Australia Radiology Services Market – Industry Trends and Forecast to 2029

Market Analysis and Size

Radiology, is also known as diagnostic imaging, which is a series of tests that take pictures or images of parts of the body. The field includes two areas such as the diagnostic radiology and interventional radiology and they both use radiant energy to treat diseases and diagnosis.

Data Bridge Market Research analyses that the radiology services market which was USD 1.33 billion in 2021, would rocket up to USD 4.73 billion by 2029, and is expected to undergo a CAGR of 17.2% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Market Definition

Radiology has grown in importance as a diagnostic tool for a variety of disorders and a potent tool for monitoring treatment and predicting outcomes. Radiology is a medical speciality that uses imaging technologies to diagnose and treat disorders that are visible inside the body. Radiologists use imaging techniques such as X-ray, magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), and ultrasound to treat and diagnose ailments.

Radiology Services Market Dynamics

Drivers

• Growing burden of targeted diseases

The most significant factor driving the market growth is the rising prevalence of age-related illnesses such as Alzheimer's, arthritis, Parkinson's, and dementia. The market's overall growth is likely to be accelerated by the expanding geriatric population.

• Rising expenditure for the development of healthcare infrastructure 

Additionally, increased expenditures for healthcare infrastructure development, particularly in developing nations, are likely to drive market expansion. Furthermore, increasing health awareness among individuals and increased medical tourism would help buffer the market's growth from 2022 to 2029. Growing demand for minimally invasive medical procedures and increased acceptance among doctors are expected to propel the market forward.

• Technological developments

The rapid innovation of the radiology services market in both developing and developed countries, as well as rising research and development expenditures that result in new radiology equipment, are all contributing to increased radiology service utilisation. Furthermore, government initiatives to promote radiology technology as the best alternative for early diagnosis in a variety of chronic conditions are fueling market expansion.

Opportunities

• Growing advancements and awareness

Furthermore, the growing focus on medical device research and development capabilities and the adoption of sophisticated healthcare technologies are expected to create profitable prospects for the market. Growing technological developments and advancements, as well as increased public awareness and advancements in healthcare infrastructure, will provide the market with multiple potential prospects.

Restraints/Challenges

• Unfavourable reimbursement

On the other hand, improper and unfavourable reimbursement scenarios are expected to stifle market growth in developing and underdeveloped economies.

• Various costs and risks issues

The market's expansion will be hindered by the high cost of diagnostic imaging devices. Furthermore, in the forecast period of 2022-2029, dangers associated with high radiation exposure may pose a threat to the radiology services market.

This Australia radiology services market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Australia radiology services market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Radiology Services Market

The outbreak of COVID-19 has a significant influence on the healthcare industry. The radiology services market is not immune, as it has been impacted as well. Because of the government's social distancing regulations to combat the COVID-19 pandemic outbreak, there has been a significant decline in medical imaging procedures, which has damaged radiology as a service industry throughout the epidemic. The market's growth was further hampered by the postponement of non-essential medical services because to the covid-19 epidemic. As a result of the pandemic, patients' fear of viral infection has grown, resulting in fewer hospital visits for radiological imaging. Furthermore, the radiology department's physicians shifted their focus to treating coronavirus-infected patients, resulting in fewer medical imaging procedures.

Recent Development

• In August 2021, GE Healthcare has teamed with Amazon Web Services, an Amazon company that delivers on-demand cloud computing platforms and APIs. The two companies will collaborate to provide AI and cloud-based imaging technologies and clinical and operational data to hospitals and healthcare providers.
• In Jun-2021, Royal Philips teamed up with Akumin, a leading outpatient diagnostic imaging services provider. As part of this agreement, the new Philips Radiology Operations Command Center would be implemented across Akumin's outpatient imaging centres, and clinical standards for Akumin's MR and CT imaging modalities would be developed together.

Australia Radiology Services Market Scope

The Australia radiology services market is segmented on the basis of type, product, procedure, patient age, radiation type, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Product
• Services

Procedure

• Conventional
• Digital

Patient Age

• Adults
• Pediatric

Radiation Type

• Diagnostics
• Interventional Radiology

Application

• Cardiovascular
• Oncology
• Gynecology
• Neurology
• Urology
• Dental
• Pelvic and Abdominal
• Musculoskeletal
• Others

End-User

• Hospitals
• Ambulatory Centers
• Diagnostic Centers
• Clinics
• Others

Healthcare Infrastructure growth Installed base and New Technology Penetration

The Australia radiology services market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Australia radiology services market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Australia radiology services market. The data is available for historic period 2010-2020.

Competitive Landscape and Australia Radiology Services Market Share Analysis

The Australia radiology services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Australia radiology services market.

Some of the major players operating in the Australia radiology services market are:

• 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)

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