Radiology Services Global Market Report 2024

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 observed in the historical period can be attributed to factors such as the digitalization of imaging, the evolution of modalities, a shift towards PACS (Picture Archiving and Communication System) and RIS (Radiology Information System) systems, an emphasis on subspecialties within radiology, and a focus on maintaining quality standards and accreditation in the field.

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 anticipated growth in the forecast period can be attributed to collaborative healthcare models, an emphasis on enhanced patient-centric approaches, a focus on preventive healthcare, increased demand for personalized medicine, and the integration of artificial intelligence in radiology. Major trends expected in the forecast period include ongoing technological advancements, the rise of telemedicine and remote imaging practices, the adoption of personalized and precision medicine approaches, a growing demand for faster turnaround times in radiological processes, and the increasing integration of AI and machine learning in radiology practices.

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.

A prominent trend in the radiology services market is the focus on product innovations by major companies to maintain their market positions. Sirona Medical, a U.S.-based software company, introduced RadOS, a cloud radiology operating system powered by artificial intelligence. This innovative platform simplifies radiologists' workflow, enhances user experience, and boosts productivity.

Major companies in the radiology services market are adopting a strategic partnership approach to deliver cutting-edge radiology equipment and imaging services. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefits. For instance, Unilabs AB, a Switzerland-based diagnostic and imaging services company, partnered with GE Healthcare Technologies, Inc. This collaboration encompasses various imaging equipment, including MRI and CT scanning, ultrasound devices, mammography, and X-ray machines. The goal is to enhance imaging capacity, expedite diagnoses, and improve diagnostic quality for patients in Portugal.

In October 2021, IMEXHS Limited, an Australia-based imaging software as a service and ancillary service provider, acquired RIMAB SAS for $5.7 million (A$ 8.5 million). This acquisition strengthens IMEXHS's product offerings in imaging and teleradiology services, providing a platform for AI-based product development. RIMAB, based in Colombia, is a provider of radiology services.

Major companies operating in the radiology services market report are Radisphere National Radiology Group Inc., Cybernet Manufacturing Inc., GE HealthCare, TeleDiagnostic Solutions Pvt. Ltd., 4ways Healthcare Limited, Medica Reporting Ltd., Koninklijke Philips N.V., Onrad Inc., Aspect Imaging Ltd., Bruker Corporation, Aurora Healthcare US Corp., FONAR Corporation, ESAOTE SPA, Neusoft Corporation, Toshiba Corporation, FUJIFILM Holdings Corporation, ONEX 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 2023. 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.

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 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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