Global Radiology As A Service Market Worth USD 7.54 Billion With a CAGR of 20.1%

Introduction

The global market for radiology as a service was valued at USD 1.45 billion in 2021, and it is anticipated to reach USD 7.54 billion by 2030 at a CAGR of 20.1%.

Imaging is used to identify and treat medical issues in radiology. Other imaging methods include ultrasound, fusion imaging, computed tomography (CT), magnetic resonance imaging (MRI), Positron emission tomography (PET), and X-rays. Radiology Services offers less invasive medical procedures, treatment monitoring, and result forecasting. Numerous medical procedures, including those in oncology, cardiology, urology, and oral health, frequently use it. Because this imaging technology uses radiation, it is thought that proper training and knowledge of radiation safety and protection are required.

Market Dynamics

The increasing demand for radiology services

Imaging techniques used in radiology aid in detecting and treating various disorders. Additionally, as new imaging technologies have evolved in the medical profession, radiology services have grown significantly in popularity over the past few years due to their superior ability to diagnose diseases effectively. Radiographers are becoming incredibly important to clinicians. Radiographers carry out these exams and offer mental and physical support while doing the imaging processes. This element is essential in encouraging patients to use radiology services.

An increase in the prevalence of chronic diseases

The rising number of illnesses brought on by changing lifestyle habits, and unhealthful foods drive the demand for radiology services. Additionally, imaging methods are used to view human bodily structures to diagnose, observe, or treat specific disorders. The market demand for radiology services has increased due to the necessity for imaging techniques to determine the best course of treatment for chronic conditions like cancer, cardiovascular disease, and respiratory disease.

Growth Opportunities in the global market for radiology as a service

Increasing Innovations and Awareness

It is predicted that the increased emphasis on medical device R&D capabilities and the adoption of cutting-edge healthcare technology would create attractive market prospects. Numerous market expansion prospects will also be provided by the expanding innovations and technological breakthroughs, rising public awareness among the people, and improvements in the healthcare infrastructure.

Regional analysis of the global market for radiology as a service

The global market for radiology as a service is broken down into North America, Asia-Pacific, Europe, Latin America and the Middle East & Africa based on region.

In 2021, North America dominated the regional market. The primary elements projected to preserve this region's dominance over the coming years are the rising number of service providers and expanding awareness of the usage of cutting-edge technologies. A strong healthcare system, government support, and increasing demand for radiology services are all projected to propel the industry forward. However, from 2022 to 2030, Asia Pacific is anticipated to develop at the most significant CAGR. It can be linked to an expanding consumer base, supported government programs to update the healthcare system, and raising awareness in underdeveloped nations.

Key Highlights

• The global market for radiology as a service size was valued at USD 1.45 billion in 2021, and it is anticipated to reach USD 7.54 billion by 2030 at a CAGR of 20.1%.
• The global radiology market is divided into four parts: type, application, end-user and region.
• The market is segmented into Stationary Digital Radiology Systems and Portable Digital Radiology Systems based on type. The stationary digital radiology systems dominated the market.
• Based on the end-user, the market is divided into Diagnostic Centres, Hospitals, and others. The hospitals segment dominated the market.
• According to the application, the market is segmented into cardiology, orthopaedics, neurology, and other categories. The market share that belonged to the neurology sector was the largest.
• The market is broken down into North America, Asia-Pacific, Europe, Latin America and the Middle East & Africa based on region. North America dominated the market in 2021.

Competitive Players

Competitive analysis of the global market for radiology as a service

Some key players contributing majorly to the global market for radiology as a service are Koninklijke Philips N.V., Teleradiology Solutions, Inc., Medica Group PLC, RamSoft, Inc., Virtual Radiologic (Radiology Partners, Inc.), Vesta Teleradiology, General Electric (GE) Co. (GE Healthcare), ONRAD, Inc., Ambra Health, and Teleconsult Europe.

Recent Developments

Recent developments in some of the key players:

• In December 2021, the award-winning health technology company Radiobotics and Virtual Radiologic expanded their collaboration. After the cooperation, the two businesses would work together to develop a wide range of software algorithms to increase the efficiency and accuracy of bone fracture X-ray investigations.
• In May 2022, GE Healthcare announced a deal with Alliance Medical to develop a digital solution to improve productivity in hospital radiology departments in the United Kingdom.
• In December 2021, Vesper Medical, a company that deals in medical technology and creates minimally invasive peripheral vascular devices, and Royal Philips inked an acquisition agreement. After the acquisition, Vesper Medical's sophisticated venous stent products for the treatment of deep venous disease will be integrated into Philips' lineup of diagnostic and therapeutic devices to enhance it further.

Segmentation

Segmentation

By Type

• Stationary Digital Radiology Systems
• Portable Digital Radiology Systems

By End-User

• Hospitals
• Diagnostic Centres
• Others

By Application

• Neurology
• Orthopaedics
• Cardiology
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East & Africa