Radiology Services Market Report 2025

The radiology services market size has grown rapidly in recent years. It will grow from $7.31 billion in 2024 to $8.19 billion in 2025 at a compound annual growth rate (CAGR) of 12%. 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 $13.13 billion in 2029 at a compound annual growth rate (CAGR) of 12.5%. 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.

The radiology services market is experiencing growth driven by the increasing prevalence of age-associated diseases. Conditions such as Alzheimer's disease, arthritis, and dementia become more common with age, necessitating diagnostic tests such as MRI and computed tomography. The rising incidence of these diseases has led to an increased demand for diagnostic procedures. For example, the Alzheimer’s Association reported that in 2022, over 6 million U.S. citizens were affected by Alzheimer's, and this number is projected to reach 13 million by 2050. The escalating costs associated with Alzheimer's, totaling $321 billion in 2022 and expected to rise to $1 trillion by 2050, highlight the urgency for diagnostic radiology services.

The radiology services market is anticipated to be boosted by the development of healthcare infrastructure. Healthcare infrastructure encompasses the facilities, equipment, information systems, and resources needed to deliver medical services. Integrating radiology services into healthcare infrastructure enhances diagnostic capabilities, promotes interdisciplinary treatment, and improves patient outcomes across various medical specialties. For instance, the Department of Health and Aged Care in Australia announced substantial investments in healthcare infrastructure, totaling $132 billion in 2022-23 and increasing to $140 billion in 2025-26. This significant financial commitment over the next four years is expected to drive the growth of radiology services.

Product innovations are becoming a prominent trend in the radiology services market. Major companies in the sector are introducing new products to maintain their competitive edge. For example, in February 2024, Yellowcross, a telemedicine practice management company based in the U.S., launched a new consultancy service designed to enhance teleradiology management for healthcare providers amid the growing shortage of radiologists. This service assists medical groups in navigating technology, billing, and marketing, allowing them to efficiently expand their remote care capabilities. Yellowcross aims to improve patient access, lower healthcare costs, and elevate the standard of care through customized telemedicine solutions.

Major companies in the radiology services market are adopting a strategic partnership approach to deliver innovative radiology equipment and imaging services in Portugal. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve mutual benefits and success. For example, in April 2022, Unilabs AB, a diagnostic and imaging services company based in Switzerland, announced a partnership with GE HealthCare Technologies, Inc. This collaboration encompasses MRI and CT scanning equipment, ultrasound devices, mammography, X-ray machines, and new imaging fleet services. The partnership aims to provide additional imaging capacity, accelerate diagnoses, and improve diagnostic quality for patients across Portugal by offering an advanced imaging fleet and state-of-the-art imaging services. GE HealthCare Technologies, Inc. is a medical technology and diagnostic imaging company based in the U.S.

In February 2024, Premier Radiology Services LLC, a U.S.-based provider of teleradiology services, acquired NationalRad for an undisclosed amount. The purpose of this acquisition is to improve patient care and broaden its subspecialty offerings by utilizing NationalRad's expertise in subspecialty teleradiology services. NationalRad is a diagnostic radiology service based in the U.S. that specializes in providing accurate subspecialty interpretations.

Major companies operating in the radiology services market include Radisphere National Radiology Group Inc., GE HealthCare, TeleDiagnostic Solutions Pvt. Ltd., 4ways Healthcare Limited, Medica Reporting Ltd., Koninklijke Philips N.V., Onrad Inc., Aspect Imaging Ltd., Aurora Healthcare US Corp., FONAR Corporation, ESAOTE SPA, Neusoft Corporation, Toshiba Corporation, FUJIFILM Holdings Corporation, Hologic Inc., Everlight Radiology, Global Diagnostics, RamSoft Inc., Siemens Healthineers, Telemedicine Clinic, Teleradiology Solutions Inc., Virtual Radiology, Hitachi Ltd., CANON MEDICAL SYSTEMS CORPORATION, Sanrad Medical Systems Private Limited, Quality Electrodynamics LLC, Shenzhen Anke High-tech Co. Ltd.

North America was the largest region in the radiology services market in 2024. The regions covered in the radiology services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the radiology services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Radiology is a medical discipline that utilizes imaging technologies, such as x-rays, for both the diagnosis and treatment of diseases. Within radiology, services encompass both diagnostic and therapeutic applications. Radiologists, as medical professionals specializing in this field, employ a variety of medical imaging methods, examinations, and tests, along with a range of instruments and techniques to identify, examine, and address medical conditions.

The primary types of radiology services include stationary digital radiology systems and portable digital radiology systems. Stationary digital radiology systems are fixed in one location and cannot be moved. Procedures conducted using these systems include both conventional and digital methods, catering to patients of varying age groups, including adults and pediatric populations. Radiology services find applications in cardiovascular imaging, chest imaging, dental imaging, mammography imaging, orthopedic imaging, and are utilized by end users such as hospitals, ambulatory centers, diagnostic centers, clinics, and others.

The radiology services market research report is one of a series of new reports that provides radiology services market statistics, including global market size, regional shares, competitors with a radiology services market share, detailed radiology services market segments, market trends and opportunities, and any further data you may need to thrive in the radiology services industry. This radiology services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The radiology services market includes revenues earned by entities by providing services such as computed tomography (CT), magnetic resonance imaging (MRI), nuclear medicine, positron emission tomography (PET) and ultrasound procedures. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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