Radiology Services Market: Global Industry Analysis and Forecast (2022-2029)

Radiology Services Market size was valued at US$ 10.73 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 10.7% through 2022 to 2029, reaching nearly US$ 24.21 Bn.
Radiology Services Market Overview:
Radiology is a branch of medicine that uses images to diagnose and treat medical disorders. X-rays, computed tomography (CT), magnetic resonance imaging (MRI), Positron emission tomography (PET), fusion imaging, ultrasound, and other imaging techniques are examples. Radiology Services offers treatment monitoring, result prediction, and minimally invasive medical procedures. It's used in a variety of medical procedures, such as oncology, cardiology, urology, and oral health, to mention a few. Because this imaging method uses radiation, thorough training and awareness of radiation protection and safety are essential.

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Radiology Services Market Dynamics:
The Radiology Services Market is rapidly rising due to the rising occurrence of diseases as a result of changing lifestyle and food choices. Furthermore, the quick rise of the industry is being fuelled by an increase in the geriatric population. Besides, increased public awareness and developments in healthcare infrastructure have aided the market's growth. Additionally, the global Radiology Services Market is expected to be driven by rising acceptance in the medical community during the forecast period.

The introduction of new thin client 3D viewers and rising healthcare costs are expected to boost global market growth tremendously. Besides, increased R&D investments and strategies used by the industry's leading players are helping to drive market growth. Furthermore, the risks of high radiation exposure is expected to restrain the market growth during the forecast period.

The rapid innovation of the Radiography Services Market in both developing and developed countries, as well as rising research and development expenditures resulting in new radiology equipment, are all contributing to greater radiology service use. Still, government initiatives to promote radiology technology as the best alternative for early diagnosis in a variety of chronic conditions are driving market growth.
Radiology Services Market Segment Analysis:
Based on the Product Type, the market is segmented into Stationary Digital Radiology Systems, and Portable Digital Radiology Systems. Stationary Digital Radiology Systems segment is expected to hold the largest market share of xx% by 2029. The stationary digital radiology systems segment has a substantial market share due to the extensive use of stationary systems in hospitals to avoid dangerous radiation exposure. Because of their ability to execute complicated computational processes, low-cost, lightweight, portable digital radiography machines can provide extraordinary care, particularly in ICUs, emergency departments, and neonatal intensive care units (NICU).

Based on the End-User, the market is segmented into Hospitals, Diagnostic Centers, and Others. Hospitals segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. The hospital sector has the most market share. The segment is being driven by rising demand for sophisticated imaging modalities, as well as the integration of surgical suits with imaging technology. A large increase in the number of new hospitals is also helping to drive the market forward.

Based on the Application, the market is segmented into Neurology, Orthopedics, Cardiology, and Others. Neurology segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. This is owing to the rise in the number of nerve disorders such as Alzheimer's, Parkinson's, and neuro diseases, among others, which are driving the demand for diagnostic imaging services.


Radiology Services Market Regional Insights:
North America is expected to dominate the Radiology Services market during the forecast period 2022-2029. North America is expected to hold the largest market shares of xx% by 2029. Governments and corporate groups are putting more money and effort into improving healthcare infrastructure. Besides, factors such as rising chronic illness prevalence and an ageing population fuel regional market growth, resulting in a huge patient population.

Asia Pacific region is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. This is due to the factors such as growing public awareness and the availability of radiology services in the Asia Pacific region.

The objective of the report is to present a comprehensive analysis of the Global Radiology Services Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Radiology Services Market dynamic, structure by analyzing the market segments and project the Global Radiology Services Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Radiology Services Market make the report investor’s guide.
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Global Radiology Services Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 10.73 Bn.


Forecast Period 2022 to 2029 CAGR:
10.7%
Market Size in 2029:
US $ 24.21 Bn.


 Segments Covered:
by Product Type
• Stationary Digital Radiology Systems
• Portable Digital Radiology Systems


by Radiation Type
• Diagnostics Radiology
• Interventional Radiology


by End-User
• Hospitals
• Diagnostic Centers
• Others


by Application
• Neurology
• Orthopedics
• Cardiology
• Others



Radiology Services Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Radiology Services Market Key Players
• Siemens
• 4ways Limited
• MEDNAX, Inc.
• Everlight Radiology
• RadNet, Inc.
• Koninklijke Philips N.V.
• Sonic Healthcare
• Medica Reporting Ltd.
• ONRAD, Inc.
• UNILABS
• Radiology Reports online
• Teleradiology Solutions.
• InHealth Group
• Concordmedical
• Alliance HealthCare Services
• Spectrum Health
Frequently Asked Questions:
1] What segments are covered in Radiology Services Market report?
Ans. The segments covered in Radiology Services Market report are based on Product Type, Radiation Type, End-User, and Application.

2] Which region is expected to hold the highest share in the Radiology Services Market?
Ans. North America is expected to hold the highest share in the Radiology Services Market.

3] Who are the top key players in the Radiology Services Market?
Ans. Siemens, 4ways Limited, MEDNAX, Inc., Everlight Radiology, and RadNet, Inc. are the top key players in the Global Radiology Services Market.

4] Which segment holds the largest market share in the Radiology Services market by 2027?
Ans. Stationary Digital Radiology Systems segment holds the largest market share in the Global Radiology Services market by 2027.

5] What is the market size of the Radiology Services market by 2029?
Ans. The market size of the Radiology Services market is US $24.21Bn. by 2029.

6] What was the market size of the Radiology Services market in 2021?
Ans. The market size of the Radiology Services market was worth US $10.73 Bn. in 2021.