Global Radiology Services Market Segmentation, By 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 Users (Hospitals, Ambulatory Centers, Diagnostic Centers, Clinics, Others) – Industry Trends and Forecast to 2031.
Radiology Services Market Analysis
Over the years, radiology services and equipment have increasingly gained popularity across the globe. The popularity of tele radiology and cloud-based imaging services has grown as medical imaging technology has advanced. Consequently, various growth determinants within the market are projected to show substantial growth over the forecasted period.
Radiology Services Market Size
Global radiology services market size was valued at USD 1.94 billion in 2023 and is projected to reach USD 8.80 billion by 2031, with a CAGR of 20.8% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Radiology Services Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East and Africa
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Key Market Players
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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) and Magritek (Germany)
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Market Opportunities
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Global Radiology Services Market Definition
Radiology services are medical imaging services that are used to diagnose and treat medical conditions. Radiology services include positron emission tomography (PET), magnetic resonance imaging (MRI), and computed tomography, which are all minimally invasive medical treatments (CT).
Radiology Services Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Growing Burden Of Targeted Diseases
The growing prevalence of age-associated disorders such as the Alzheimer's disease, arthritis, Parkinson's disease and dementia, is the most significant factor driving the growth for this market. The growing rate of geriatric population is also expected to accelerate the market's overall growth.
Furthermore, the rising expenditure for the development of healthcare infrastructure development especially in the developing economies are also expected to fuel market growth. Moreover, the rising health awareness among individuals and rising medical tourism also cushions the market's growth within the forecasted period. Growing demand for minimally invasive medical procedures and increased acceptance in the medical community are also projected to bolster the growth of the market.
Opportunities
- Growing Advancements and Awareness
Moreover, the increased focus on research and development proficiencies in regards to medical devices and on the adoption of advanced healthcare technologies are estimated to generate lucrative opportunities for the market. The growing innovations and advancements of technologies as well as rising public awareness among the population and advancements in healthcare infrastructure will further offer numerous growth opportunities for the market.
Restraints/Challenges Global Radiology Services Market
- Unfavourable Reimbursement
On the other hand, improper and unfavorable reimbursement scenario in developing and underdeveloped economies is expected to obstruct market growth.
- Various Costs and Risks Issues
The high cost of diagnostic imaging systems, will hamper the market growth. Also, risks associated with high radiation exposure may challenge the radiology services market in the forecast period of 2024-2031.
This 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 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.
Post Covid-19 Impact on Radiology Services Market
Healthcare industry was largely impacted by the outbreak of COVID-19. The radiology services market does not stand back as it was also adversely affected by it. Coronavirus has resulted in a large reduction in medical imaging procedures as there were social distancing restrictions by the government to curb the COVID-19 pandemic outbreak, which has impacted the radiology as a service business during the epidemic. Postponement of non-essential medical services amid the covid-19 outbreak also affected the growth of the market. Patients' fear of viral infection has increased as a result of the pandemic, resulting in fewer hospital visits for radiological imaging. Moreover, the physicians in the radiology department shifted their focus to treating patients infected with the coronavirus, resulting in fewer medical imaging operations.
On the brighter side, the COVID-19 accelerated the demand for remote healthcare services such as telemedicine, telehealth and teleradiology. Over the projection period, increasing acceptance of radiology as a service, which includes teleradiology, consulting services, cloud-based imaging IT services, and technology management services in remote places at a much lower cost are projected to boost market growth. The determinants that are expected to boost market growth post-pandemic include increasing internet users globally and expanding market consolidation actions by leading competitors. Consequently, such factors are projected to aid the market to grow at a substantial pace post COVID-19.
Radiology Services Market Scope
The radiology services market is segmented on the basis of type, procedure, radiation type, application and end users. 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
Radiology Services Market Regional Analysis
The radiology services market is analyzed and market size insights and trends are provided by country, type, procedure, radiation type, application and end users as referenced above.
The countries covered in the radiology services 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 radiology services market because of the increasing funding for research and development activities and the growing occurrence of chronic diseases within the region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2024 to 2031 due to the growing awareness about minimally invasive medical procedures and ever-rising geriatric population 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.
Radiology Services Market Share
The 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 radiology services market.
Radiology Services Market Leaders Operating in the 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)
Latest Developments in Radiology Services Market
- In August 2021, Amazon Web Services, a subsidiary of Amazon that provides on-demand cloud computing platforms and APIs, has partnered with GE Healthcare. The two businesses will work together to give hospitals and healthcare vendors AI and cloud-based imaging solutions and clinical and operational data
- In Jun-2021, Royal Philips partnered with Akumin, a major outpatient diagnostic imaging services provider. The new Philips Radiology Operations Command Center would be implemented across Akumin's outpatient imaging centres as part of this partnership, and clinical standards for Akumin's MR and CT imaging modalities would be jointly developed
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