Radiology As A Service Market Size, Forecast, Growth, Trends 2024-2033

The radiology as a service market size has grown exponentially in recent years. It will grow from $1.66 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 22.7%. The growth in the historic period can be attributed to cost-efficiency and operational streamlining, rise in demand for imaging services, focus on core competencies, technological advances in imaging, increased need for rapid and accurate diagnoses.

The radiology as a service market size is expected to see exponential growth in the next few years. It will grow to $4.41 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to continued emphasis on cost savings, growing focus on value-based care, increasing demand for remote and telehealth solutions, integration of artificial intelligence (AI), global shortage of radiologists. Major trends in the forecast period include focus on subspecialty reporting, cybersecurity measures for image protection, mobile radiology solutions, collaboration with AI startups, value-based care integration.

Market Overview -

Radiology as a service refers to rendering professional and technical services for radiation oncology, radioisotope services, medical imaging, and so on to allow providers to provide patients with the best possible diagnoses at much lower costs.

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Addressing The Surge In Global Cancer Cases Through Growing Demand For Radiology As A Service

An increase in the number of cancer cases globally is expected to propel the growth of radiology as a service market going forward. Cancer is a condition when the body's cells grow out of control and spread to other bodily regions. Medical imaging technology has transformed healthcare by enabling earlier cancer detection and better patient outcomes. Hence, the rise in the number of cancer cases would result in a demand for radiology imaging services, which is expected to propel the growth of radiology as a service. For instance, according to the National Cancer Institute, a US-based government agency for cancer research and training, the global number of new cancer cases per year is predicted to reach 29.5 million, with 16.4 million cancer-related deaths by 2040. Therefore, the increasing number of cancer cases is driving the market growth of radiology as a service market.

Competitive Landscape -

Major companies operating in the radiology as a service market report are Siemens Healthineers AG, Fujifilm Holdings Corporation, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Agfa-Gevaert N.V., Mednax Inc., RadNet Inc., National Diagnostic Imaging Teleradiology, Alliance HealthCare Services Inc., US Radiology Specialists Inc., Nines Inc., Shields Health Solutions Holdings LLC., Virtual Radiologic, Everlight Radiology, Telemedicine Clinic Ltd., Medica Group plc, Onrad Inc., RamSoft Inc., Real Radiology LLC, Vesta Teleradiology, Radiology Partners Inc., Ambra Health Company, Nano-X Imaging Ltd., NightShift Radiology Inc., USARAD Holdings Inc., Telediagnostic Solutions Private Limited, Teleconsult Holding BV, Teleradiology Solutions Pvt Ltd., Bond Radiological Group, Direct Radiography Corp, Imaging Advantage LLC, Imaging On Call LLC

Technological Advancements Paving The Way For Enhanced Radiology As A Service Offerings

Technological advancements are the key trends gaining popularity in the radiology-as-a-service market. Major companies operating in the radiology-as-a-service sector are focused on introducing new technologies to sustain their position in the market. For example, in January 2021, Nanox, an Israel-based medical imaging technology company, and USARAD, a US-based teleradiology company, introduced an advanced radiology diagnostics service that combines over 300 expert radiologists with artificial intelligence decision support solutions to support medical diagnostics.

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Key Segments -

The radiology as a service market covered in this report is segmented -

1) By Service Type: Teleradiology, Cloud-based Imaging IT Services, Consulting Services, Technology Management Services
2) By Technology: Computed Radiology, Direct Digital Radiology
3) By End-User: Hospitals, Diagnostic Imaging Centers, Radiology Clinics, Physician Offices, Nursing Homes

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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