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

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.

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.

Impact of covid-19

When the world witnessed the noble Coronavirus breakout, it disrupted all nations' economies. The government imposed lockdowns to slow the disease's rapid spread. Productions were stopped, all workplaces were closed, public interactions were limited, and temporary manufacturing and trading operations suspensions were implemented globally. Implementing the lockdown and public exchange caused interruption causing a cutting down of the market's operations. The social distancing norms of the government also disrupted the supply chain. Because of lockdowns imposed by the government, businesses and employees could not use the equipment. This forced the farmers to lean towards the help provided by autonomous tractors pushing the autonomous tractor market growth further.

The South Korean nation faced many problems due to the social distancing and public interaction restrictions imposed by the government, which resulted in a workforce shortage. Travel restrictions imposed also restricted the movement of emigrant laborers into the nation. So the country had to ultimately shift towards using autonomous machines to continue their production and operations, to generate income during tough times. But still, during the era of covid, the market had to face a few bumps, such as the level of participation by the companies in the market declined, suppliers and distributors also slowed down their operations, and this negatively affected the farm machinery industry supply chain, resulting in a delay of deliveries of agricultural machinery.

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.