The Australia radiology services market is experiencing significant growth, propelled by several factors. Advancements in imaging technologies have revolutionized diagnostic accuracy and expanded imaging capabilities, leading to a surge in demand for radiology services. Moreover, the aging population has increased the prevalence of age-related health conditions, thereby increasing the need for radiology services for effective diagnosis and ongoing monitoring. These factors combined have created a favorable environment for the growth of the radiology services market in Australia.
According to Data Bridge Market Research, the Radiology Services Market is expected to reach the value of USD 1.33 billion in 2021, is expected to grow by USD 4.73 billion by 2029, and is expected to undergo a CAGR of 17.2% during the forecast period 2022 to 2029
"Growing healthcare infrastructure surge market demand"
The expansion of healthcare infrastructure fuels the growing demand for radiology services in Australia. Establishing new hospitals and diagnostic centers has created a higher demand for radiology services, leading to market growth. Additionally, the increasing availability of advanced imaging equipment within these facilities enables more accurate diagnoses and enhances the overall quality of healthcare services. This expansion of healthcare infrastructure is a key driver for the country's rising demand for radiology services.
What restraints the growth of the radiology services market?
"Reimbursement limitations can impede the market growth”
Reimbursement limitations in Australia's radiology services market can hinder its growth. Government and private payers establish reimbursement policies and rates that may be reduced or subject to strict billing regulations. These limitations can impact the profitability of radiology practices, making it challenging for them to sustain operations. The lower reimbursement rates may not adequately cover the costs associated with providing radiology services, limiting these practices' financial viability and expansion.
Segmentation: Australia Radiology Services Market
The radiology services market is segmented on the basis of type, product, procedure, patient age, radiation type, application, and distribution channel.
- On the basis of type, the radiology services market is segmented into services, product
- 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 cardiology, pelvic and abdominal, oncology, neurology, urology, musculoskeletal, gynecology, dental, and others.
- On the basis of distribution channel, the radiology services market is segmented into hospitals, ambulatory centers, diagnostic centers, clinics.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/australia-radiology-services-market
Recent Developments in Australia Radiology Services Market
- In 2021, Amazon Web Services, a division of Amazon that offers on-demand cloud computing platforms and APIs, has partnered with GE Healthcare. The two businesses will work together to offer hospitals and healthcare providers clinical and operational data as well as AI and cloud-based imaging technologies.
- In 2021, Akumin, a preeminent supplier of outpatient diagnostic imaging services, joined forces with Royal Philips. This agreement included implementing the new Philips Radiology Operations Command Center throughout Akumin's outpatient imaging facilities and the joint development of clinical standards for Akumin's MR and CT imaging modalities.
The Prominent Key Players Operating in the Australia 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/contact
Research Methodology: Australia 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.
