Global Radiological Diagnostics Market, By Machines (X-Ray Machine, CT Scanner, MRI Machine, Cardiovascular Monitoring And Diagnostic Devices And Equipment, Nuclear Imaging Devices And Equipment), Technology (Computed Radiology, Direct Radiology), End User (Hospitals, Diagnostic Centers, Other End Users) – Industry Trends and Forecast to 2030
Radiological Diagnostics Market Analysis and Size
The risk of new developing diseases increases in direct proportion to age. According to CDC, approximately 80% of the elderly in the U.S. have at least one chronic condition, which enhances the wide use of radiological diagnostics. The growing demand for imaging modalities by teaching hospitals and universities to offer training for advanced technology is anticipated to have a major impact on the market growth during the forecast years.
Data Bridge Market Research analyses that the radiological diagnostics market, which was USD 566.8 billion in 2022, would rise up to USD 870 billion by 2030 and is expected to undergo a CAGR of 5.50% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Radiological Diagnostics Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Machines (X-Ray Machine, CT Scanner, MRI Machine, Cardiovascular Monitoring And Diagnostic Devices And Equipment, Nuclear Imaging Devices And Equipment), Technology (Computed Radiology, Direct Radiology), End User (Hospitals, Diagnostic Centers, Other End Users)
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Countries Covered
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U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Siemens (Germany), 4ways Healthcare Limited (U.K.), Everlight Radiology (Australia), RadNet, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Sonic Healthcare Limited (U.S.), Medica Reporting Ltd. (U.K.), ONRAD, Inc. (U.S.), UNILABS (Switzerland), Radiology Reports online (U.S.), InHealth Group (U.K.), Concord Medical Group (U.S.), Alliance Health (U.S.), RamSoft, Inc. (Canada), General Electric (U.S.)
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Market Opportunities
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Market Definition
Diagnostic radiology uses non-invasive imaging scans to diagnose patients. Sometimes, low doses of radiation are used in tests and equipment to create highly detailed images of an area. Radiography refers to several studies that need x-ray techniques to visualize internal organs. It is a technique for creating and recording an x-ray pattern to offer the user a static image after the exposure ends.
Global Radiological Diagnostics Market Dynamics
Drivers
- Increasing Adoption of AI in Radiology
The increasing adoption of AI to automate image quantification and identification process is also anticipated to increase market growth. For instance, Google's AI platform, Google's Deepmind, collaborated with Moorfields Eye Hospital to monitor all eye scans using an optical CT scanner to ensure early detection of age-related macular degeneration. In addition to this, the wide introduction of 3D MRI and CT scans allows radiologists to analyze scans, decreasing analysis time and enhancing efficacy quickly. Thus, this factor boosts market growth.
- Increasing Demand for CT
CT systems are one of the main diagnostic tools widely used in many research institutes and hospitals that increase market growth. Increasing demand for Point of Care (POC) CT devices and the high development of a high-precision CT scanner by adding AI & ML and advanced visualization systems are leading the market growth. Thus, this factor boosts market growth.
Opportunities
- Increasing Demand for Portable Diagnostics
Portable diagnostic equipment is anticipated to grow, and several competitors are focusing on emerging new and innovative portable equipment during the forecast period. Their adoption rates in emergency and intensive care units in hospitals and home care organizations are steadily growing due to their ease of use and point-of-care applications. There is also an increasing need for portable devices in the emergency care units for easy and quick usage, quick interventions for acute events, and better monitoring. Some of the major products developed are Siemens Healthcare's mobilett mira max portable X-ray systems, Samsung Electronics' 32-SLICE CT scanner, and Sonosite's MicroMaxx portable ultrasound system, which helps diagnose patients. Thus, this factor boosts market growth.
Restraints/Challenges
- High Cost of Radiological diagnostics
The high cost of different radiological diagnostics samples and other equipment for diagnosing various diseases impedes market growth. Presently, R&D of radiological diagnostics is more expensive and cannot be afforded by most hospitals and research institutes in underdeveloped and developing countries. Therefore, these factors hamper the market growth.
This radiological diagnostics 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 radiological diagnostics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In 2019, Canon received the U.S. FDA nod for its Advanced Intelligent Clear-IQ Engine (AiCE), an AI technology added to its Aquilion Precision scanner. The technology assists physicians in achieving precision diagnostics without increasing the dosage.
- In 2021, Philips announced the launch of an AI-enabled MR imaging portfolio intending to increase the efficacy and sustainability of radiology operations by increasing the rate of MR exams
Global Radiological Diagnostics Market Scope
The radiological diagnostics market is segmented on the basis of machines, technology 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.
Machines
- X-Ray Machine
- CT Scanner
- MRI Machine
- Cardiovascular Monitoring And Diagnostic Devices And Equipment
- Nuclear Imaging Devices And Equipment
Technology
- Computed Radiology
- Direct Radiology
End User
- Hospitals
- Diagnostic Centers
- Other End Users
Radiological Diagnostics Market Regional Analysis/Insights
The radiological diagnostics market is analyzed and market size insights and trends are provided by machines, technology and end-user as referenced above.
The countries covered in the radiological diagnostics market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the radiological diagnostics market due to the increase in the incidence of chronic diseases such as heart disease, and diabetes, the availability of major market players, and government initiative to manufacture healthcare infrastructure in this region.
Asia-Pacific is expected to witness significant growth due to the growing incidence of chronic diseases, increasing demand for several advanced healthcare systems among the elderly population, and the developing healthcare infrastructure within the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The radiological diagnostics 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 radiological diagnostics market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the radiological diagnostics market. The data is available for historic period 2011-2021.
Competitive Landscape and Radiological Diagnostics Market Share Analysis
The radiological diagnostics 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 radiological diagnostics market.
Some of the major players operating in the radiological diagnostics market are:
- Siemens (Germany)
- 4ways Healthcare Limited (U.K.)
- Everlight Radiology (Australia)
- RadNet, Inc. (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- Sonic Healthcare Limited (U.S.)
- Medica Reporting Ltd. (U.K.)
- ONRAD, Inc. (U.S.)
- UNILABS (Switzerland)
- Radiology Reports online (U.S.)
- InHealth Group (U.K.)
- Concord Medical Group (U.S.)
- Alliance Health (U.S.)
- RamSoft, Inc. (Canada)
- General Electric (U.S.)
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