Radiology Services Market Outlook,Synopsis, Surge, Future Scope, Analysis and Forecast to 2030
The Radiology Services Market Share 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.
Radiology Services Market Outlook and Analysis by Product Type,
Application, Technology End User (Hospitals, Diagnostic Centers and others) -
Forecast till 2030.
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 Players 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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