Radiology As A Service Market Trends, Drivers And Restraints By 2028

Radiology As A Service Industry Overview

The global radiology as a service market size is expected to reach USD 4.7 billion by 2028, registering a CAGR of 20.3% over the forecast period, according to a new report by Grand View Research, Inc. The increasing number of medical images and low availability of radiologists around the globe are the factors propelling the market growth over forecast years. According to the report published by the National Health Service (NHS) England, nearly 42.7 million medical images were reported in 2018 compared to 42.1 million in 2017, which indicates an increase of 1.4% yearly. The radiology as a service model provides quality diagnostic imaging services through teleradiology, technology management, cloud-based imaging, and consulting services via trained professionals. radiology as a service offers 24/7 service support to patients and radiologists across the globe. Increasing healthcare expenditure and the growing adoption of advanced cloud-based platforms are anticipated to accelerate the market growth over the forecast years.

U.S. radiology as a service market size, by service, 2018 - 2028 (USD Million)

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:

Based on the Service Insights, the market is segmented into Teleradiology, Cloud-based Imaging IT Services, Consulting Services, Technology Management Services.

  • The teleradiology service type segment dominated the market in 2020 with a revenue share of over 65%. An increase in the prevalence of several chronic diseases, such as cancer, tumor, and cardiac disorders, which, in turn, produced more diagnostic radiology images to drive the segment growth. A rise in the number of medical images coupled with the shortage of skilled radiologists across the globe is expected to drive the teleradiology segment over forecast years.
  • Technology management services is among the fastest-growing segments and is expected to be a sizable segment over the forecast years. Growing demand for remote management of technology in the healthcare centers, particularly in the radiology departments, will drive the segment. radiology as a service offers service coverage and warranty coverage to the pieces of equipment and provides a high level of protection with 24/7 service support to the equipment, which allows radiologists to focus on patients.

Based on the End-user Insights, the market is segmented into Hospitals, Diagnostic Imaging Centers, Radiology Clinics, Physician Offices, and Nursing Homes.

  • The hospitals segment dominated the global market in 2020 with a revenue share of 52.0%. Primary preference of patients for the treatment and diagnosis using different imaging modalities in the hospitals is the key factor responsible for the high revenue share of this segment. The availability of advanced equipment for urgent care, increasing imaging procedures, and the growing adoption of teleradiology services are expected to drive the segment over the forecast years.
  • The diagnostic imaging center was the second-largest end-user segment in 2020 owing to the high adoption of teleradiology services for various imaging procedures. The availability of high pay scale radiologists in these centers coupled with high investment for the technological advancement of medical imaging equipment is anticipated to drive the segment further.
  • However, the nursing home end-user segment is estimated to register the fastest CAGR of 21.5% over the forecast periods. Patients’ transportation to the radiology centers for CT, MRI, and X-ray examinations may be an exhausting and disorienting experience. Mobile radiography coupled with teleradiology service in nursing homes provides the most beneficial results, where unnecessary transport of patients back and forth to the hospital is avoided.

Radiology As A Service Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Key Companies Profile & Market Share Insights

Key players of the radiology as a service market are involved in several industry consolidation activities, such as mergers, acquisitions, and collaboration to expand their teleradiology service portfolio.

Some of the prominent players operating in the global radiology as a service market include,

  • Philips Healthcare (Direct Radiology)
  • GE Healthcare
  • 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.

Order a free sample PDF of the Radiology As A Service Market Intelligence Study, published by Grand View Research.

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