The global teleradiology software market is anticipated to witness healthy growth during the forecast period 2021-2031, finds Fact.MR in a study.
Growing prevalence of chronic disorders such as cancer and liver disorders, coupled with the lack of skilled radiologists in various regions are fueling the market growth.
The global teleradiology software market is anticipated to witness healthy growth during the forecast period 2021-2031, finds Fact.MR in a study. Increasing technological advancements are expected to offer lucrative opportunities for players in the market.
According to the World Health Organization (WHO), cancer is the second-leading cause of death across the world, accounting for approximately 9.6 million deaths in 2018. Stomach and liver cancer, lung prostate, and colorectal are prevalent in men, while breast, thyroid, cervical, and lung cancer are the most common types in women.
The increasing adoption of digitized healthcare systems globally is fuelling the demand for teleradiology software. This is attributable to the software’s ability to ingest, store, access, and process patient data individually, which in turn streamlines operations in the healthcare sector.
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The unprecedented COVID-19 pandemic has affected the market growth due to restrictions imposed and shutting down of various radiology labs across the globe. However, the market is expected to gain momentum with the relaxation in the regulations, finds Fact.MR in this study.
Currently, North America is dominating the teleradiology software market. According to National Cancer Institute, the U.S. recorded approximately 1,735,350 new cases of cancer, with 609,640 deaths in the year 2018. The prevalence of such chronic diseases and the need for diagnostic imaging is propelling the market growth.
“Increasing number of digitally produced images and the need for digitally enhanced and organized systems for radiology images are driving the growth in the teleradiology software market,” says the Fact.MR analyst.
Key Takeaways
- Picture Communication and Archiving Systems (PACS) is emerging as a dominant sector in the market.
- Vendor Neutral Archive (VNA) is gaining manufacturers’ attention due to its flexibility, accessibility, and data ownership.
- Hospitals and clinics will exhibit increasing adoption of teleradiology software during the forecast period.
- North America will continue to dominate the market, owing to the rising prevalence of chronic disorders and the presence of key market players.
- Increasing healthcare costs and the reducing healthcare budget in Europe will create lucrative opportunities in the market.
Key Drivers
- The lack of radiologists across various regions will generate demand for teleradiology software in the market.
- Increasing adoption of technologically advanced digital imaging systems is expected to propel sales in the market.
- Rising number of medical images produced annually is fueling the demand for teleradiology software systems.
- Improving healthcare infrastructure and increased expenditure on healthcare will substantially boost the market growth.
Key Restraints
- Failure in implementing cybersecurity measures to protect patient health information will hinder the market growth.
- Data loss threat in teleradiology software can potentially disrupt the hospital’s system, affecting the sales in the market negatively.
Competitive Landscape
Some of the key players operating in the teleradiology software market are Perfect Imaging LLC, Telerad Tech, Carestream Health, Comarch SA, Impose Technologies Pvt Ltd., MedsynapticPvt Ltd, Radical Radiology.
According to the study by Fact.MR, key players operating in the teleradiology software market are adopting various inorganic strategies such as mergers and acquisitions to enhance their product portfolio and their market position. For instance:
- In July 2019, Comarch SA opened a new location for their business in Sydney, Australia. The company is aiming for the development of a hosting service platform for potential customers in Australia.
- In November 2014, Carestream Health announced updates to its Vue Radiology Information System platforms, including clinical document exchange and mammography workflow.
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More Insights into the Teleradiology Software Market
Fact.MR offers unbiased analysis of the teleradiology software market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of type (radiology information system, picture archiving and communications system, vendor neutral archive), imaging techniques (x-ray, computed tomography, fluoroscopy, ultrasound, magnetic resonance imaging, nuclear imaging, mammography), end-users (hospitals, clinics, ambulatory surgical centers), and across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East and Africa)
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Source: Fact.MR