Home Healthcare IT Radiology As A Service Market Size, Trends, Forecast Up to 2030

Radiology As A Service Market

Radiology As A Service Market Size, Share & Trends Analysis Report By Type (Stationary Digital Radiology Systems, Portable Digital Radiology Systems), By Service (Tele-radiology Reading Platform Services, Remote Scanning Services, Consulting Services, Staffing Services, Other IT Services, Patient Booking & Scheduling, Documentation, Billing services), By Application (Neurology, Orthopaedics, Cardiology, Others), By End-User (Hospitals, Diagnostic Centres, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Report Code: SRHI2577DR
Study Period 2018-2030 CAGR 20.1%
Historical Period 2018-2020 Forecast Period 2022-2030
Base Year 2021 Base Year Market Size USD 1.45 Billion
Forecast Year 2030 Forecast Year Market Size USD 7.54 Billion
Largest Market North America Fastest Growing Market Asia-Pacific
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Market Overview

The global radiology as a service market 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%.

Radiology is a subspecialty of internal medicine that uses imaging techniques to identify and treat various medical conditions. Imaging methods such as X-rays, computed tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET), fusion imaging, and ultrasound, amongst others, are being utilized.

The Radiology Services department offers treatment monitoring, result prediction, and medical procedures that are as little invasive as possible. It finds widespread application in a wide range of medical specialities, including oncology, cardiology, urology, and oral health, to name just a few of them. Because this imaging method involves radiation, appropriate training and understanding of protecting oneself from radiation and keeping oneself safe are considered essential.

Market Dynamics

Global Radiology As A Service Market Drivers

The ever-increasing requirement for radiology services

The field of radiology focuses on the diagnosis and treatment of a wide variety of illnesses through the use of imaging techniques. In addition, as various imaging methods have become available in the field of medicine, radiology services have attained a high level of popularity in the past couple of years due to their high effectiveness in precisely detecting diseases. It has contributed to the rise in the popularity of radiology. Radiologists are indispensable to the medical profession in today's world. Radiographers are responsible for conducting these examinations and offering physical and emotional support to patients while they undergo imaging procedures. This aspect is critically important to increasing the number of patients who utilize radiology services.

Increasing incidences of chronic diseases

The increasing prevalence of disorders that can be attributed to alterations in lifestyle habits and the ingestion of unhealthy foods is the primary factor driving the need for radiology services. In addition, imaging techniques are used to view the architecture of the human body to diagnose, observe, or treat specific disorders. Imaging operations are required to determine the future course of therapy for chronic diseases such as cardiovascular diseases, respiratory disorders, cancer, and others. It has led to an increase in the demand for radiology services in the market.

Global Radiology As A Service Market Restraints

Absence of qualified professionals

The lack of qualified specialists in several developing and undeveloped nations might hinder the market's expansion. Due to their slow economic growth and limited healthcare spending, many nations are unwilling to pay trained professionals the average wage, which furthers their low levels of skilled professional penetration. Additionally, the lack of a developed healthcare system in these nations makes it difficult for the market for radiology services to expand.

Global Radiology As A Service Market Opportunities

Increasing Innovations and Awareness

It is anticipated that the increased emphasis placed on research and development capabilities for medical devices and the implementation of cutting-edge healthcare technology will create profitable prospects for the industry. Numerous prospects for market expansion will be presented in the future due to expanding technological advances and advancements, rising levels of public awareness among the general population, and developments in the infrastructure supporting healthcare delivery.

Regional Analysis

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 market. It is projected that the expanding number of service providers and the developing awareness of adopting modern technologies will be the primary elements responsible for maintaining this regional market's dominant position over the forthcoming years. In addition, a highly developed healthcare infrastructure, backing from the government, and an expanding demand for radiology as a service are expected to be the primary drivers of market growth in this region. However, Asia Pacific is anticipated to develop at the fastest CAGR between 2022 and 2030. An expanding consumer base, supportive government measures for improving the healthcare system, and greater awareness in developing countries are all factors that can be ascribed to this phenomenon.

Report Scope

Report Metric Details
Segmentations
By Type
  1. Stationary Digital Radiology Systems
  2. Portable Digital Radiology Systems
By Service
  1. Tele-radiology Reading Platform Services
    1. Cloud-based Reading Platform Services
    2. Web-based Reading Platform Services
    3. 3D Lab Imaging Services
  2. Remote Scanning Services
  3. Consulting Services
  4. Staffing Services
    1. Staffing Services For Radiologists
    2. Staffing Services For Radiographers
  5. Other IT Services
  6. Patient Booking & Scheduling
    1. Patient Arrival And Registration
    2. Workflow Scheduling And Data Entry
  7. Documentation
    1. Image Acquisition
    2. Diagnosis And Reporting
    3. Information Exchange
  8. Billing services
    1. Coding, Billing, And Working Denials
    2. Reimbursement From Payers
By Application
  1. Neurology
  2. Orthopaedics
  3. Cardiology
  4. Others
By End-User
  1. Hospitals
  2. Diagnostic Centres
  3. Others
Company Profiles 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 Teleconsult Europe.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global radiology market is divided into four parts: type, application, end-user and region.

Based on type, the market is segmented into Stationary Digital Radiology Systems and Portable Digital Radiology Systems. With the largest market share, stationary digital radiology systems will rule the industry over the following years. The stationary digital radiology market category holds a substantial market share due to the extensive use of stationary systems in hospitals to avoid dangerous radiation exposure.

Based on the end-user, the market is divided into Diagnostic Centres, Hospitals, and others. The hospitals segment dominated the market. Some factors propelling the segment include the increased demand for high-tech imaging modalities and the incorporation of surgical suites with imaging equipment. The market is expanding due to a notable rise in new hospitals.

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. It is a result of the rise in nerve disorders, including Alzheimer's, Parkinson's, neurodegenerative diseases, and others, which also contribute to the expansion of diagnostic imaging services.

Market Size By Type

Market Size By Type
  • Stationary Digital Radiology Systems
  • Portable Digital Radiology Systems
  • Recent Developments

    • 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.

    Top Key Players

    Radiology As A Service Market Share of Key Players

    Radiology As A Service Market Share of Key Players
    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 Teleconsult Europe. Others

    Frequently Asked Questions (FAQs)

    What is the growth rate for the Radiology As A Service Market?
    Radiology As A Service Market size will grow at approx. CAGR of 20.1% during the forecast period.
    Some of the top industry players in Radiology As A Service Market 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, Teleconsult Europe., etc.
    North America has held a dominant position in the Radiology As A Service Market, with the largest market share.
    The Asia-Pacific region has experienced the highest growth rate in the Radiology As A Service Market.
    The global Radiology As A Service Market report is segmented as follows: By Type, By End-User, By Application


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