The global teleradiology market is expected to grow at a 21% compound annual growth rate (CAGR) between 2016 and 2026, while revenues will increase nearly sevenfold, according to a new report by market research firm Future Market Insights.
Growth is expected to be driven by an increasing incidence of chronic diseases, a growing geriatric population, and excessive hospitalizations and increasing admittance in ambulatory surgical centers and clinics, according to Future Market Insights. The company also identified heightened consumer awareness of teleradiology and easy accessibility to the technology as key factors likely to drive global demand for teleradiology services.
Ongoing trends contributing to growth include service offerings with the latest IT infrastructure such as artificial intelligence and algorithms, cloud support, and image backup storage, the company said. On the downside, challenges to the market over the next 10 years will include the high cost of technology and services, image transmission issues, a dearth of trained radiologists and technicians, and a low awareness in emerging economies.
On a segment basis, the certified reporting services process segment is projected to account for 62.9% of the global teleradiology services market by the end of 2016, with the emergency nighthawk service segment expected to have a 31.6% share of the market. However, Future Market Insights said it anticipates that the emergency nighthawk service segment will dominate the global teleradiology services market throughout the forecast period.
In other findings, the CT modality segment is expected to produce a 23.6% CAGR between 2016 and 2026, while the hospital pharmacies end-user segment will capture a 39.9% revenue share of the global market by the end of this year, the firm said.
On a regional basis, the U.S. dominated the global teleradiology services market in revenue terms in 2015 and will account for a 41.2% share of the market by 2026. However, the company anticipates that the European Union Five countries (France, Germany, Italy, Spain, and the U.K.) will be the second most lucrative regional market segment.
