Global Radiology Services Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Radiology is a stream of medicine in which imaging technologies such as x-rays are used for the diagnosis and treatment of diseases. Radiology services include diagnostic and therapeutic services. Radiologists are medical professionals that focus on employing medical imaging (radiology) methods (exams and tests). It also includes a range of instruments and methods for identifying, examining, and treating problems.

Sizing and Forecast
The radiology services market size has grown rapidly in recent years. It will grow from $6.47 billion in 2023 to $7.27 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%.  The  growth in the historic period can be attributed to digitalization of imaging, evolution of modalities, shift to pacs and ris systems, emphasis on subspecialties, quality standards and accreditation..

The radiology services market size is expected to see rapid growth in the next few years. It will grow to $11.52 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%.  The growth in the forecast period can be attributed to collaborative healthcare models, enhanced patient-centric approaches, focus on preventive healthcare, personalized medicine demand, integration of artificial intelligence.. Major trends in the forecast period include technological advancements, telemedicine and remote imaging, personalized and precision medicine, demand for faster turnaround times, ai and machine learning integration..

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Segmentation & Regional Insights
The radiology services market covered in this report is segmented –
1) By Type: Stationary Digital Radiology Systems, Portable Digital Radiology Systems
2) By Procedure: Conventional, Digital
3) By Patient Age: Adults, Pediatric
4) By Application: Cardiovascular Imaging, Chest Imaging, Dental Imaging, Mammography Imaging, Orthopedic Imaging
5) By End User: Hospitals, Ambulatory Centers, Diagnostic Centers, Clinics, Other End Users

North America was the largest region in the radiology services market in 2023. The regions covered in the radiology services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The growing prevalence of age-associated diseases is driving the growth of the radiology services market. Age-related diseases are diseases that become more frequent as a person ages. It includes diseases such as Alzheimer's disease, arthritis, and dementia. Radiological tests such as MRI and computed tomography are used for the diagnosis of these diseases, and their increased prevalence increases the need for more diagnostic tests. For instance, according to the Alzheimer’s Association, a US-based non-profit organization working to increase the treatment and awareness related to Alzheimer’s disease, in 2022, more than 6 million US citizens were suffering from the disease, and the number is expected to increase to 13 million by 2050. 1 in 3 senior citizens die with Alzheimer’s or any other dementia. The cost due to Alzheimer’s totaled $321 billion in 2022, and it is expected to increase to $1 trillion by 2050. Therefore, the increasing prevalence of age-related disorders is driving the radiology services market forward.

Key Industry Players
Major companies operating in the radiology services market are adopting a strategic partnership approach aiming to offer revolutionary radiology equipment and imaging services in Portugal. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in April 2022, Unilabs AB, a Switzerland-based diagnostic and imaging services company, announced a partnership with GE HealthCare Technologies, Inc. The collaboration includes MRI and CT scanning equipment, ultrasound devices, mammography, and X-ray machines, and new imaging fleet services. This collaboration will provide extra imaging capacity, speed up diagnoses, and enhance diagnostic quality for patients throughout Portugal by delivering an innovative imaging fleet and cutting-edge imaging services. GE Healthcare Technologies, Inc. is a US-based medical technology and diagnostic imaging company.

The radiology services market report table of contents includes:
1. Executive Summary

2. Radiology Services Market Characteristics

3. Radiology Services Market Trends And Strategies

4. Radiology Services Market - Macro Economic Scenario

5. Global Radiology Services Market Size and Growth

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31. Global Radiology Services Market Competitive Benchmarking

32. Global Radiology Services Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Radiology Services Market

34. Radiology Services Market Future Outlook and Potential Analysis

35. Appendix

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