The global radiology services market accounted for USD 8,102.51 million in 2018 and is expected to register a CAGR of 10.5% during the forecast period (2019–2024).
Radiology is the technology that diagnosis and treat diseases within the human body by using medical imaging. The radiology services are served by the radiologists and experts that are qualified for performing the test and have unique postgraduate medical education in, radiation effects on the human body, radiation safety/protection, appropriate performance and interpretation of quality radiologic, and medical imaging examinations. Radiology services comprise X-Rays, computed tomography (CT), ultrasound, fusion imaging, positron emission tomography (PET), nuclear medicine, and magnetic resonance imaging (MRI). These imaging techniques should be performed after having adequate training and understanding of radiation safety and protection.
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.
Segmentation
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. 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.
Key Players
Some of the prominent key players in the global radiology services market 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).
Regional Analysis
The market is likely to dominate by Americas during the forecast period owing to the increasing aging population, chronic disease, funding & investments, and government initiative towards advance healthcare infrastructure. The European market is expected to be the second-largest due to government funding and support of the healthcare sector coupled with increasing research and development, and favorable reimbursement policies. Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to the increasing prevalence of cancer, rising investments in healthcare, and expansions by market players in the region. The market in the Middle East & Africa is likely to account for the smallest share of the global radiology services market.
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