The radiology services market is expected to register a CAGR of 19.7% to reach USD 5.3 billion during the forecast period.
The radiology services refer to an expert consultant treating disease by choosing the proper examination, interpreting the resulting medical images, and using test results in monitoring the operations of medical care, treating diseases by using radiation or minimally invasive, image-guided therapeutic arbitration.
The increasing healthcare expenditure, prevalence of the chronic disease, technology advancement, the emergence of thin client 3D viewers, increasing demand for minimally invasive procedures are the factor driving the growth of the market. Moreover, rising spending on research and development and aggressive strategies adopted by the top players, such as new product launches, are contributing to the growth of the market. For instance, according to a research paper published by the National Center for Biotechnology Information (NCBI) in September 2016, diabetes will be the 7th leading cause of death by 2030. Also, 80% of diabetes patients live in less developed regions in the world. Increasing cases of obesity, socioeconomic transitions, and nutrition transitions are promoting the occurrence of diabetes, especially in low & middle-income countries, such as Brazil, Russia, India, China, and South Africa. Therefore, the rising prevalence of diabetes is supporting market growth.
However, high radiation exposure associated with the devices may hinder the growth of the market during the assessment period.
Major Key Players:
Some of the Radiology Services Market Player are 4ways Healthcare Limited, Cybernet Medical Corporation, Everlight Radiology, Global Diagnostics, Medica Reporting Ltd., Onrad, Inc, Radisphere National Radiology Group Inc., RamSoft Inc., Siemens Healthcare, Telediagnostics Services Pvt. Ltd., Telemedicine Clinic, Teleradiology Solutions Inc, and Virtual Radiology (vRAD).
Segment Analysis
The global radiology services market has been segmented on the basis of product type, application, technology, end user, and region.
On the basis of the product type, the market has been segmented into stationary digital radiology systems and portable digital radiology systems. teleradiology services, stationary digital radiology systems have been further segmented into stationary ceiling-mounted systems and floor-to-ceiling mounted system. On the basis of the application, the market has been classified into cardiovascular imaging, chest imaging, dental imaging, mammography imaging, orthopedic imaging, and others. Based on the technology, the market has been segmented into computed radiology and direct digital radiology. On the basis of the end user, the market has been classified as hospitals, diagnostic centers, and others. The stationary digital radiology segment is likely to hold the noticeable market share of the radiology services market due to the rising demand for stationary systems in hospitals, wide application, and less radiation exposure. However, portable digital radiology segment is showing the highest growth rate during the assessment period owing to simplicity in workflow, low-cost, and proficiency performing complex computational tasks.
Regional Analysis
By region, the radiology services market report covers the latest trends and growth opportunities across the Americas, the Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA). Of these, the Americas will dominate the market over the forecast period. Factors aiding growth in this region include increasing funding and investments, increasing chronic disease, increasing aging population, and initiatives undertaken by the government towards advanced healthcare infrastructure.
The radiology services market in Europe is predicted to have the second-largest share over the forecast period. Factors aiding growth in this region include favorable reimbursement policies, increasing R&D, and support and funding from the government for the healthcare sector.
The radiology services market in the APAC region is predicted to grow at the fastest pace over the forecast period. Factors aiding growth in this region include expansions by key market players, increasing investments in healthcare, and the growing prevalence of cancer.
The radiology services market in the MEA is predicted to have a small share over the forecast period.
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