What are the recent trends in market size and growth for the radiology as a service market?
The radiology as a service market size has grown exponentially in recent years. It will grow from $2.05 billion in 2024 to $2.51 billion in 2025 at a compound annual growth rate (CAGR) of 22.3%. 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 $5.38 billion in 2029 at a compound annual growth rate (CAGR) of 21.1%. 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.
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What key drivers have fueled the radiology as a service market’s development over the years?
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, in May 2024, 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 29.9 million, with 15.3 million cancer-related deaths by 2040. Therefore, the increasing number of cancer cases is driving the market growth of radiology as a service market.
What is the segmentation for the radiology as a service market?
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
Subsegments:
1) By Teleradiology: Remote Image Interpretation, Remote Reporting Services
2) By Cloud-Based Imaging IT Services: Cloud Storage Solutions, Cloud-Based Image Management
3) By Consulting Services: Workflow Optimization, Regulatory Compliance Consulting
4) By Technology Management Services: Equipment Maintenance, Imaging Software Support
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Who are the most influential companies in the radiology as a service market?
Major companies operating in the radiology as a service market include Siemens Healthineers AG, Fujifilm Holdings Corporation, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Agfa-Gevaert N.V., Mednax Inc., RadNet Inc., National Diagnostic Imaging Teleradiology, Alliance HealthCare Services Inc., US Radiology Specialists Inc., Nines Inc., Shields Health Solutions Holdings LLC., Virtual Radiologic, Everlight Radiology, Telemedicine Clinic Ltd., Medica Group plc, Onrad Inc., RamSoft Inc., Real Radiology LLC, Vesta Teleradiology, Radiology Partners Inc., Ambra Health Company, Nano-X Imaging Ltd., NightShift Radiology Inc., USARAD Holdings Inc., Telediagnostic Solutions Private Limited, Teleconsult Holding BV, Teleradiology Solutions Pvt Ltd., Bond Radiological Group, Imaging Advantage LLC, Imaging On Call LLC
What are the top industry trends projected to impact the radiology as a service market?
Technological advancements are the key trends gaining popularity in the radiology-as-a-service market. Major companies operating in the radiology-as-a-service sector are focused on introducing new technologies to sustain their position in the market. For example, In February 2024, Yellowcross Healthcare Commerce, an India-based telemedicine practice management organization, launched a consultancy service aimed at assisting medical groups and healthcare facilities in enhancing their remote care capabilities. Yellowcross collaborates with hospitals, clinics, medical groups, and entrepreneurial physicians across the United States to create targeted service offerings that tackle radiologist shortages and deliver specialty diagnostic services.
What are the major regional insights for the radiology as a service market, and which region holds the top position?
The countries covered in the radiology as a service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Radiology As A Service Market Report 2025 Offer?
The radiology as a service market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Radiology as a service refers to rendering professional and technical services for radiation oncology, radioisotope services, medical imaging, and so on to allow providers to provide patients with the best possible diagnoses at much lower costs.
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