Radiology As A Service Market (By Service: Teleradiology, Cloud-based Imaging IT Services, Consulting Services, Technology Management Services; By End-user: Hospitals, Diagnostic Imaging Centers, Radiology Clinics, Physician Offices, Nursing Homes) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030

Published Date : Dec 2021 | No. of Pages : 150+ Pages | Category : Healthcare

The global Radiology As A Service market size is expected to be worth around US$ 6.7 billion by 2030, according to a new report by Vision Research Reports.

The global Radiology As A Service market size was valued at US$ 2.1 billion in 2020 and is anticipated to grow at a CAGR of 20.3% during forecast period 2021 to 2030.

Radiology As A Service Market Size 2021 to 2030

Report Coverage

Report Scope Details
Market Size US$ 6.7 billion by 2030
Growth Rate CAGR of 20.3% From 2021 to 2030
Base Year 2021
Forecast Period 2021 to 2030
Segments Covered Service, End user 
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned Philips Healthcare (Direct Radiology); GE Healthcare; Nanox.ARC; USARAD Holdings Inc.; Virtual Radiologic; Onrad Inc.; RamSoft Inc.; TeleDiagnostic Solutions; Teleradiology Solutions; National Diagnostic Imaging; Real Rads; Telemedicine Clinic U.K.; Vesta Teleradiology; DICOM Grid, Inc. (dba Ambra Health); Teleconsult Europe; Medica PLC

Growth Factors

The increasing number of medical images and low availability of radiologists around the globe are the factors propelling the market growth over forecast years. According to the report published by the National Health Service (NHS) England, nearly 42.7 million medical images were reported in 2018 compared to 42.1 million in 2017, which indicates an increase of 1.4% yearly. The radiology as a service model provides quality diagnostic imaging services through teleradiology, technology management, cloud-based imaging, and consulting services via trained professionals. radiology as a service offers 24/7 service support to patients and radiologists across the globe. Increasing healthcare expenditure and the growing adoption of advanced cloud-based platforms are anticipated to accelerate the market growth over the forecast years.

By Service Analysis

The teleradiology service type segment dominated the market in 2020 with a revenue share of over 67%. An increase in the prevalence of several chronic diseases, such as cancer, tumor, and cardiac disorders, which, in turn, produced more diagnostic radiology images to drive the segment growth. 

Increasing technological advancement, particularly the AI platform, provides additional insights into the teleradiology service. Service providers in the market are increasingly focusing on the introduction of advancement of technology to provide innovative teleradiology services. 

Technology management services is among the fastest-growing segments and is expected to be a sizable segment over the forecast years. Growing demand for remote management of technology in the healthcare centers, particularly in the radiology departments, will drive the segment.

By End-user Analysis

The hospitals segment dominated the global market in 2020 with a revenue share of 53.0%. Primary preference of patients for the treatment and diagnosis using different imaging modalities in the hospitals is the key factor responsible for the high revenue share of this segment.

The diagnostic imaging center was the second-largest end-user segment in 2020 owing to the high adoption of teleradiology services for various imaging procedures. The availability of high pay scale radiologists in these centers coupled with high investment for the technological advancement of medical imaging equipment is anticipated to drive the segment further.

The nursing home end-user segment is estimated to register the fastest CAGR of 23.5% over the forecast periods. Patients’ transportation to the radiology centers for CT, MRI, and X-ray examinations may be an exhausting and disorienting experience. 

By Regional Analysis

North America dominated the global market with a revenue share of over 50%. The highest consumer base for radiology procedures coupled with a growing number of teleradiology service providers is the factor anticipated to fuel the regional growth in the market over the forecast years.

Asia Pacific is estimated to grow at the fastest CAGR from 2021-2030. The growing per capita income and increasing internet users in Asian countries, such as China, India, and Singapore, are anticipated to drive the demand for radiology as a service in the region over the forecast years. 

Europe accounted for the second-highest revenue share in 2020. The U.K. and Germany are the biggest consumers for teleradiology. The growing number of radiology procedures and the shortage of radiologists in this region are the major factors expected to drive the market over the forecast years.

Key Players

  • Philips Healthcare (Direct Radiology)

  • GE Healthcare

  • Nanox.ARC

  • USARAD Holdings Inc.

  • Virtual Radiologic

  • ONRAD Inc.

  • RamSoft Inc.

  • TeleDiagnostic Solutions

  • Teleradiology Solutions

  • National Diagnostic Imaging

  • Real Rads

  • Telemedicine Clinic U.K.

  • Vesta Teleradiology

  • DICOM Grid, Inc. (dba Ambra Health)

  • Teleconsult Europe

  • Medica Group PLC

Market Segmentation

  • By Service 

    • Teleradiology

    • Cloud-based Imaging IT Services

    • Consulting Services

    • Technology Management Services

  • By End-user 

    • Hospitals

    • Diagnostic Imaging Centers

    • Radiology Clinics

    • Physician Offices

    • Nursing Homes

  • Regional

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

      • Russia

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • Singapore

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • MEA

      • South Africa

      • Saudi Arabia

      • UAE

The Radiology As A Service market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Radiology As A Service market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Radiology As A Service market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Radiology As A Service market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Radiology As A Service market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Radiology As A Service capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Radiology As A Service by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Radiology As A Service market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Radiology As A Service market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Radiology As A Service market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Radiology As A Service industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Radiology As A Service market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Radiology As A Service market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Radiology As A Service market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Radiology As A Service market. These factors have benefited the growth of the global market for Radiology As A Service. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Radiology As A Service. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Radiology As A Service are as follows:

  • History Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

To strategically profile the key players and comprehensively analyze their growth strategies.

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