Radiology As A Service Industry Overview
The global radiology as a service market size was valued at USD 1.1 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 20.3% from 2021 to 2028.
Increasing demand for advanced, low-cost cloud-based medical imaging services is the key driving factor for the market. In addition, the rising number of cancer cases globally increases the number of medical images, which, in turn, is expected to drive market growth. According to the National Cancer Institute (NCI), about 39.5% will be diagnosed with cancer at some point in their life. In 2018, there were 18.1 million new cases worldwide, and the number is expected to rise to 29.5 million by 2040. Further, the growing number of medical images and the low availability of radiologists around the globe are projected to propel the market growth over forecast years.
Gather more insights about the market drivers, restrains and growth of the Global Radiology As A Service Market
According to the Association of American Medical Colleges (AAMC) 2019 survey in the U.S., there could have a shortfall of 42000 radiologists by 2033. In addition, as per the AAMC public opinion survey in 2019, about 35% of Americans had trouble finding a doctor during the past three years.
Advancements in medical imaging technology have contributed to the increasing preference for teleradiology and cloud-based imaging services. The integration of Artificial Intelligence (AI) interface with teleradiology workflows helps the radiologist more efficiently and accurately.
Radiology as a service offers 24/7 service to support and enhance the work of radiologists around the globe. The radiology as a service model also provides quality diagnostic imaging through teleradiology, cloud-based imaging, technology management, and consulting services via trained professionals. radiology as a service provides radiologists with easy access to rural district hospitals and community health centers. The COVID-19 pandemic has negatively impacted various markets. Few industries, including radiology as a service, registered a drop in demand, while many other industries had promising growth opportunities.
The regions, such as Europe, North America, and Asia Pacific, have been highly affected due to the COVID-19 pandemic. Due to the pandemic, there is a significant decrease in radiology procedures. With an increase in the number of coronavirus cases, radiologists and physicians are involved in the diagnosis and treatment of COVID-19. Furthermore, increasing industry consolidation activities by key service providers are anticipated to drive market growth. Key service providers are involved in acquisitions, mergers, and collaborations. In January 2021, Philips announced the acquisition of Capsule Technologies, Inc., which is a leading provider of medical device integration and data technologies for hospitals and healthcare organizations.
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Radiology As A Service Market Segmentation
Grand View Research has segmented the global radiology as a service market based on service, end user, and region:
Radiology As A Service Outlook (Revenue, USD Million, 2016 - 2028)
- Teleradiology
- Cloud-based Imaging IT Services
- Consulting Services
- Technology Management Services
Radiology As A Service End-user Outlook (Revenue, USD Million, 2016 - 2028)
- Hospitals
- Diagnostic Imaging Centers
- Radiology Clinics
- Physician Offices
- Nursing Homes
Radiology As A Service Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Market Share Insights
- August 2021: NANO-X IMAGING LTD acquired Zebra Medical Vision a leading medical artificial intelligence (AI) developer to provide end-to-end radiology solutions.
- March 2019: Phillips, a global leader in health technology, expanded its teleradiology service portfolio, which includes on-call radiologist services, advanced teleradiology viewing, and reporting capabilities, and related exam workflow enhancement applications.
- February 2017: GE Healthcare and Teleradiology Solutions collaborated to improve advanced radiology interpretation services.
Key Companies profiled:
Some of the major players in the global radiology as a service market include:
- Philips Healthcare (Direct Radiology)
- GE Healthcare
- Nanox.ARC
- USARAD Holdings Inc.
- Virtual Radiologic
- ONRAD Inc.
- RamSoft Inc.
- TeleDiagnostic Solutions
- Teleradiology Solutions
- National Diagnostic Imaging
- Real Rads
- Telemedicine Clinic U.K.
- Vesta Teleradiology
- DICOM Grid, Inc. (dba Ambra Health)
- Teleconsult Europe
- Medica Group PLC
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