The global radiology as a service market size is expected to reach USD 4.7 billion by 2028, registering a CAGR of 20.3% over the forecast period, according to a new report by Grand View Research, Inc. 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.
Key Insights & Findings from the report:
- The global market is anticipated to be valued at USD 4.7 billion by 2028 owing to the increasing diagnostic images and growing adoption of teleradiology services to provide quality medical imaging service at a low cost
- The teleradiology service segment dominated the market in 2020 due to its high demand and increasing adoption in the radiology as a service model
- The hospital end-user segment dominated the market in 2020 owing to the high patient visits and adoption of advanced imaging modalities in hospitals
- North America dominated the market in 2020 due to the growing awareness about radiology as a service model and the high number of service providers in the region
The teleradiology service segment held the largest revenue share in 2020. Lack of the required number of radiologists and surge in the produced number of radiology images are accounted for the highest market share of this segment. The radiology as a service model allows 24/7 access to the latest medical imaging service via teleradiology to healthcare providers. Teleradiology covers services, such as reads and reporting. It provides the best possible diagnosis at a significantly lower cost. It involves the remote interpretation of a patient’s medical image generated from different modalities, such as X-ray, CT, MRI, and others, by the radiologists without their physical presence in the same location as the patient.
Furthermore, the adoption of advanced technology in medical imaging has grown in the last five years at a lucrative rate. It is, in turn, responsible for the growing industry consolidation activities of the key market players in the teleradiology market. In March 2019, Koninklijke Philips N.V. acquired Direct Radiology’s teleradiology platform, which indicates the surging focus among large global market players regarding the expansion of its teleradiology portfolio.
The hospital end-user segment accounted for the highest revenue share in 2020. The rising number of imaging procedures performed in hospitals and the increasing investments by hospitals to provide quality diagnostic imaging services are the major factors responsible for the highest revenue share of the segment. Moreover, increasing adoption of advanced imaging modalities and high patient visits to the hospital for medical imaging than radiology clinics and diagnostic imaging centers are also expected to drive the segment. Furthermore, the shortage of radiologists in hospitals and increasing radiology procedures in healthcare facilities, such as hospitals and clinics, are expected to support the growth of this end-user segment.
North America was the leading regional market in 2020. The increasing number of service providers and growing awareness for the adoption of advanced technology are the major factors anticipated to maintain the dominance of this regional market over the forecast years. In addition, well-developed healthcare infrastructure, government support, and increasing demand for radiology as a service are projected to drive the market in this region. However, Asia Pacific is expected to grow at the highest CAGR from 2021 to 2028. It can be attributed to a growing consumer base, supportive government initiatives for modernizing the healthcare infrastructure, and increasing awareness in developing countries.
Read the 150 page market research report, “Radiology As A Service Market Size, Share & Trends Analysis Report By End User (Hospitals, Nursing Homes), By Service (Teleradiology, Technology Management), By Region, And Segment Forecasts, 2021 – 2028“, by Grand View Research
Grand View Research has segmented the global radiology as a service market based on service, end user, and region:
- Radiology As A Service Outlook (Revenue, USD Million, 2016 – 2028)
- Cloud-based Imaging IT Services
- Consulting Services
- Technology Management Services
- Radiology As A Service End-user Outlook (Revenue, USD Million, 2016 – 2028)
- Diagnostic Imaging Centers
- Radiology Clinics
- Physician Offices
- Nursing Homes
- Radiology As A Service Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- North America
List of Key Players in Radiology As A Service Market
- Philips Healthcare (Direct Radiology)
- GE Healthcare
- 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.
Browse through Grand View Research’s coverage of the Global Healthcare IT Industry:
- Teleradiology Market – The global teleradiology market size is estimated to reach USD 10.9 billion by 2027. Rising demand for teleradiology in cases of second opinion and emergencies is one of the high impact rendering drivers of the market.
- Magnetic Resonance Imaging Market – The global magnetic resonance imaging market size is expected to reach USD 8.5 billion by 2028. The market is expected to expand at a CAGR of 6.0% from 2021 to 2028.
- Artificial Intelligence Market – The global artificial intelligence market size is expected to reach USD 997.77 billion by 2028. The market is anticipated to expand at a CAGR of 40.2% from 2021 to 2028.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.