Republic of Ireland (ROI) and Northern Ireland MRI and CT Scan Radiology Services Market, By Devices (Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) Scan), End User (Hospitals & Clinics, Diagnostic Imaging Centres, Home Care, and Ambulatory Care) Industry Trends and Forecast to 2030.
Republic of Ireland (ROI) and Northern Ireland MRI and CT Scan Radiology Services Market Analysis and Insights
The Republic of Ireland (ROI) and Northern Ireland MRI and CT Scan Radiology Services Market is expected to grow in the forecast year due to an increase in the number of radiology service launches with innovation and technological advancement to meet the needs of the market is expected to foster the market's growth. The key market players are increasingly interested in employing new technologies to attract the end-user attention. The increased incidence of cancer and other chronic disorders raises the demand for early detection and diagnosis via utilizing the latest technologies, thereby propelling the growth of the radiology services market. Therefore, the Republic of Ireland (ROI) and Northern Ireland MRI and CT scan radiology services market is expected to grow strongly during the forecast period.
However, the lack of skilled and certified professionals to install advanced devices with the services is expected to restrain the market's growth.
Republic of Ireland (ROI) MRI and CT scan radiology services market is expected to gain market growth in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 4.2% in the forecast period of 2023 to 2030 and is expected to reach USD 498.61 million, from USD 357.83 Million respectively for Republic of Ireland (ROI).
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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 (Customisable to 2015-2020)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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By Devices (Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) Scan), End User (Hospitals & Clinics, Diagnostic Imaging Centres, Home Care, and Ambulatory Care)
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Countries Covered
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Republic of Ireland (ROI) and Northern Ireland
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Market Players Covered
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The major companies which are dealing in the market are NOAH, Mater Private Network, SVPH, Beacon Hospital, The Ulster Independent Clinic Ltd, St. James's Private Radiology, UPMC Affiliated with the University of Pittsburgh Schools of the Health Sciences, Blackrock Clinic Limited, and Alliance Medical Diagnostic Imaging Ltd. among others
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Market Definition
Imaging technology is used in the medical specialty of radiology to identify and treat diseases. Diagnostic radiology and interventional radiology are two subfields of radiology. Radiologists are medical professionals with a focus on radiology. A wide range of diagnostic procedures, such as x-rays, ultrasonography, bone mineral densitometry, fluoroscopy, mammography, nuclear medicine, CT, and MRI, are interpreted by radiologists. The diagnosis of many diseases, including cancer, depends on radiology. Early detection helps save lives. There can be no treatment or cure without a diagnosis.
Strong magnetic fields and radio waves are used in magnetic resonance imaging (MRI), a form of scan, to provide precise images of the inside of the body. An MRI scan's findings can be used to plan treatments, diagnose illnesses, and gauge the success of earlier therapies. By computer processing, cross-sectional images (slices) of the bones, blood arteries, and soft tissues inside your body are produced during a computerized tomography (CT) scan, which combines several X-ray images collected from various angles all over your body. Images from a CT scan offer more information than an X-ray would. There are various applications for a CT scan, but it is especially useful for immediately examining patients with internal damage from automobile accidents or other types of trauma. Nearly every region may be seen using a CT scan to plan medical, surgical, or radiation treatments and detect diseases and injuries. However, the high cost of radiology or imaging techniques and the high radiation risk is expected to restrain the market growth.
Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
- Increasing the prevalence of chronic diseases
Chronic diseases are rising due to poor lifestyle habits such as smoking, eating poorly, drinking excessively, not exercising, and not adequately relieving chronic stress. These poor lifestyle choices lead to heart disease, arthritis, cancer, heart attacks, strokes, diabetes, epilepsy, obesity, and problems with dental and oral health. Radiology is done for internal observation using medical imaging procedures to treat and diagnose chronic disease. However, the chronic illness remains for a more extended period and requires continuous compliance. Therefore, the increasing chronic disease prevalence may boost the growth of the Republic of Ireland (ROI) and Northern Ireland MRI and CT scan radiology services market.
- Recent technological developments in teleradiology
Teleradiology is to send medical image transmission from one facility to another so that that image can be observed and explained for diagnosis during consulting by a radiologist. Hospitals widely adopt teleradiology, urgent care clinics, and diagnostic imaging centers. Teleradiology has changed radiology and its service approach with new technological advancements in teleradiology.
The rising number of launches for teleradiology coupled with increasing demand for teleradiology services owing to its benefits may drive the market's growth. Teleradiology is a notable element developed in delivering radiological services due to the high quality and speedy data transmission. Transference of images among radiologists through local or distant networks is widely available to solicit a specialized opinion in selected cases. At the same time, teleradiology improves patient care by allowing radiologists to show their expertise without requiring them to be present at the same place as the patient. Thus, teleradiology has transformed radiology in mobility, reporting, and helping reduce error. The factors are expected to propel the growth of the Republic of Ireland (ROI) and Northern Ireland MRI and CT scan radiology services market.
- Availability of reimbursement for radiology procedures
Reimbursement is the payment made to diagnostic facilities, hospitals, doctors, and other healthcare providers for medical services. Reimbursement administered by health insurers/ government covers all costs or some part of your health care cost based on patients' health plan/ policies/procedures. Growing reimbursement policies for radiology procedures across European countries boost the demand for radiology services across the regional market.
Centers reimburse Medicare and Medicaid Services to motivate the radiologist and the patient. Reimbursement has increased the demand for radiology services, so the availability of reimbursement for radiology procedures is expected to propel the growth of the Republic of Ireland (ROI) and Northern Ireland MRI and CT scan radiology services market.
Opportunities
- Use of Blockchain in Diagnostic Imaging
Teleradiology has transformed radiology and created storage requirements. Transferring image data on printed or optical media has become insufficient for today's needs. Blockchain is a secure method for online data storage and can also be used in diagnostic imaging.
There is a rising demand for rapid accessibility of medical imaging data. To this date, the large number of radiologic images to audit and store can be done by blockchain. It can also be used by other disciplines such as dermatology, ophthalmology, dentistry, pathology, surgical sub-specialties, and internal medicine are increasingly creating and storing digital images and videos. That's why the use of blockchain in diagnostic imaging is expected to create opportunities for the growth of the Republic of Ireland (ROI) and Northern Ireland MRI and CT scan radiology services market
- Contract-Based Radiology Solutions and Mobile Solutions
Contracts between hospitals and radiology groups are developing to reintroduce shifting requirements in health care. The agreement is frequently updated per changing needs based on the services and quality scale. At the same time, mobile solutions come across logistical and administrative necessities using tablet and smartphone applications.
Mobile-based solutions can provide reckless, quality reports and images quickly, efficiently, and accurately. But, at the exact time, contract-based radiology helps control budgetary costs, creates value for money as contracts are reviewed based on annual performance, and leverages opportunities to reduce following years' expenses. That's why contract-based radiology and mobile solutions are expected to create opportunities for the growth of the Republic of Ireland (ROI) and Northern Ireland MRI and CT scan radiology services market.
Restraints/Challenges
- High cost of radiology services
Radiology relies more on fixed costs than variable costs, and device prices are high. Radiology is performed with MRI, CT scan, positron emission tomography, nuclear imaging, and high-cost devices. In addition, radiology equipment is developed with high research costs, which makes these devices more costly.
Therefore, the high prices of radiology services may restrict the growth of the Republic of Ireland (ROI) and Northern Ireland MRI and CT Scan Radiology Services Market. Since technology is continuously evolving, hospitals and clinics must invest more in new technologies when their radiography machines in the market become obsolete after a few years, increasing their financial burden and affecting efficiency. That's why the high cost of radiology services is expected to hinder the growth of the Republic of Ireland (ROI) and Northern Ireland MRI and CT scan radiology services market.
- Lack of skilled workforce and radiologists
There is an increase in the population due to an increasing burden of chronic disease as required radiologists increase. Therefore, the supply and demand of radiologists are based on an analysis of people, offices, and hospitals.
Northern Ireland country is facing a shortage of radiologists. Moreover, the gap between demand and supply has widened for many reasons, including education. The minimum qualification required to be appointed radiologist is to complete four years of residency after medical school or 12 years of teaching.
Therefore, the lack of skilled human resources and radiologists is expected to challenge the growth of the Republic of Ireland (ROI) and Northern Ireland MRI and CT scan radiology services market.
Recent Developments
- In August 2022, Mater Private Network announced that it had officially launched the new patient mobile app, MyMaterPrivate. We take pride in being the first private hospital network in Ireland to provide patients with a smartphone app that gives them 24/7 access to their medical information. This was made possible by our patient-focused innovation. This aided the business in using telehealth to transform its facilities
- In December 2021, Beacon Hospital announced that the Radiotherapy team's usage of Surface Guided Radiation Therapy (SGRT) for tattoo-free treatments for Radiotherapy patients earned them an award from Vision RT. This helped the company to build its trust with patients and engage more patient care with the best treatment facilities
Republic of Ireland (ROI) and Northern Ireland MRI and CT Scan Radiology Services Market Scope
Republic of Ireland (ROI) and Northern Ireland MRI and CT scan radiology services market is segmented into two notable segments based on devices and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and insights to make strategic decisions to identify core market applications.
Device
- Magnetic Resonance Imaging (MRI)
- Computed Tomography (CT) scan
On the basis of devices, the Republic of Ireland (ROI) and Northern Ireland MRI and CT scan radiology services market is segmented into Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) scan.
End User
- Hospitals and clinics
- Diagnostic imaging centers
- Homecare
- Ambulatory care
On the basis of end user, the Republic of Ireland (ROI) and Northern Ireland MRI and CT scan radiology services market is segmented into hospitals and clinics, diagnostic imaging centres, homecare, and ambulatory care.
Republic of Ireland (ROI) and Northern Ireland MRI and CT Scan Radiology Services Market Regional Analysis/Insights
The radiology services market is analyzed, and market size insights and trends are provided by country, devices, and end user.
The countries covered in this market report are Republic of Ireland (ROI) and Northern Ireland.
Republic of Ireland (ROI) is expected to dominate due to increase in the prevalence of chronic diseases.
The country section of the report also provides individual market-impacting factors and domestic regulation changes that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-Pacific brands and their challenges due to large or scarce competition from local and domestic brands and the impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Republic of Ireland (ROI) and Northern Ireland MRI and CT Scan Radiology Services Market Share Analysis
The immunohematology market competitive landscape provides details of the competitors. 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, and application dominance. The above data points only relate to the company's focus on the ataxia market.
Some of the key players operating in the Republic of Ireland (ROI) and Northern Ireland MRI and CT scan radiology services market are NOAH, Mater Private Network, SVPH, Beacon Hospital, The Ulster Independent Clinic Ltd, St. James's Private Radiology, UPMC Affiliated with the University of Pittsburgh Schools of the Health Sciences, Blackrock Clinic Limited, and Alliance Medical Diagnostic Imaging Ltd. among others.
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