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Global Radiology Services Market – Industry Trends and Forecast to 2029

  • Healthcare
  • Upcoming Report
  • Mar 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60
  • Healthcare
  • Upcoming Report
  • Mar 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Radiology Services Market, 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 2029.

Radiology Services Market

Global Radiology Services Market Analysis and Size

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.

  • The radiology services market was valued at USD 1.33 billion in 2021 and is expected to reach USD 6.03 billion by 2029, registering a CAGR of 20.8% during the forecast period of 2022-2029. The "neurology" accounts for the largest application segment in the radiology services market owing to the increasing number of nervous disorders such as Alzheimer's, Parkinson's, neuro diseases, and others over the forecasted period. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

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).

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2019 - 2014)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

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)

Countries Covered

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

Market Players Covered

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)

Market Opportunities

  • Rising public awareness among the population
  • Growing innovations and advancements of technologies
  • Increased focus on research and development proficiencies

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 2022-2029.

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.

Recent Developments

  • 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.

Global 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

On the basis of type, the radiology services market is segmented into product and services. The services are sub-segmented into stationary digital radiology systems and portable digital radiology systems. The services are sub-segmented into tele-radiology and technology management.

Procedure

  • Conventional
  • Digital

On the basis of procedure, the radiology services market is segmented into conventional and digital.

Patient Age

  • Adults
  • Pediatric

On the basis of patient age, the radiology services market is segmented into adults and pediatric.

Radiation Type

  • Diagnostics
  • Interventional Radiology

On the basis of radiation type, the radiology services market is segmented into diagnostics and interventional radiology.

Application

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

On the basis of application, the radiology services market is segmented into cardiovascular, oncology, gynecology, neurology, urology, dental, pelvic and abdominal, musculoskeletal and others. The neurology segment is estimated to register the highest market share, owing to the increasing number of nervous disorders such as Alzheimer's, Parkinson's, neuro diseases, and others over the forecasted period.

End User

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

On the basis of end user, the radiology services market is bifurcated into hospitals, ambulatory centers, diagnostic centers, clinics and others.

Radiology Services Market Regional Analysis/Insights

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 2022 to 2029 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.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The 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 radiology services market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the radiology services market. The data is available for historic period 2010-2020.

Competitive Landscape and Radiology Services Market Share Analysis

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.

Some of the major players operating in the 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)

Research Methodology : Global Radiology Services Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.

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 versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-radiology-services-market


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Frequently Asked Questions

The Radiology Services Market is Expected to Show a Value of USD 6.03 billion by 2029.
The Radiology Services Market is Estimated to Register a CAGR of 20.8% During the Forecast Period of 2022 to 2029.
The Major Companies Operating in the 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) and Bruker (U.S.).
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.
The Radiology Services Market Report Curated by the Data Bridge Market Research Team Includes In-Depth Expert Analysis, Patient Epidemiology, Pipeline Analysis, Pricing Analysis, and Regulatory Framework.