The demand for high-quality, reasonably priced cloud-based medical imaging services is anticipated to rise due to the shortage of qualified radiologists worldwide and the ease of access to cutting-edge technologies. The market is expected to grow as a result of the increase in the production of medical images. Radiology and other imaging techniques are used to diagnose and treat medical conditions. The global shortage of board-certified radiologists and the rise in medical image production propel market expansion. Additionally, access to cutting-edge technologies with little financial investment and demand drives market growth.
According to Data Bridge Market Research, the Global Radiology Services Market was valued at USD 1.33 billion in 2021 and is expected to reach USD 6.03 billion by 2029, registering a CAGR of 20.8% during the forecast period of 2022-2029.
“Increasing rates of chronic diseases surge the market growth"
The rising number of illnesses brought on by changing lifestyle habits and the consumption of unhealthful foods drive the demand for radiology services. Additionally, imaging methods are used to view human body structures to diagnose, observe, or treat various diseases. The market demand for radiology services has increased due to the need for imaging procedures to determine the best treatment for chronic diseases such as cancer, cardiovascular disease, and respiratory disease.
What restraints the growth of the Global Radiology Services Market?
“Lack of well-trained professionals will limit the market growth rate"
The lack of qualified professionals in some developing and underdeveloped nations would hinder the market's expansion. Through their slow economic growth and limited healthcare spending, these nations are unwilling to pay trained professionals the standard wage, which furthers their low levels of skilled professional penetration. Additionally, the lack of a developed healthcare infrastructure in these nations makes it difficult for the market for radiology services to expand.
Segmentation: Global Radiology Services Market
The global radiology services market is segmented on the basis of type, procedure, patient age, radiation type, application and end users.
- On the basis of type, the radiology services market is segmented into product, and services.
- On the basis of procedure, the radiology services market is segmented into conventional, digital.
- On the basis of patient age, the radiology services market is segmented into adults, and pediatric.
- On the basis of radiation type, the radiology services market is segmented into diagnostics, interventional radiology.
- On the basis of application, the radiology services market is segmented into cardiovascular, oncology, gynecology, neurology, urology, dental, pelvic and abdominal, musculoskeletal, others.
- On the basis of end users, the radiology services market is segmented into hospitals, ambulatory centers, diagnostic centers, clinics, others.
Regional Insights: North America is expected to dominate the Global Radiology Services Market
North America dominates the radiology services market because of the increased funding for research and development activities and the growing occurrence of chronic diseases within the region. Additionally, this is attributed to the substantial market for radiology services and the expansion of teleradiology service providers in the area. The fact that there are fewer radiologists in the United States than there are patients would also contribute to the growth of the regional market.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the rising geriatric population in the area and growing awareness of minimally invasive medical procedures.
To know more about the study, visit, https://www.databridgemarketresearch.com/de/reports/global-radiology-services-market
Recent Developments in Global Radiology Services Market
- In 2021, The award-winning health technology company Radiobotics and Virtual Radiologic have expanded their collaboration. After the partnership, the two businesses would develop a wide range of software algorithms to increase the efficiency and accuracy of bone fracture X-ray studies.
- In 2021, RamSoft entered into a contract with Premier Radiology Services, a provider of teleradiology services in the United States. As part of the agreement, the two businesses would provide Premier Radiology Services with software that helps them alter their workflow in order to improve productivity and patient care.
- In 2021, A partnership between GE Healthcare and Spectronic Medical, a business that provides technology to utilize the potential of magnetic resonance imaging fully. With the help of this partnership, the two businesses will provide healthcare vendors with a comprehensive AI and Deep Learning-based MR radiation oncology solution, enabling high-precision treatment planning and improving clinical outcomes for thousands of radiotherapy patients.
- In 2021, Akumin, a significant supplier of outpatient diagnostic imaging services, joined forces with Royal Philips. As part of this collaboration, the new Philips Radiology Operations Command Center would be introduced throughout Akumin's outpatient imaging facilities, and clinical guidelines for Akumin's MR and CT imaging modalities would be jointly developed..
The Prominent key players operating in the radiology services market include:
- Hitachi, Ltd. (Japan)
- Siemens (Germany)
- CANON MEDICAL SYSTEMS CORPORATION (Japan)
- GENERAL ELECTRIC (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- Aspect Imaging Ltd. (Israel )
- Bruker (U.S.)
- AURORA HEALTHCARE US CORP (U.S.)
- FONAR Corp. (U.S.)
- ESAOTE SPA (Italy)
- Neusoft Corporation (China)
- TOSHIBA CORPORATION (Japan)
- Sanrad Medical Systems Private Limited (India)
- FUJIFILM Holdings Corporation (Japan)
- ONEX Corporation (Canada), Hologic, Inc.(U.S.)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.( China)
- Quality Electrodynamics, LLC (U.S.)
- Shenzhen Anke High-tech Co., Ltd.(China)
- Magritek (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of radiology services market companies contact, https://www.databridgemarketresearch.com/de/contact
Research Methodology: Global Radiology Services Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
