Global Radiology as a Service Market Size, Trends, and Growth Opportunity, By Service (Teleradiology, Cloud-based Imaging IT Services, Consulting Services, and Technology Management Services), By Radiation Type (Diagnostics and Interventional Radiology), By End User (Hospitals, Diagnostic Imaging Centers, Radiology Clinics, and Physician Offices), By Region and Forecast to 2030.
Global Radiology as a Service Market
The Global Radiology as a Service Market was valued at USD 4.0 billion in 2022 and is expected to reach 6.77 billion by 2030, at a CAGR 4.25% during the forecast period 2023- 2030.
The term "radiology services" refers to the types of diagnostic and therapeutic imaging procedures used in medicine. Radiology treatments, such as computed tomography (CT), positron emission tomography (PET), and magnetic resonance imaging (MRI), are regarded as less invasive medical procedures.
Market Growth
The main driver of market expansion is an increase in demand for high-quality, affordable cloud-based medical imaging services. Additionally, the global dearth of qualified radiologists and the increase in medical imaging production are both driving market expansion.
Furthermore, it is anticipated that the need would rise because of the lack of radiologists and the easy availability of cutting-edge technologies. In the United States, there will be a shortfall of 17,100 to 41,900 radiologists, according to the Association of American Medical Colleges (AAMC). Additionally, as of April 2021, according to the Royal College of Radiologists
Market Restraints
Market expansion is anticipated to be hampered by inappropriate and unfavorable reimbursement scenarios in developing and underdeveloped economies. The growth of the market will be hampered by the high cost of diagnostic imaging systems. Additionally, throughout the projected period, dangers related to high radiation exposure could pose a threat to the market for radiology services.
Market Segmentation
Global Radiology as a Service Market is segmented into Service, Radiation Type, and End User.
Based on Service, the market is divided into Teleradiology, Cloud-based Imaging IT Services, Consulting Services, and Technology Management Services.
Based on Radiation Type, the market is classified into Diagnostics, Interventional Radiology.
Based on End User, the market is segmented into Hospitals, Diagnostic Imaging Centers, Radiology Clinics, and Physician Offices.
Regional Analysis
The Global Radiology as a Service Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
North America had the highest revenue share. The existence of big players and a well-developed healthcare IT infrastructure, along with the growing prevalence of target chronic conditions like cancer and bone impairments, are some of the main factors behind the region's highest revenue share. Two major factors influencing market expansion are the rapid development of technology and high healthcare costs.
Key Players
Various key players are discussed in the Global Radiology as a Service Market Report including: General Electric (GE) Co. (GE Healthcare), Koninklijke Philips N.V., Medica Group PLC, Virtual Radiologic (Radiology Partners, Inc.), Teleconsult Europe, Vesta Teleradiology, Teleradiology Solutions, Inc.
Enlitic, Inc. and GE Healthcare joined forces in August 2022, and GE Healthcare will integrate Enlitic's AI-based Curie platform into the workflow of radiologists to increase system capacity and efficiency and promote data standardization.
Market Taxonomy
By Service
• Teleradiology
• Cloud-based Imaging IT Services
• Consulting Services
• Technology Management Services
By Radiation Type
• Diagnostics
• Interventional Radiology
By End User
• Hospitals
• Diagnostic Imaging Centers
• Radiology Clinics
• Physician Offices
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
Global Radiology as a Service Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Radiology as a Service Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to recent Energy Crisis
4.2.5 Cumulative Impact due to nearing economic downturn
4.2.6 Post covid-19 world Supply & Demand conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Radiology as a Service Market, By Service
5.1 Y-o-Y Growth Comparison, By Service
5.2 Global Radiology as a Service Market Share Analysis, By Service
5.3 Global Radiology as a Service Market Size and Forecast, By Service
5.3.1 Teleradiology
5.3.2 Cloud-based Imaging IT Services
5.3.3 Consulting Services
5.3.4 Technology Management Services
6 Global Radiology as a Service Market, By Radiation Type
6.1 Y-o-Y Growth Comparison, By Radiation Type
6.2 Global Radiology as a Service Market Share Analysis, By Radiation Type
6.3 Global Radiology as a Service Market Size and Forecast, By Radiation Type
6.3.1 Diagnostics
6.3.2 Interventional Radiology
7 Global Radiology as a Service Market, By End User
7.1 Y-o-Y Growth Comparison, By End User
7.2 Global Radiology as a Service Market Share Analysis, By End User
7.3 Global Radiology as a Service Market Size and Forecast, By End User
7.3.1 Hospitals
7.3.2 Diagnostic Imaging Centers
7.3.3 Radiology Clinics
7.3.4 Physician Offices
8 Global Radiology as a Service Market, By Region
8.1 Global Radiology as a Service Market Share Analysis, By Region
8.2 Global Radiology as a Service Market Size and Forecast, By Region
9 North America Radiology as a Service Market Analysis and Forecast (2023-2030)
9.1 Introduction
9.2 North America Radiology as a Service Market Share Analysis, By Service
9.3 North America Radiology as a Service Market Size and Forecast, By Radiation Type
9.4 North America Radiology as a Service Market Size and Forecast, By End User
9.5 North America Radiology as a Service Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10 Europe Radiology as a Service Market Analysis and Forecast (2023-2030)
10.1 Introduction
10.2 Europe Radiology as a Service Market Share Analysis, By Service
10.3 Europe Radiology as a Service Market Size and Forecast, By Radiation Type
10.4 Europe Radiology as a Service Market Size and Forecast, By End User
10.5 Europe Radiology as a Service Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.5.4 Rest of Europe
11 Asia Pacific Radiology as a Service Market Analysis and Forecast (2023-2030)
11.1 Introduction
11.2 Asia Pacific Radiology as a Service Market Share Analysis, By Service
11.3 Asia Pacific Radiology as a Service Market Size and Forecast, By Radiation Type
11.4 Asia Pacific Radiology as a Service Market Size and Forecast, By End User
11.5 Asia Pacific Radiology as a Service Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4 Rest of Asia Pacific
12 Latin America Radiology as a Service Market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 Latin America Radiology as a Service Market Share Analysis, By Service
12.3 Latin America Radiology as a Service Market Size and Forecast, By Radiation Type
12.4 Latin America Radiology as a Service Market Size and Forecast, By End User
12.5 Latin America Radiology as a Service Market Size and Forecast, Country
12.5.1 Brazil
12.5.2 Rest of Latin America
13 Middle East Radiology as a Service Market Analysis and Forecast (2023-2030)
13.1 Introduction
13.2 Middle East Radiology as a Service Market Share Analysis, By Service
13.3 Middle East Radiology as a Service Market Size and Forecast, By Radiation Type
13.4 Middle East Radiology as a Service Market Size and Forecast, By End User
13.5 Middle East Radiology as a Service Market Size and Forecast, By Country
13.6.1 Saudi Arabia
13.5.2 UAE
13.5.3 Egypt
13.5.4 Kuwait
13.5.5 South Africa
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 General Electric (GE) Co.
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 Koninklijke Philips N.V.
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3 Medica Group PLC
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 Virtual Radiologic (Radiology Partners, Inc.)
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 Teleconsult Europe
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 Vesta Teleradiology
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Teleradiology Solutions, Inc.
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
