Radiology As A Service Market Size to Exceed US$ 6.7 Bn by 2030

According to Vision Research Reports, the global Radiology As A Service market size is expected to be worth around US$ 6.7 billion by 2030.

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.

Report Highlights

• The teleradiology service type segment dominated the market in 2020 with a revenue share of over 67%.
• Technology management services segment is among the fastest-growing segments and is expected to be a sizable segment over the forecast years.
• The hospitals segment dominated the global market in 2020 with a revenue share of 53.0%.
• The nursing home end-user segment is estimated to register the fastest CAGR of 23.5% over the forecast periods.
• North America dominated the global market with a revenue share of over 50%.
• Asia Pacific is estimated to grow at the fastest CAGR from 2021-2030.

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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.

Report Coverage

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.

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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
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

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