Radiology Services Market Booming at a CAGR of 19.7% to hit $ 5.3 Billion by 2030
The radiology services market is expected to register a CAGR of 19.7% to reach USD 5.3 billion during the forecast period (2022–2030).
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.
The radiology services Industry 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 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 market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The market in the Middle East & Africa has been segmented into the Middle East and Africa.
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
The Americas are likely to dominate the 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 global 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 market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
Radiology Services Market, by Product Type
Radiology Services Market, by Application
Radiology Services Market, by Technology
Radiology Services Market, by End User
Radiology Services Market, by Region
|Market Size||USD 5.3 Billion|
|Forecast Units||Value (USD Billion)|
|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||
|Key Market Drivers||
The radiology services market is projected to grow at a 19.7% CAGR between 2022-2030.
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.