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.
Key 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.
Segmentation
The MRFR report provides an all-inclusive segmental analysis of the radiology services market on the basis of Product Type, Application, Technology and End user
- Based on Product Type, the radiology services market is segmented into portable digital radiology systems and stationary digital radiology systems. The stationary digital radiology systems segment has been again segmented into floor-to-ceiling mounted system and stationary ceiling-mounted systems. Of these, the stationary digital radiology systems segment will dominate the market over the forecast period chiefly owing to the growing demand for such systems in hospitals, its wide application, as well as, less radiation exposure.
- Based on Application, the radiology services market is segmented into orthopedic imaging, mammography imaging, dental imaging, chest imaging, and cardiovascular imaging.
- Base on Technology, the radiology services market is segmented into direct digital radiology and computed radiology.
- Based on End user, the radiology services market is segmented into diagnostic centers, hospitals, and others.
Regional 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.
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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.
