Radiology Services Market Overview
Global radiology services market is growing dramatically, mainly due to the advances in radiology technologies. Rising usages of radiology services such as X-Rays, magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), ultrasound, fusion imaging, and nuclear medicine, to offer accurate diagnosis are fostering the growth of the market. Additionally, factors such as the rising prevalence of chronic disease and demand for minimally invasive procedures are accelerating market growth.
According to Market Research Future (MRFR), in 2018, the global radiology services market had touched a valuation of USD 8,102.51 MN, which is projected to appreciate further at 10.5% CAGR during the forecast period (2019–2024). Increasing healthcare expenditure and the emergence of thin client 3D viewers are expected to drive the growth of the market exponentially. Moreover, rising R&D investments and strategies adopted by the top players operating in the market are contributing to the market growth, bringing about innovations and new product launches.
Increasing efforts of regulatory agencies to reduce the regulatory burden on the medical device industry is further supporting the market growth excellently. For instance, in June 2018, the FDA reclassified some types of radiology image software analyzers from class III to class II devices for radiograph lung nodules, mammography breast cancer, and ultrasound breast lesions. Moreover, government initiatives to promote radiology technology as the best option for early diagnosis in the multitude of chronic daises propel the growth of the market.
On the other hand, risks associated with high radiation exposure could hamper market growth during the assessment period. Nevertheless, the availability of advanced radiology technologies would support the market growth throughout the review period, providing ample scope of the growth opportunities. Also, substantial R&D investments to bring about more novelty and betterments in imaging techniques are anticipated to boost the market growth profoundly.
Radiology Services Market – Segments
The analysis is segmented into five main dynamics to widen the scope of understanding,
By Product Type : Stationary Digital Radiology Systems (stationary ceiling-mounted and floor-to-ceiling mounted system) and Portable Digital Radiology Systems.
By Application : Chest Imaging, Cardiovascular Imaging, Dental Imaging, Orthopedic Imaging, Mammography Imaging, and others.
By Technology : Computed Radiology, Direct Digital Radiology, and others.
By End User : Hospitals, Diagnostic Centers, and others.
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World
Based on the product type, the market is segmented into stationary digital and portable digital radiology systems. Out of these, the stationary digital radiology segment accounts for a substantial market share, owing to the widespread application of stationary systems in hospitals to minimize harmful radiation exposure. On the other hand, the portable digital radiology segment is growing at the highest CAGR as the low-cost, lightweight, portable devices can offer exceptional care, especially in the ICUs, emergency departments, and neonatal intensive care units (NICU) due to their capability of performing complex computational tasks.
Global Radiology Services Market – Geographical Analysis
North America dominates the global radiology services market with the rising funding & investments made in advancing healthcare infrastructures by the governments and private entities. Besides, factors such as the increasing prevalence of chronic diseases, alongside the rising geriatric population, drive the regional market growth, creating a large patient pool.
Undoubtedly, advances in radiology technology and well-spread awareness among the population are the two major driving forces leading the growth in the radiology services market in North America. Also, the US radiology services market, heading with substantial healthcare expenditures, supports the regional market majorly.
Europe stands second in the global radiology services market owing to the increasing number of cancer patients in the region. Additionally, government funding and support to develop the healthcare sector and to drive R&D in the radiology field impact the market growth positively. Moreover, factors such as favorable reimbursement policies, the proliferation of advanced treatment facilities, and the availability of skilled medical professionals in the region are contributing to the growth of the European radiology services market.
The Asia Pacific region is emerging as a promising market for radiology services. The increasing prevalence of cancer and rising investments & expansions by the global market players are substantiating the growth of the regional market. Besides, factors such as spreading awareness among people and the availability of radiology services in the region foster the growth of the market.
Global Radiology Services Market – Competitive Landscape
Fiercely competitive, the radiology services market appears highly fragmented due to the presence of many large & small-scale players. These players invest substantially to form strategic partnerships and collaborations to gain a larger competitive advantage. They also invest in driving RD activities and in meeting their expansion plans. Through R&D, they drive technology launch, and to expand their global footprints, they acquire promising companies from emerging regions.
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Radiology Services Market Major Players:
Players leading the global radiology services market include Cybernet Medical Corporation, 4ways Healthcare Limited, Everlight Radiology, Medica Reporting Ltd., Global Diagnostics, Onrad, Inc., RamSoft Inc., Radisphere National Radiology Group Inc., Siemens Healthcare, Telemedicine Clinic, Telediagnostics Services Pvt. Ltd., Virtual Radiology (vRAD), and Teleradiology Solutions Inc., among others.
Radiology Services Industry/ Innovation/Related News:
December 19, 2019 —- Fujifilm (Japan), a leading global diagnostic imaging and information systems company, announced the acquisition of a Japanese Hitachi Diagnostic Imaging Business. The deal valuing at approximately USD 1.6 BN will enable these two radiology companies to bring about a new entity that could compete with larger organizations to capture an expanded footprint & market share. This move aligns with Fujifilm’s ongoing efforts to expand its medical systems business, including platforms medical & nursing data, and new AI & analytics services.