Radiology Services Market Research Report - Forecast till 2027

Radiology Services Market: Information by Product Type (Stationary Digital Radiology Systems and Portable Digital Radiology Systems), Application (Cardiovascular Imaging, Chest Imaging, Dental Imaging, Mammography Imaging, Orthopedic Imaging and others), Technology (Computed Radiology and Direct Digital Radiology), End User (Hospitals, Diagnostic Centers and others) - Forecast till 2024

ID: MRFR/HC/6432-HCR | February 2021 | Region: Global | 85 pages

Radiology Services Market Scenario


The radiology services market accounted for USD 8,102.51 million in 2018 and is expected to register a CAGR of 10.5% during the forecast period (2019–2024).


Radiology is the technology that diagnosis and treat diseases within the human body by using medical imaging. The radiology services are served by the radiologists and experts that are qualified for performing the test and have unique postgraduate medical education in, radiation effects on the human body, radiation safety/protection, appropriate performance and interpretation of quality radiologic, and medical imaging examinations. Radiology services comprise X-Rays, computed tomography (CT), ultrasound, fusion imaging, positron emission tomography (PET), nuclear medicine, and magnetic resonance imaging (MRI). These imaging techniques should be performed after having adequate training and understanding of radiation safety and protection.


The rising prevalence of the chronic disease, increasing healthcare expenditure, the emergence of thin client 3D viewers, advancement in radiology technology, rising demand for minimally invasive procedures are expected to drive the growth of the market. Moreover, rising R&D spending and aggressive strategies adopted by the top players, such as new product launches, are contributing to the growth of the market. For instance, In June 2018, FDA has anticipated reclassifying some types of radiology image software analyzers from class III to class II devices for mammography breast cancer, ultrasound breast lesions, and radiograph lung nodules. This will help to reduce the regulatory burden on the medical device industry.


However, the risk of high radiation exposure associated with the devices may hamper the growth of the market during the assessment period.


Segmentation


The radiology services market has been segmented on the basis of product type, application, technology, end user, and region.


On the basis of product type, the market has been classified as stationary digital radiology systems and portable digital radiology systems. Stationary digital radiology systems have been further segmented into stationary ceiling-mounted systems and floor-to-ceiling mounted system. Based on application, the market has been segmented into cardiovascular imaging, chest imaging, dental imaging, mammography imaging, orthopedic imaging, and others. The market, by technology, has been segmented into computed radiology and direct digital radiology. On the basis of end user, the market has been classified as hospitals, diagnostic centers, and others. The stationary digital radiology segment is expected to hold the largest market share of the radiology services market due to acceptance of stationary systems in hospitals, extensive application, and less exposure to radiation. However, portable digital radiology segment is showing the highest growth rate owing to simplicity in the workflow, low-cost, and proficiency performing complex computational tasks.


The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The radiology services market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.


The European radiology services market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. 


The radiology services market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The radiology services market in the Middle East & Africa has been segmented into the Middle East and Africa.


Key Players


Some of the key players in the radiology services market are 4ways Healthcare Limited, Cybernet Medical Corporation, Everlight Radiology, Global Diagnostics, Medica Reporting Ltd., Onrad, Inc, Radisphere National Radiology Group Inc., RamSoft Inc., Siemens Healthcare, Telediagnostics Services Pvt. Ltd., Telemedicine Clinic, Teleradiology Solutions Inc, and Virtual Radiology (vRAD).


Regional Market Summary


Global Radiology Services Market Share, by Region, 2018 (%)  Radiology Services Market_Image


Source: MRFR Analysis


The Americas are likely to dominate the radiology services market owing to the rising aging population, chronic disease, increasing funding & investments by manufacturer, and government initiative towards advance healthcare infrastructure. For instance, according to the report published by the US Department of Health & Human Services, in 2017, around 11.5% of the adult population in the US are diagnosed with heart disease, i.e., 28.2 million.


The European market is expected to be the second-largest radiology services market. The market growth in this region can be attributed to government funding and support of the healthcare sector, coupled with increasing research and development. Moreover, favorable reimbursement policies in European countries are contributing to the growth of the market in this region. For instance, the National Health Service (NHS), UK’s publicly sponsored national healthcare system, reimbursed about 40 million diagnostic imaging tests in 2016.


Asia-Pacific is expected to be the fastest-growing radiology services market during the forecast period owing to the increasing prevalence of cancer, rising investments in healthcare, and expansions by market players in the region. Also, a country such as India and China are considering the fastest growing region due to the presence of a huge patient population. Moreover, the government of these countries is open to adopting new technology and the best treatment option from a developed country. According to the International Agency for Research on Cancer, in 2018, India has a prevalence of 173.5 cancer patients per 100,000 population. Moreover, in China, the prevalence rate of cancer was 377.6 patients per 100,000 population in 2018.


The market in the Middle East & Africa is expected to account for the smallest share of the radiology services market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.


Radiology Services Market, by Product Type



  • Stationary Digital Radiology Systems

    • Ceiling-Mounted Systems

    • Floor-To-Ceiling Mounted System



  • Portable Digital Radiology Systems


Radiology Services Market, by Application



  • Cardiovascular Imaging

  • Chest Imaging

  • Dental Imaging

  • Mammography Imaging

  • Orthopedic Imaging

  • Others


Radiology Services Market, by Technology



  • Computed Radiology

  • Direct Digital Radiology


Radiology Services Market, by End User



  • Hospitals

  • Diagnostic Centers

  • Others


Radiology Services Market, by Region



  • Americas

    • North America

      • US

      • Canada



    • Latin America





  • Europe

    • Western Europe

      • Germany

      • France

      • Italy

      • Spain

      • UK

      • Rest of Western Europe



    • Eastern Europe





  • Asia-Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Rest of Asia-Pacific





  • Middle East & Africa

    • Middle East

    • Africa




Intended Audience



  • Radiology devices manufacturers

  • Radiology devices distributors and suppliers

  • Healthcare providers

  • Research institutes and academic centers

  • Government associations

  • Market research and consulting



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2018: USD 8,102.51 Million
  • 2027: Significant Value
  •   CAGR   10.5% (2019-2024)
      Base Year   2019
      Forecast Period   2020-2027
      Historical Data   2018
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Product Type, Application, Technology, End user
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   4ways Healthcare Limited, Cybernet Medical Corporation, Everlight Radiology, Global Diagnostics, Medica Reporting Ltd., Onrad, Inc, Radisphere National Radiology Group Inc., RamSoft Inc., Siemens Healthcare, Telediagnostics Services Pvt. Ltd., Telemedicine Clinic, Teleradiology Solutions Inc, and Virtual Radiology (vRAD)
      Key Market Opportunities

  • Rising R&D spending
  • Aggressive strategies adopted by the top players, such as new product launches,
  •   Key Market Drivers

  • Rising prevalence of the chronic disease
  • Increasing healthcare expenditure
  • The emergence of thin client 3D viewers
  • Advancement in radiology technology
  • Rising demand for minimally invasive procedures


  • Frequently Asked Questions (FAQ) :


    The radiology services market is projected to grow at a 10.5% CAGR between 2019-2024.

    The Americas is expected to spearhead the radiology services market.

    Eminent players profiled in the radiology services market include Virtual Radiology (vRAD), Teleradiology Solutions Inc, Telemedicine Clinic, Telediagnostics Services Pvt. Ltd., Siemens Healthcare, RamSoft Inc., Radisphere National Radiology Group Inc., Onrad, Inc, Global Diagnostics, Medica Reporting Ltd., Everlight Radiology, Cybernet Medical Corporation, and 4ways Healthcare Limited.

    Specific strategies adopted by industry players to create a foothold in the radiology services market include extensive research and development activities, partnerships, mergers, and expansions.

    It finds extensive applications in orthopedic imaging, mammography imaging, dental imaging, chest imaging, cardiovascular imaging, and others.

    Table of Contents

    Chapter 1 Report Prologue

    Chapter 2 Market Introduction

    2.1 Definition

    2.2 Scope of the Study

    2.2.1 Research Objective

    2.2.2 Assumptions

    2.2.3 Limitations

    Chapter 3 Research Methodology

    3.1 Introduction

    3.2 Primary Research

    3.3 Secondary Research

    3.4 Market Size Estimation

    Chapter 4 Market Dynamics

    4.1 Drivers

    4.2 Restraints

    4.3 Opportunities

    4.4 Challenges

    4.5 Macroeconomic Indicators

    4.6 Detection Technique Trends & Assessment

    Chapter 5 Market Factor Analysis

    5.1 Porter’s Five Forces Analysis

    5.1.1 Bargaining Power of Suppliers

    5.1.2 Bargaining Power of Buyers

    5.1.3 Threat of New Entrants

    5.1.4 Threat of Substitutes

    5.1.5 Intensity of Rivalry

    5.2 Value Chain Analysis

    5.3 Investment Feasibility Analysis

    5.4 Pricing Analysis

    Chapter 6 Global Radiology services Market, by Product Type

    6.1 Introduction

    6.2 Stationary Digital Radiology Systems

    6.2.1 Ceiling-Mounted Systems

    Market Estimates & Forecast, by Region, 2020-2027

    Market Estimates & Forecast, by Country, 2020-2027

    6.2.2 Floor-To-Ceiling Mounted System

    Market Estimates & Forecast, by Region, 2020-2027

    Market Estimates & Forecast, by Country, 2020-2027

    6.3 Portable Digital Radiology Systems

    6.3.1 Handheld Radiology Systems

    Market Estimates & Forecast, by Region, 2020-2027

    Market Estimates & Forecast, by Country, 2020-2027

    6.3.2 Mobile Radiology Systems

    Market Estimates & Forecast, by Region, 2020-2027

    Market Estimates & Forecast, by Country, 2020-2027

    Chapter 7 Global Radiology Services Market, by Application

    7.1 Introduction

    7.2 Cardiovascular Imaging

    Market Estimates & Forecast, by Region, 2020-2027

    Market Estimates & Forecast, by Country, 2020-2027

    7.3 Chest Imaging

    Market Estimates & Forecast, by Region, 2020-2027

    Market Estimates & Forecast, by Country, 2020-2027

    7.4 Dental Imaging

    Market Estimates & Forecast, by Region, 2020-2027

    Market Estimates & Forecast, by Country, 2020-2027

    7.5 Mammography Imaging

    Market Estimates & Forecast, by Region, 2020-2027

    Market Estimates & Forecast, by Country, 2020-2027

    7.6 Orthopedic Imaging

    Market Estimates & Forecast, by Region, 2020-2027

    Market Estimates & Forecast, by Country, 2020-2027

    7.7 Others

    Market Estimates & Forecast, by Region, 2020-2027

    Market Estimates & Forecast, by Country, 2020-2027

    Chapter 8 Global Radiology Services Market, By Technology

    8.1 Introduction

    8.2 Computed Radiology

    Market Estimates & Forecast, by Region, 2020-2027

    Market Estimates & Forecast, by Country, 2020-2027

    8.3 Direct Digital Radiology

    Market Estimates & Forecast, by Region, 2020-2027

    Market Estimates & Forecast, by Country, 2020-2027

    Chapter 9 Global Radiology Services Market, By End User

    9.1 Introduction

    9.2 Hospitals

    Market Estimates & Forecast, by Region, 2020-2027

    Market Estimates & Forecast, by Country, 2020-2027

    9.3 Diagnostic Centers

    Market Estimates & Forecast, by Region, 2020-2027

    Market Estimates & Forecast, by Country, 2020-2027

    9.4 Others

    Market Estimates & Forecast, by Region, 2020-2027

    Market Estimates & Forecast, by Country, 2020-2027

    Chapter 10 Global Radiology Services Market, by Region

    10.1 Introduction

    10.2 Americas

    10.2.1 North America

    10.2.1.1 US

    10.2.1.2 Canada

    10.2.2 Latin America

    10.3 Europe

    10.3.1 Western Europe

    10.3.1.1 Germany

    10.3.1.2 France

    10.3.1.3 Italy

    10.3.1.4 Spain

    10.3.1.5 UK

    10.3.1.6 Rest of Western Europe

    10.3.2 Eastern Europe

    10.4 Asia-Pacific

    10.4.1 Japan

    10.4.2 China

    10.4.3 India

    10.4.4 Australia

    10.4.5 South Korea

    10.4.6 Rest of Asia-Pacific

    10.5 Middle East & Africa

    10.5.1 Middle East

    10.5.2 Africa

    Chapter 11 Company Landscape

    11.1 Introduction

    11.2 Market Share Analysis

    11.3 Key Developments & Strategies

    Chapter 12 Company Profiles

    12.1 4ways Healthcare Limited

    12.1.1 Company Overview

    12.1.2 Product Overview

    12.1.3 Financial Overview

    12.1.4 Key Developments

    12.1.5 SWOT Analysis

    12.1.6 Key Strategies

    12.2 Cybernet Medical Corporation

    12.2.1 Company Overview

    12.2.2 Product Overview

    12.2.3 Financial Overview

    12.2.4 Key Developments

    12.2.5 SWOT Analysis

    12.2.6 Key Strategies

    12.3 Everlight Radiology

    12.3.1 Company Overview

    12.3.2 Product Overview

    12.3.3 Financial Overview

    12.3.4 Key Developments

    12.3.5 SWOT Analysis

    12.3.6 Key Strategies

    12.4 Global Diagnostics

    12.4.1 Company Overview

    12.4.2 Product Overview

    12.4.3 Financial Overview

    12.4.4 Key Developments

    12.4.5 SWOT Analysis

    12.4.6 Key Strategies

    12.5 Medica Reporting Ltd.

    12.5.1 Company Overview

    12.5.2 Product Overview

    12.5.3 Financial Overview

    12.5.4 Key Developments

    12.5.5 SWOT Analysis

    12.5.6 Key Strategies

    12.6 Onrad, Inc

    12.6.1 Company Overview

    12.6.2 Product Overview

    12.6.3 Financial Overview

    12.6.4 Key Developments

    12.6.5 SWOT Analysis

    12.6.6 Key Strategies

    12.7 Radisphere National Radiology Group Inc.

    12.7.1 Company Overview

    12.7.2 Product Overview

    12.7.3 Financial Overview

    12.7.4 Key Developments

    12.7.5 SWOT Analysis

    12.7.6 Key Strategies

    12.8 RamSoft Inc.

    12.8.1 Company Overview

    12.8.2 Product Overview

    12.8.3 Financial Overview

    12.8.4 Key Developments

    12.8.5 SWOT Analysis

    12.8.6 Key Strategies

    12.9 Siemens Healthcare

    12.9.1 Company Overview

    12.9.2 Product Overview

    12.9.3 Financial Overview

    12.9.4 Key Developments

    12.9.5 SWOT Analysis

    12.9.6 Key Strategies

    12.10 Telediagnostics Services Pvt. Ltd.

    12.10.1 Company Overview

    12.10.2 Product Overview

    12.10.3 Financial Overview

    12.10.4 Key Developments

    12.10.5 SWOT Analysis

    12.10.6 Key Strategies

    12.11 Telemedicine Clinic

    12.11.1 Company Overview

    12.11.2 Product Overview

    12.11.3 Financial Overview

    12.11.4 Key Developments

    12.11.5 SWOT Analysis

    12.11.6 Key Strategies

    12.12 Teleradiology Solutions Inc

    12.12.1 Company Overview

    12.12.2 Product Overview

    12.12.3 Financial Overview

    12.12.4 Key Developments

    12.12.5 SWOT Analysis

    12.12.6 Key Strategies

    12.13 Virtual Radiology (vRAD)

    12.13.1 Company Overview

    12.13.2 Product Overview

    12.13.3 Financial Overview

    12.13.4 Key Developments

    12.13.5 SWOT Analysis

    12.13.6 Key Strategies

    12.14 Others

    Chapter 13 MRFR Conclusion

    13.1 Key Findings

    13.1.1 From CEO’s Viewpoint

    13.1.2 Unmet Needs of the Market

    13.2 Key Companies to Watch

    13.3 Predictions for the Radiology Services Industry

    Chapter 14 Appendix

    LIST OF TABLES

    Table 1 Global Radiology Services Market Synopsis, 2020-2027

    Table 2 Global Radiology Services Market Estimates and Forecast, 2020-2027 (USD Million)

    Table 3 Global Radiology Services Market, by Region, 2020-2027 (USD Million)

    Table 4 Global Radiology Services Market, by Product Type, 2020-2027 (USD Million)

    Table 5 Global Radiology Services Market, by Application, 2020-2027 (USD Million)

    Table 6 Global Radiology Services Market, By Technology, 2020-2027 (USD Million)

    Table 7 Global Radiology Services Market, By End User, 2020-2027 (USD Million)

    Table 8 North America: Radiology Services Market, by Product Type, 2020-2027 (USD Million)

    Table 9 North America: Radiology Services Market, by Application, 2020-2027 (USD Million)

    Table 10 North America: Radiology Services Market, By Technology, 2020-2027 (USD Million)

    Table 11 North America: Radiology Services Market, By End User, 2020-2027 (USD Million)

    Table 12 US: Radiology Services Market, by Product Type, 2020-2027 (USD Million)

    Table 13 US: Radiology Services Market, by Application, 2020-2027 (USD Million)

    Table 14 US: Radiology Services Market, By Technology, 2020-2027 (USD Million)

    Table 15 US: Radiology Services Market, By End User, 2020-2027 (USD Million)

    Table 16 Canada: Radiology Services Market, by Product Type, 2020-2027 (USD Million)

    Table 17 Canada: Radiology Services Market, by Application, 2020-2027 (USD Million)

    Table 18 Canada: Radiology Services Market, By Technology, 2020-2027 (USD Million)

    Table 19 Canada: Radiology Services Market, By End User, 2020-2027 (USD Million)

    Table 20 Latin America: Radiology Services Market, by Product Type, 2020-2027 (USD Million)

    Table 21 Latin America: Radiology Services Market, by Application, 2020-2027 (USD Million)

    Table 22 Latin America: Radiology Services Market, By Technology, 2020-2027 (USD Million)

    Table 23 Latin America: Radiology Services Market, By End User, 2020-2027 (USD Million)

    Table 24 Europe: Radiology Services Market, by Product Type, 2020-2027 (USD Million)

    Table 25 Europe: Radiology Services Market, by Application, 2020-2027 (USD Million)

    Table 26 Europe: Radiology Services Market, By Technology, 2020-2027 (USD Million)

    Table 27 Europe: Radiology Services Market, By End User, 2020-2027 (USD Million)

    Table 28 Western Europe: Radiology Services Market, by Product Type, 2020-2027 (USD Million)

    Table 29 Western Europe: Radiology Services Market, by Application, 2020-2027 (USD Million)

    Table 30 Western Europe: Radiology Services Market, By Technology, 2020-2027 (USD Million)

    Table 31 Western Europe: Radiology Services Market, By End User, 2020-2027 (USD Million)

    Table 32 Eastern Europe: Radiology Services Market, by Product Type, 2020-2027 (USD Million)

    Table 33 Eastern Europe: Radiology Services Market, by Application, 2020-2027 (USD Million)

    Table 34 Eastern Europe: Radiology Services Market, By Technology, 2020-2027 (USD Million)

    Table 35 Eastern Europe: Radiology Services Market, By End User, 2020-2027 (USD Million)

    Table 36 Asia-Pacific: Radiology Services Market, by Product Type, 2020-2027 (USD Million)

    Table 37 Asia-Pacific: Radiology Services Market, by Application, 2020-2027 (USD Million)

    Table 38 Asia-Pacific: Radiology Services Market, By Technology, 2020-2027 (USD Million)

    Table 39 Asia-Pacific: Radiology Services Market, By End User, 2020-2027 (USD Million)

    Table 40 Middle East & Africa: Radiology Services Market, by Product Type, 2020-2027 (USD Million)

    Table 41 Middle East & Africa: Radiology Services Market, by Application, 2020-2027 (USD Million)

    Table 42 Middle East & Africa: Radiology Services Market, By Technology, 2020-2027 (USD Million)

    Table 43 Middle East & Africa: Radiology Services Market, By End User, 2020-2027 (USD Million)

    LIST OF FIGURES

    Figure 1 Research Process

    Figure 2 Segmentation for Global Radiology Services Market

    Figure 3 Segmentation Market Dynamics for Global Radiology Services Market

    Figure 4 Global Radiology Services Market Share, by Product Type, 2020

    Figure 5 Global Radiology Services Market Share, by Application, 2020

    Figure 6 Global Radiology Services Market Share, By Technology, 2020

    Figure 7 Global Radiology Services Market Share, By End User, 2020

    Figure 8 Global Radiology Services Market Share, by Region, 2020

    Figure 9 North America: Radiology Services Market Share, by Country, 2020

    Figure 10 Europe: Radiology Services Market Share, by Country, 2020

    Figure 11 Asia-Pacific: Radiology Services Market Share, by Country, 2020

    Figure 12 Middle East & Africa: Radiology Services Market Share, by Country, 2020

    Figure 13 Global Radiology Services Market: Company Share Analysis, 2020 (%)

    Figure 14 4ways Healthcare Limited: Key Financials

    Figure 15 4ways Healthcare Limited: Segmental Revenue

    Figure 16 4ways Healthcare Limited: Geographical Revenue

    Figure 17 Cybernet Medical Corporation: Key Financials

    Figure 18 Cybernet Medical Corporation: Segmental Revenue

    Figure 19 Cybernet Medical Corporation: Geographical Revenue

    Figure 20 Everlight Radiology: Key Financials

    Figure 21 Everlight Radiology: Segmental Revenue

    Figure 22 Everlight Radiology: Geographical Revenue

    Figure 23 Global Diagnostics: Key Financials

    Figure 24 Global Diagnostics: Segmental Revenue

    Figure 25 Global Diagnostics: Geographical Revenue

    Figure 26 Medica Reporting Ltd.: Key Financials

    Figure 27 Medica Reporting Ltd.: Segmental Revenue

    Figure 28 Medica Reporting Ltd.: Geographical Revenue

    Figure 29 Onrad, Inc: Key Financials

    Figure 30 Onrad, Inc: Segmental Revenue

    Figure 31 Onrad, Inc: Geographical Revenue

    Figure 32 Radisphere National Radiology Group Inc.: Key Financials

    Figure 33 Radisphere National Radiology Group Inc.: Segmental Revenue

    Figure 34 Radisphere National Radiology Group Inc.: Geographical Revenue

    Figure 35 RamSoft Inc.: Key Financials

    Figure 36 RamSoft Inc.: Segmental Revenue

    Figure 37 RamSoft Inc.: Geographical Revenue

    Figure 38 Siemens Healthcare: Key Financials

    Figure 39 Siemens Healthcare: Segmental Revenue

    Figure 40 Siemens Healthcare: Geographical Revenue

    Figure 41 Telediagnostics Services Pvt. Ltd.: Key Financials

    Figure 42 Telediagnostics Services Pvt. Ltd.: Segmental Revenue

    Figure 43 Telediagnostics Services Pvt. Ltd.: Geographical Revenue

    Figure 44 Telemedicine Clinic: Key Financials

    Figure 45 Telemedicine Clinic: Segmental Revenue

    Figure 46 Telemedicine Clinic: Geographical Revenue

    Figure 47 Teleradiology Solutions Inc: Key Financials

    Figure 48 Teleradiology Solutions Inc: Segmental Revenue

    Figure 49 Teleradiology Solutions Inc: Geographical Revenue

    Figure 50 Virtual Radiology (vRAD): Key Financials




    This table of content is tentative and subject to change as the research progresses.

    Please Note:  Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.