healthy growth rate of more than 14% over the predicted period of 2020-2027. The regional analysis of the worldwide Teleradiology market is considered for the foremost regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region around the world in terms of market share due to the increasing incidences of chronic syndromes, supportive government initiatives, and the existence of a significant number of market players across the region. Whereas, the Asia-Pacific is projected to exhibit the greatest growth rate / CAGR over the review period of 2020-2027. Aspects such as increasing demand for imaging processes, coupled with rapidly increasing healthcare infrastructure would generate lucrative growth prospects for the Teleradiology market around the Asia-Pacific region. Therefore, in the near years, it is anticipated that the market of teleradiology will increase around the globe more positively over the inflowing years.
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Ankur Gupta, Head Marketing & Communications