Radiology As A Service Market - 2022 by Manufacturers, Regions, Size, Share, Forecast to 2028 | by Philips Healthcare (Direct Radiology), Virtual Radiologic, ONRAD Inc

New Jersey, United States - Analysis of Radiology As A Service Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The market for radiology as a service was estimated at USD 1.1 billion in 2020, and from 2021 to 2028, it is anticipated to expand at a CAGR of 20.3%. The market's main driver is the rising need for high-tech, affordable cloud-based medical imaging services. Additionally, the quantity of medical photographs is likely to rise as a result of the increased incidence of cancer worldwide. About 39.5% of people will receive a cancer diagnosis at some time in their lives, according to the National Cancer Institute (NCI). Globally, there were 18.1 million new cases in 2018, and by 2040, that figure is projected to increase to 29.5 million. Additionally, it is anticipated that the limited supply of radiologists globally and the rising volume of medical pictures will fuel market expansion over the next years.

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Radiology as a service provides round-the-clock assistance to support and improve the work of radiologists everywhere. Quality diagnostic imaging is also offered by the radiology as a service model through teleradiology, cloud-based imaging, technology management, and consulting services provided by qualified experts. Radiologists can easily visit rural district hospitals and community health centres because to radiology as a service. Numerous markets have been adversely affected by the COVID-19 epidemic. Few industries, notably radiology as a service, saw a decline in demand, while many other sectors showed signs of promising expansion.

The radiology as a service Market is growing rather quickly as a result of the increasing prevalence of disorders brought on by altered lifestyle and dietary practises. The market is expanding quickly primarily due to the rise in the population of elderly people. In addition, the industry has grown as a result of population growth, increased public awareness, and improvements in healthcare infrastructure. The global market for radiology as a service is also anticipated to grow over the forecast period due to increased popularity in the medical community.

Segmentation

The sector with the highest revenue share in 2020 was teleradiology services. The largest market share in this sector is due to a shortage of radiologists and an increase in the quantity of radiological pictures produced. Through teleradiology, the radiology as a service model gives healthcare professionals 24/7 access to the most recent medical imaging services. Services like readings and reporting are under the umbrella of teleradiology. For a substantially lesser price, it offers the best diagnosis imaginable. It entails the radiologists' interpretation of a patient's medical image obtained using a variety of modalities, such as X-ray, CT, MRI, and others, without the radiologists' physical presence being present where the patient is.

In 2020, the hospital end-user segment had the largest revenue share. The primary reasons for the highest revenue share of the segment are the rising number of imaging procedures carried out in hospitals and the rising investments made by hospitals to provide high-quality diagnostic imaging services. The segment is also anticipated to be driven by rising patient hospital visits for medical imaging, as well as rising use of advanced imaging modalities, as opposed to radiology clinics and diagnostic imaging centres. The expansion of this end-user sector is also anticipated to be supported by the lack of radiologists in hospitals and the rise in radiological procedures in healthcare facilities like hospitals and clinics.

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Regional analysis

In 2020, North America dominated the regional market. The primary elements projected to preserve this region's dominance over the coming years are the rising number of service providers and expanding awareness of the usage of cutting-edge technologies. The region's market is expected to be driven by a strong healthcare infrastructure, government backing, and rising demand for radiology services.

But from 2021 to 2028, Asia Pacific is anticipated to develop at the fastest CAGR. It can be linked to an expanding consumer base, supported government programmes to update the healthcare system, and rising awareness in underdeveloped nations. Furthermore, the expansion of the regional market is being aided by the rising use of teleradiology and telehealth services.

Key Players

Philips Healthcare (Direct Radiology)
Virtual Radiologic
ONRAD Inc.
RamSoft Inc.
GE Healthcare
Nanox.ARC
USARAD Holdings Inc.
TeleDiagnostic Solutions
Teleradiology Solutions
Telemedicine Clinic U.K.
DICOM Grid, Inc. (dba Ambra Health)
National Diagnostic Imaging
Real Rads
Teleconsult Europe
Medica Group PLC

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This release was published on openPR.