Radiology Services Market to Reach $14.0 Billion, Globally, by 2033 at 14.1% CAGR: Allied Market Research
NEW CASTLE, Delaware, Sept. 16, 2024 (GLOBE NEWSWIRE) -- 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.
Request Sample Pages: https://www.alliedmarketresearch.com/request-sample/A277936
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $4.1 billion |
| Market Size in 2033 | $14.0 billion |
| CAGR | 14.1% |
| No. of Pages in Report | 320 |
| Segments Covered | Product Type, Application, Technology, End User, and Region. |
| Drivers | Continuous improvements in MRI, CT, and ultrasound technologies |
| Increasing elderly population leading to higher demand for diagnostic imaging | |
| Growing incidence of cancer, cardiovascular diseases, and neurological disorders | |
| Restraint | Stringent approval processes and compliance requirements |
| Opportunities | Growth potential in developing regions with expanding healthcare infrastructure |
| Innovation in portable and point-of-care imaging solutions |
Buy this Complete Report (320 Pages PDF with Insights, Charts, Tables, and Figures) at:
https://www.alliedmarketresearch.com/radiology-services-market/purchase-options
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.
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.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A277936
Major Key Players
- Siemens Healthineers
- Enlitic Inc.
- CodaMetrix
- Philips Healthcare
- Coreline Soft
- DeepTek Inc.
- GE Healthcare
- DeepHealth, Inc.
- Equium Intelligence
- TeleRay
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.
AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact: David Correa 1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA. Int'l: +1-503-894-6022 Toll Free: +1-800-792-5285 UK: +44-845-528-1300 India (Pune): +91-20-66346060 Fax: +1-800-792-5285 help@alliedmarketresearch.com
© Copyright Globe Newswire, Inc. All rights reserved. The information contained in this news report may not be published, broadcast or otherwise distributed without the prior written authority of Globe Newswire, Inc.
