Radiology Services Market Analysis
Global radiology services market is witnessing a spurting rise in revenues. The market growth attributes to the rising prevalence of chronic diseases, increasing demand for minimally invasive diagnosis, and advances in radiology technologies. Besides, rising usages of radiology services, such as ultrasound, X-Rays, magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), fusion imaging, and nuclear medicine to obtain accurate diagnosis, escalate the market demand.
COVID-19 pandemic is expected to considerably increase the market gains, increasing usages of these services. Hospitals determine changes in their service needs to respond to the increased strain put on their units during the COVID-19 outbreak. Hospitals are increasingly adding mobile x-ray systems and remote diagnostics systems. However, service needs may be lower for MRI, mammography, and nuclear medicine equipment. Clearly, the coronavirus crises have had an immediate impact on imaging procedures.
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According to Market Research Future (MRFR), the global radiology services market is estimated to grow at 10.5% CAGR throughout the review period (2019–2024). In 2018, the market had touched a valuation of USD 8,102.51 MN. MRFR expects considerable gains for the market, citing the alarming rise in various infectious diseases, including COVID-19. The emergence of technologically advanced radiology devices such as thin client 3D viewers is expected to drive the growth of the market exponentially.
Moreover, increasing efforts of regulatory agencies to reduce the regulatory burden on the medical device industry contribute to market growth. Additionally, increasing healthcare expenditures, R&D investments, and strategies adopted by top players operating in the market are supporting the market growth and bringing about innovations and new product launches. Furthermore, government initiatives to promote radiology technology for the early diagnosis of various chronic diseases propel market growth.
Conversely, risks associated with high radiation exposure are a significant factor expected to impede the market growth. Nevertheless, the recent SARS-CoV-2 outbreak would support market growth throughout the review period, providing ample opportunities. Also, the availability of advanced radiology technologies and substantial R&D investments are anticipated to boost the growth of the market, bringing about more betterment in imaging techniques.
Global Radiology Services Market – Segmentations
The report is segmented into five dynamics;
By Product Type : Portable Digital Radiology Systems Stationary and Digital Radiology Systems (stationary ceiling-mounted and floor-to-ceiling mounted system).
By Application : Cardiovascular Imaging, Chest Imaging, Dental Imaging, Mammography Imaging, Orthopedic Imaging, and others.
By Technology : Direct Digital Radiology, Computed Radiology, and others.
By End User : Diagnostic Centers, Hospitals, and others.
By Regions : Europe, Americas, Asia Pacific, and Rest-of-the-World.
Global Radiology Services Market – Regional Analysis
North America leads the global radiology services market. The largest market share attributes to the rising funding & investments made by the private and public sectors for healthcare infrastructure developments. Besides, the increasing prevalence of chronic diseases, alongside the rising geriatric population, drives the regional market, creating a large patient pool.
Moreover, advances in radiology technology and well-spread awareness among demographics are major driving forces for the regional market growth. The US, with its high healthcare expenditures, accounts for a significant share in the regional market.
Europe accounts for the second-significant share in the global radiology services market. The market is driven by increasing cancer patients and rising government funding and R&D support. Additionally, factors such as favorable reimbursement policies, proliferation of advanced treatment facilities, and the availability of skilled medical professionals positively impact market growth.
The radiology services market in the Asia Pacific region is growing briskly. Factors such as the spreading awareness among people and the availability of radiology services in the region substantiate market growth. Furthermore, rising expansions by the global market players, alongside the increasing prevalence of cancer in the region, foster the growth of the market.
Global Radiology Services Market – Competitive Analysis
Highly competitive, the radiology services market appears fragmented with many large & small-scale players, alongside new entrants forming a competitive landscape. Industry players make substantial investments to drive R&D and to meet their expansion plans. To gain a larger competitive share, these players initiate strategic partnerships and collaborations. They acquire promising companies from emerging regions to expand their global footprints.
Radiology Services Market Major Players:
Players active in the global radiology services market include Cybernet Medical Corporation, Everlight Radiology, 4ways Healthcare Limited, Medica Reporting Ltd., RamSoft Inc., Global Diagnostics, Onrad, Inc., Radisphere National Radiology Group Inc., Telediagnostics Services Pvt. Ltd., Siemens Healthcare, Telemedicine Clinic, Teleradiology Solutions Inc, and Virtual Radiology (vRAD), among others.
Radiology Services Industry/ Innovation/Related News:
June 05, 2020 —- Mednax (The US), a leading health solutions partner, announced its aggressive transformational activity plan to position the company for long-term, sustainable growth. Mednax specializes in prenatal, neonatal, pediatric, and radiology services. The company intends to sell its radiology solutions and return to the original name, Pediatrix Medical Group, focusing on dedicated pediatrics and obstetrics organization. Prior to the onset of the pandemic, Mednax had been planning to move forward with a divestiture, when market conditions are appropriate.
Table Of Contents
Chapter 1 Report Prologue
Chapter 2 Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3 Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4 Market Dynamics
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