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Teleradiology Software Market - Growth, Trends, And Forecast (2020 - 2025)

Published on: Feb 2020 | From USD $4250 | Published By: MORDOR INTELLIGENCE | Number Of Pages: 120

The teleradiology software market studied was projected to grow with a CAGR of nearly 8.2% over the forecast period. The major factors accrediting to the expansion of the market are increasing prevalence of chronic diseases like cancer, heart disease, bone disorders, and other chronic diseases which requires medical imaging. According to National Institutes of Health (NIH), in 2018, an estimated 1,735,350 new cases of cancer will be detected in the United States and 609,640 people will die from cancer. According to a survey conducted by European Heart Network in 2017, 3.9 million deaths in Europe are due to cardiovascular diseases. These statistics proove that the incidence of chronic diseases is increasing boosting the market. Furthermore the increasing number of radiology centres and hospitals using the teleradiology software has a postive effect on the growth of the market. However the shortage of skilled radiologists who can interpret the results, creating a huge gap of demand and supply is the major drawback for the market growth.

Key Market Trends

Picture Communication and Archiving Systems (PACS) is expected to have a major share in the market growth

- PACS has the ability to deliver timely and effective access to images, interpretations and related data. It breaks down the physical and time barriers associated with traditional film-based image recovery, circulation, and display.
- Healthcare organizations consider the PACS system to be an important piece of equipment because it offers the benefits like enhanced analysis & viewing, improved data management, easy access to patient reports and images, chronological data management, and it’s user-friendly software.
- The major factors propelling the growth of the segment are increasing chronic diseases like heart diseases and cancer and increasing radiology centers. According to the World Health Organization, an estimated 17.9 million people died from CVDs in 2016, representing 31% of all global deaths. Of these deaths, 85% are due to heart attack and stroke. As per the statistics, the increasing there is an increase in the patient pool globally and the numbers are directly proportional to the market growth.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America is expected to dominate the overall teleradiology software market, throughout the forecast period. The market growth is due to factors such as the presence of a high prevalence of cancer and cardiovascular disease patients in the region, established healthcare infrastructure. According to the American College of Cardiology by 2035, around 130 million adults in the United States population are projected to have some form of cardiovascular disease. Stroke prevalence in adults is 2.7% in the United States. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase market growth.

Competitive Landscape

The teleradiology software market is moderately competitive and consists of several major players. Some of the companies which are currently domianting the market are Carestream Health, Telerad Tech, Comarch SA, Medsynaptic Pvt Ltd, Perfect Imaging LLC, Impose Technologies Pvt Ltd., Morton & Partners Radiologists, Radical Radiology.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Incidence of Chronic Diseases
4.2.2 Increasing Number of Radiology Centres and Hospitals using the Software
4.3 Market Restraints
4.3.1 Shortage of Skilled Radiologists
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Radiology Information System
5.1.2 Picture Archive and Communication System
5.1.3 Vendor Neutral Archive
5.2 By Modality
5.2.1 Cloud-based
5.2.2 On-premise
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Carestream Health
6.1.2 Telerad Tech
6.1.3 Comarch SA
6.1.4 Medsynaptic Pvt Ltd
6.1.5 Perfect Imaging LLC
6.1.6 Impose Technologies Pvt Ltd.
6.1.7 Morton & Partners Radiologists
6.1.8 Radical Radiology

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.

PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.

MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.

EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.

REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.

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