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.
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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.
Global Radiology Services Market – Segments
The global radiology services market has been segmented on the basis of product type, application, technology, end user, and region.
On the basis of the product type, the market has been segmented into stationary digital radiology systems and portable digital radiology systems. stationary digital radiology systems have been further segmented into stationary ceiling-mounted systems and floor-to-ceiling mounted system. On the basis of the application, the market has been classified into cardiovascular imaging, chest imaging, dental imaging, mammography imaging, orthopedic imaging, and others. Based on the technology, the market has been segmented into computed radiology and direct digital radiology. On the basis of the end user, the market has been classified as hospitals, diagnostic centers, and others. The stationary digital radiology segment is likely to hold the noticeable market share of the radiology services market due to the rising demand for stationary systems in hospitals, wide application, and less radiation exposure. However, portable digital radiology segment is showing the highest growth rate during the assessment period owing to simplicity in workflow, low-cost, and proficiency performing complex computational tasks.
Global Radiology Services Market – Geographical Analysis
The market is likely to dominate by Americas during the forecast period owing to the increasing aging population, chronic disease, funding & investments, and government initiative towards advance healthcare infrastructure. The European market is expected to be the second-largest due to government funding and support of the healthcare sector coupled with increasing research and development, and favorable reimbursement policies. Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to the increasing prevalence of cancer, rising investments in healthcare, and expansions by market players in the region. The market in the Middle East & Africa is likely to account for the smallest share of the global radiology services 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.
Key Players
Some of the prominent key players in the global radiology services market are 4ways Healthcare Limited, Cybernet Medical Corporation, Everlight Radiology, Global Diagnostics, Medica Reporting Ltd., Onrad, Inc, Radisphere National Radiology Group Inc., RamSoft Inc., Siemens Healthcare, Telediagnostics Services Pvt. Ltd., Telemedicine Clinic, Teleradiology Solutions Inc, and Virtual Radiology (vRAD).
Table of Contents
Chapter 1 Report Prologue
Chapter 2 Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3 Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4 Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
4.5 Macroeconomic Indicators
4.6 Detection Technique Trends & Assessment
Chapter 5 Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.1.1 Bargaining Power of Suppliers
5.1.2 Bargaining Power of Buyers
5.1.3 Threat of New Entrants
5.1.4 Threat of Substitutes
5.1.5 Intensity of Rivalry
5.2 Value Chain Analysis
5.3 Investment Feasibility Analysis
5.4 Pricing Analysis
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