The Radiology As A Service Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Radiology As A Service Global Market Report 2024, The radiology as a service market size has grown exponentially in recent years. It will grow from $1.66 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 22.7%. The growth in the historic period can be attributed to cost-efficiency and operational streamlining, rise in demand for imaging services, focus on core competencies, technological advances in imaging, increased need for rapid and accurate diagnoses.
The radiology as a service market size is expected to see exponential growth in the next few years. It will grow to $4.41 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to continued emphasis on cost savings, growing focus on value-based care, increasing demand for remote and telehealth solutions, integration of artificial intelligence (AI), global shortage of radiologists. Major trends in the forecast period include focus on subspecialty reporting, cybersecurity measures for image protection, mobile radiology solutions, collaboration with AI startups, value-based care integration.
An increase in the number of cancer cases globally is expected to propel the growth of radiology as a service market going forward. Cancer is a condition when the body’s cells grow out of control and spread to other bodily regions. Medical imaging technology has transformed healthcare by enabling earlier cancer detection and better patient outcomes. Hence, the rise in the number of cancer cases would result in a demand for radiology imaging services, which is expected to propel the growth of radiology as a service. For instance, according to the National Cancer Institute, a US-based government agency for cancer research and training, the global number of new cancer cases per year is predicted to reach 29.5 million, with 16.4 million cancer-related deaths by 2040. Therefore, the increasing number of cancer cases is driving the market growth of radiology as a service market.
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The radiology as a service market covered in this report is segmented –
1) By Service Type: Teleradiology, Cloud-based Imaging IT Services, Consulting Services, Technology Management Services
2) By Technology: Computed Radiology, Direct Digital Radiology
3) By End-User: Hospitals, Diagnostic Imaging Centers, Radiology Clinics, Physician Offices, Nursing Homes
Top Major Players
Siemens Healthineers AG
Fujifilm Holdings Corporation
Koninklijke Philips N.V.
GE HealthCare Technologies Inc.
Agfa-Gevaert N.V.
Major companies operating in the radiology-as-a service market are focused on adopting strategic partnerships to gain a competitive edge in the market. Strategic partnerships refer to collaborative alliances formed between two or more organizations with the aim of achieving mutual benefits and pursuing common goals. For instance, in November 2023, Radiology Partners Inc., a US-based healthcare service company, partnered with Amazon Web Services (AWS), a US-based cloud computing company, to launch RPX AI. With this partnership, Radiology Partners, Inc., aims to launch RPX AI, which is an artificial intelligence (AI) platform that allows users to deploy a suite of AI medical imaging tools at scale, creating value for hospitals and health systems. RPX AI transforms the radiology industry and improves patient outcomes using AI and other advanced technologies.
The radiology as a service market report table of contents includes:
1. Executive Summary
2. Radiology As A Service Market Characteristics
3. Radiology As A Service Market Trends And Strategies
4. Radiology As A Service Market – Macro Economic Scenario
5. Global Radiology As A Service Market Size and Growth
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32. Global Radiology As A Service Market Competitive Benchmarking
33. Global Radiology As A Service Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Radiology As A Service Market
35. Radiology As A Service Market Future Outlook and Potential Analysis
36. Appendix
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