Teleradiology Software Market Forecast and CAGR
According to the latest research by Fact.MR., the teleradiology software market is set to witness steady growth during 2021-2031. Demand for teleradiology software expects to witness steady recovery in the short-term, with an optimistic growth outlook in the longrun. The growing advancement for the teleradiology software market industry will offer lucrative opportunities in near future.
What are the major drivers of the Teleradiology Software Market?
The teleradiology software market is growing at a significant rate due to the deficit of radiologists in many countries, such as the U.S. and India, this factor is the key driver of the teleradiology software market. National Cancer Institute recorded that, in the U.S, around 1,735,350 new cases and around 609,640 deaths caused by cancer registered in 2018. The increasing prevalence of chronic disorders, such as liver disorders, cancer, and spinal cord injuries, has raised the demand for diagnostic imaging. With the growing need for diagnostics imaging, the demand and supply gap is increasing due to the lack of professional radiologists to evaluate the imaging reports data. To overcome the supply gap, many radiology centres, clinics and hospitals are acquiring teleradiology solutions, which is likely to boost the teleradiology software market growth.
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Rising adoption of Digital Healthcare Infrastructure to enhance the Market Growth
The increasing adoption of advanced digital healthcare infrastructure across all the regions and rapid rise in the number of radiology image data sets are some of the major factors driving the demand for healthcare information networks to ingest, store, access, manage, and interpret clinical data of several patients individually. The increasing number of medical images produced annually is fueling the demand for an organized reporting system for radiology images to integrate it with individual Electronic Health Records (EHR) solutions, which has further escalated the demand and adoption of Radiology Information System (RIS) by diagnostic centres, hospitals and other healthcare facilities. Such factors are likely to drive the teleradiology software market during the forecast period.
The US and Canada Teleradiology Software Market Outlook
North America held the majority of the revenue share of the global market in 2020. The increasing targeted population, the prevalence of chronic disorders, such as cancer and bone impairments is the major factor driving the teleradiology software market. Furthermore, the presence of major market companies and developed healthcare IT infrastructure are the key factors that have contributed to the growth of teleradiology software demand. In addition, favourable government initiatives, high healthcare expenditure, and technological advancements are the main factors positively impacting teleradiology software regional market growth.
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Europe Demand Outlook for Teleradiology Software Market
Factors such as lack of radiologists and the need for on-call radiology reading and expert advisors are fueling the demand for teleradiology software. The reducing healthcare budgetsand increasing healthcare costs are increasing the demand for advanced teleradiology services, which in turn support the regional teleradiology market growth. In addition, the high demand and availability of picture archiving and communications system (PACS) are projected to create a huge opportunity for the teleradiology software market in Europe.
Who are the key players in the Teleradiology Software Market?
Some of the key players of teleradiology software include
- Perfect Imaging LLC
- Telerad Tech
- Carestream Health
- Comarch SA
- Impose Technologies Pvt Ltd.
- MedsynapticPvt Ltd
- Radical Radiology
Companies offering teleradiology software are involved in existing product upgrades new product launches mergers and acquisitions and regional expansion to enhance their market position.
For instance, Comarch SA in July 2019, expanded its business and strengthen its international presence by opening a company with a seat in Sydney, Australia. The company is also focusing on the development of a hosting services portfolio for its present and future clients in Australia. Likewise, Carestream Health, in November 2014, announced upgrades to its existing Vue Radiology Information System platforms, such as clinical document exchange and mammography workflow.
An Adaptive Approach to Modern-day Research Needs
Teleradiology Software Market Report Highlights:
- Shifting Industry dynamics
- In-depth market segmentation
- Historical, current and projected industry size Recent industry trends
- Key Competition landscape
- Strategies for key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
By Software Type
- Radiology Information System
- Picture Archiving and Communications System (PACS)
- Vendor Neutral Archive (VNA)
- Computed Tomography (CT)
- Ultrasounds, Magnetic Resonance Imaging (MRI)
- Nuclear Imaging
- Ambulatory Surgical Centers
- North America
- Latin America
- Rest of Latin America
- The U.K.
- Rest of Latin America
- East Asia
- South Korea
- South Asia
- Rest of South Asia
- New Zealand
- The Middle East and Africa
- GCC Countries
- North Africa
- South Africa
- Rest of the Middle East
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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