Global Radiology Services Market Report 2024: Growth Rate, Major Segments And Regions

The Radiology Services 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 Services, The radiology services market size has grown rapidly in recent years. It will grow from $6.47 billion in 2023 to $7.27 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%.  The  growth in the historic period can be attributed to digitalization of imaging, evolution of modalities, shift to pacs and ris systems, emphasis on subspecialties, quality standards and accreditation..

The radiology services market size is expected to see rapid growth in the next few years. It will grow to $11.52 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%.  The growth in the forecast period can be attributed to collaborative healthcare models, enhanced patient-centric approaches, focus on preventive healthcare, personalized medicine demand, integration of artificial intelligence.. Major trends in the forecast period include technological advancements, telemedicine and remote imaging, personalized and precision medicine, demand for faster turnaround times, ai and machine learning integration..

The growing prevalence of age-associated diseases is driving the growth of the radiology services market. Age-related diseases are diseases that become more frequent as a person ages. It includes diseases such as Alzheimer’s disease, arthritis, and dementia. Radiological tests such as MRI and computed tomography are used for the diagnosis of these diseases, and their increased prevalence increases the need for more diagnostic tests. For instance, according to the Alzheimer’s Association, a US-based non-profit organization working to increase the treatment and awareness related to Alzheimer’s disease, in 2022, more than 6 million US citizens were suffering from the disease, and the number is expected to increase to 13 million by 2050. 1 in 3 senior citizens die with Alzheimer’s or any other dementia. The cost due to Alzheimer’s totaled $321 billion in 2022, and it is expected to increase to $1 trillion by 2050. Therefore, the increasing prevalence of age-related disorders is driving the radiology services market forward.

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The radiology services market covered in this report is segmented –

1) By Type: Stationary Digital Radiology Systems, Portable Digital Radiology Systems
2) By Procedure: Conventional, Digital
3) By Patient Age: Adults, Pediatric
4) By Application: Cardiovascular Imaging, Chest Imaging, Dental Imaging, Mammography Imaging, Orthopedic Imaging
5) By End User: Hospitals, Ambulatory Centers, Diagnostic Centers, Clinics, Other End Users

Product innovations are a key trend gaining popularity in the radiology services market forward. Major companies in the market are introducing innovative products to sustain their position in the market. For instance, in December 2021, Sirona Medical, a US-based software company, launched its cloud radiology operating system, called RadOS. The new platform is powered by artificial intelligence, simplifies the workflow of radiologists, and improves user experience and productivity.

The radiology services market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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