Radiology Services Market Supported by a CAGR of 14.1% by 2033 | Enlitic Inc., CodaMetrix, TeleRay

Allied Market Research published a report, titled, "Radiology Services Market by Product Type (Stationary Digital Radiology Systems and Portable Digital Radiology Systems), by Application (Cardiovascular Imaging, Chest Imaging, Dental Imaging, Orthopedic Imaging and Others), Technology (Computed Radiology and Direct Digital Radiology), End User (Hospitals, Diagnostic Centers and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the radiology services market was valued at $4.1 billion in 2023, and is estimated to reach $14.0 billion by 2033, growing at a CAGR of 14.1% from 2024 to 2033.

Prime Determinants of Growth

Radiography is an essential discipline in healthcare, pivotal for disease diagnosis and treatment, significantly impacting patient health outcomes. It plays a crucial role in diagnosing, treating, and monitoring various medical conditions, revolutionizing healthcare practices. However, radiology utilizes high-energy radiation to generate body images, potentially exposing patients to radiation. Prolonged exposure can heighten cancer and other health risks. Radiology remains dynamic, continuously advancing with medical technology innovations like artificial intelligence and machine learning. Advanced imaging techniques such as MRI, CT, and PET provide detailed 3D body images, enhancing diagnostic precision and therapeutic planning in the radiology services market.

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Based on product type, the portable digital radiology systems sub-segment is projected to have a dominant market share during the forecast period.

Portable digital radiology systems growth is driven by the increasing demand for flexible, on-the-go diagnostic solutions that can be used in various healthcare settings, including remote and emergency locations. The convenience, high-quality imaging capabilities, and advancements in digital technology make portable radiology systems an indispensable tool in modern medical practice, contributing significantly to their market dominance.

Based on application, the orthopedic imaging sub-segment is projected to have a dominant market share during the forecast period.

Musculoskeletal problems and injuries are becoming more common, and there is a greater demand for precise diagnostic tools and advances in imaging technology. Orthopedic imaging is important in identifying and treating illnesses such as fractures, arthritis, and sports injuries, which drives its large market presence and growth.

Based on technology, the computed radiology sub-segment generated the maximum revenue in 2023.

Direct digital radiology is a significant innovation in diagnostic imaging, with various advantages that can improve patient care and outcomes. This technique enhances image quality, enables more accurate diagnosis, and lowers radiation exposure. It also saves money, is easy to use, and reduces the need for retakes, all of which increase efficiency. Direct digital radiography also broadens consulting options and improves client engagement, making it an indispensable tool in modern healthcare.

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Based on end user, the hospital sub-segment is predicted to be the fastest growing during the forecast period.

Hospitals serve as primary hubs for advanced medical imaging services, offering a comprehensive range of diagnostic modalities to support various medical specialties and patient needs. The integration of cutting-edge technologies such as digital radiography and ultrasound systems enables hospitals to deliver efficient and precise diagnoses, facilitating prompt treatment decisions and improved patient outcomes. This robust presence within the market underscores hospitals' commitment to enhancing healthcare delivery through continuous innovation and investment in radiology services, ensuring they remain pivotal in meeting the diagnostic challenges of today's healthcare landscape.

Based on region, Asia-Pacific is projected to have the highest CAGR during the forecast period.

The Asia-Pacific radiology services industry growth is being driven by increased healthcare investments, rising chronic illness prevalence, and breakthroughs in medical imaging technology in the region. Furthermore, the growing middle-class population and greater access to healthcare services contribute to Asia-Pacific's rapid market growth.

Major Key Players

Siemens Healthineers

Enlitic Inc.

CodaMetrix

Philips Healthcare

Coreline Soft

DeepTek Inc.

GE Healthcare

DeepHealth, Inc.

Equium Intelligence

TeleRay

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These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.

Recent Developments

In June, 2023, GE HealthCare announced that it had received FDA clearance and launched Sonic DL, an advanced deep learning-based technology designed to significantly accelerate image acquisition in magnetic resonance imaging (MRI) . Sonic DL has enabled new imaging paradigms, such as high-quality cardiac MRI in a single heartbeat. This breakthrough has expanded GE HealthCare's industry-leading AI-enabled solutions portfolio.

In July, 2022, Canon Medical unveiled the Vantage Fortian at ECR 2022. The new MRI system features innovative workflow solutions, image enhancement, and accelerated scan technology, all of which contributes to reducing the time required for MRI procedures.

In January, 2024, Hyperfine, Inc., the pioneering medical device company known for revolutionizing brain imaging with the world's first FDA-cleared portable magnetic resonance brain imaging system, the Swoop system, announced the launch of the AI-powered eighth generation of Swoop system software.

The report provides a detailed analysis of these key players in the global radiology services market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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