Global Radiology as a Service Market By Service (Teleradiology, Cloud-based Imaging IT Services, Consulting Services, and Technology Management Services), By End User (Hospitals, Diagnostic Imaging Centers, Radiology Clinics, Physician Offices, and Nursing Homes), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Radiology as a Service Market
Market Report Description
The Global Radiology as a Service Market size is expected to reach $3,783.8 million by 2027, rising at a market growth of 22.5% CAGR during the forecast period.
Radiology services refer to the medical imaging services that can be utilized for treating and diagnosing different kinds of diseases. Radiology services are considered as minimally invasive medical procedures which include magnetic resonance imaging (MRI), positron emission tomography (PET), and computed tomography (CT).
Factors such as the rise in rates of age-associated disorders like Parkinson’s disease, Alzheimer’s disease, and dementia, the deployment of cutting-edge healthcare technologies, and higher focus on R&D activities are acting as growth catalysts for the market during the forecasting period. In addition, the growth of the market would be driven by the increasing aging population and massive spending to develop advanced healthcare infrastructure, particularly in emerging countries.
Aging is the most common factor which increases the risks of developing diseases. As per the Centers for Disease Control and Prevention (CDC), around 4/5th of the aging population in the US experience minimum of one chronic disease. In addition, the American Medical Association (AMA) predicts that around 3/5th of the people aged 65 years or above will experience above one chronic condition by the end of 2030.
Based on Service, the market is segmented into Teleradiology, Cloud-based Imaging IT Services, Consulting Services, and Technology Management Services. Based on End User, the market is segmented into Hospitals, Diagnostic Imaging Centers, Radiology Clinics, Physician Offices, and Nursing Homes. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
COVID-19 Impact Analysis
The medical imaging procedures have been drastically declined due to the outbreak of the COVID-19 pandemic, thereby restricting the growth of radiology as a service market during the pandemic period. In addition, doctors, nurses, and other staff were occupied in managing the increased number of COVID-19 patients, which decreased the medical imaging procedures.
In addition, the higher fear of corona virus among the patients has decreased the visits to hospitals regarding radiology imaging. Additionally, the outbreak of the COVID-19 pandemic has increased the demand for remote healthcare services, like telemedicine, telehealth, and teleradiology. Moreover, the growth of the market would be driven by the surge in the adoption of radiology as a service that includes cloud-based imaging IT services, teleradiology, technology management services, and consulting services.
Market Growth Factors:
The rise in demand for radiology services
Radiology consists of imaging procedures that help to diagnose and treat different types of diseases. In addition, as various imaging techniques have emerged in the medical field, radiology services have achieved a high popularity in the last couple of years due to their high efficiency in accurately detecting diseases. These days, doctors are highly dependent on radiographers. Radiographers perform these tests as well as provide physical & emotional support throughout these imaging procedures. This factor plays a vital role in boosting the adoption of radiology services among patients.
Growing rates of chronic diseases
The demand for radiology services is driven by the growing cases of diseases due to the shifting lifestyle patterns and consumption of unhealthy foods. In addition, imaging techniques are utilized to view structures of the human body with an aim to diagnose, observe, or treat different kinds of diseases. Chronic diseases such as cardiovascular diseases, respiratory diseases, cancer, and others need imaging procedures to decide the future course of treatment, hence boosting the demand for radiology services in the market.
Marketing Restraining Factor:
Lack of well-trained professionals
The growth of the market would be hampered by the absence of well-trained professionals in some of the developing and underdeveloped countries. These countries are unwilling to pay the standard income to the trained professionals due to the sluggish economic growth and low healthcare budget, which further contributes to the low penetration of skilled professionals in such countries. In addition, these countries do not have well-developed healthcare infrastructure, which poses a significant challenge to the growth of the overall radiology as a service market.
Based on Service, the Radiology as a service market is segregated into Teleradiology, Cloud-based Imaging IT Services, Consulting Services, and Technology Management Services. The teleradiology service type segment obtained the maximum revenue share of the overall market. In addition, factors such as growing cases of various chronic diseases like tumor, cancer, and cardiac diseases, which generate more diagnostic radiology images, are responsible for the growth of this segment.
End User Outlook
Based on End-user, the Radiology as a service market is segmented into Hospitals, Diagnostic Imaging Centers, Radiology Clinics, Physician Offices, and Nursing Homes. In 2020, the hospitals segment garnered the maximum revenue share of the overall radiology as a service market. In addition, factors such as high preferences of patients for treating and diagnosing with the help of varied imaging modalities in the hospitals are anticipated to fuel the growth of this segment.
|Market size value in 2020||USD 857.1 Million|
|Market size forecast in 2027||USD 3,783.8 Million|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 22.5% from 2021 to 2027|
|Number of Pages||189|
|Number of Tables||294|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Service, End User, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on the Region, the Radiology as a service market is analyzed across North America, Europe, APAC, and LAMEA. North America emerged as the leading region in overall radiology as a service market in 2020. This is attributed to the large consumer base for radiology procedures, and the rise in the number of teleradiology service vendors in the region. Additionally, the growth of the regional market would be driven by the less availability of radiologists in the U.S. over the number of patients.
Free Valuable Insights: Global Radiology as a Service Market size to reach USD 3,783.8 Million by 2027
KBV Cardinal Matrix - Radiology as a Service Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; General Electric (GE) Co. is the major forerunner in the Radiology as a Service Market. Companies such as Koninklijke Philips N.V., Medica Group PLC, Ambra Health are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co. (GE Healthcare), Koninklijke Philips N.V., Medica Group PLC, Virtual Radiologic (Radiology Partners, Inc.), Teleconsult Europe, Vesta Teleradiology, Teleradiology Solutions, Inc., ONRAD, Inc., Ambra Health, and RamSoft, Inc.
Recent Strategies Deployed in Radiology as a Service Market
» Partnerships, Collaborations and Agreements:
- Dec-2021: Virtual Radiologic extended its partnership with Radiobotics, an award-winning health tech company. Following the partnership, the two companies would jointly create a comprehensive portfolio of software algorithms to improve the speed and precision of bone fracture X-ray studies.
- Nov-2021: RamSoft signed an agreement with Premier Radiology Services, a teleradiology services vendor based in the U.S. Under this agreement, the two companies would offer Premier Radiology Services software that assists to change their workflow to enhance efficiency and patient care.
- Aug-2021: GE Healthcare joined hands with Amazon Web Services, a subsidiary of Amazon providing on-demand cloud computing platforms and APIs. Under this collaboration, the two companies would provide AI and cloud-based imaging solutions, clinical and operational insights to hospitals and healthcare vendors.
- Aug-2021: Ambra Health partnered with Health Gorilla, the leading vendor of healthcare APIs. The partnership would allow medical image viewing directly within Health Gorilla's platform. Following the partnership, the portfolio of Ambra Health has been integrated with the Health Gorilla platform, thereby expanding medical imaging capabilities to clinical records application of Health Gorilla.
- Jul-2021: GE Healthcare entered into a partnership with Spectronic Medical, a company that offers technology to completely use the potential of magnetic resonance imaging. Through this partnership, the two companies would launch a complete AI and Deep Learning-based MR radiation oncology solution to healthcare vendors to assist allows high-precision treatment planning and enhances clinical outcomes for thousands of radiotherapy patients.
- Jul-2021: Ambra Health extended its partnership with Box, a company that develops and markets cloud-based content management, collaboration, and file-sharing tools for businesses. The partnership would facilitate seamless and sophisticated medical imaging capabilities. Following this partnership, Web Uploader and ProViewer of Ambra would be integrated into Box; hence enabling customers to safely upload, examine, and manipulate every kind of imaging from any place, at any time without the requirement for exhaustive IT intervention.
- Jun-2021: Royal Philips teamed up with Akumin, a leading vendor of outpatient diagnostic imaging services in the U.S. Under this collaboration, the new Radiology Operations Command Center of Philips would be implemented across outpatient imaging centers of Akumin and jointly develop clinical standards for Akumin’s MR and CT imaging modalities.
- Mar-2021: Royal Philips partnered with DiA Imaging Analysis, a leading vendor of AI-powered applications for the ultrasound. The partnership aimed would complement Royal Philips in providing unparalleled diagnostic confidence and operational efficiency to point-of-care ultrasound imaging, and expand access to superior and time-bounded care both inside and outside of hospitals.
- Jan-2021: RamSoft teamed up with Canadian Teleradiology, a company that offers diagnostic and imaging equipment. Under this partnership, RamSoft would become the Cloud PACS Provider of Canadian Teleradiology. The partnership aimed to offer remote radiology services to their client hospitals.
- Mar-2020: Medica Group formed a partnership with Qure.ai, a leading vendor of artificial intelligence (AI) solutions for radiology. Through this partnership, the two companies would jointly create AI tools for prioritization and enhanced efficiency of radiology scan workload.
» Acquisitions and Mergers:
- Dec-2021: Royal Philips signed an acquisition agreement with Vesper Medical, a company that deals in medical technology and designs minimally-invasive peripheral vascular devices. After the acquisition, Philips will complement its offerings of diagnostic and therapeutic devices by integrating sophisticated venous stent offerings for the treatment of deep venous disease by Vesper Medical.
- Nov-2021: Philips signed an agreement to acquire Cardiologs, a medical technology company. Following the acquisition, the current offerings of Philips in cardiac care solutions will be expanded.
- Sep-2021: GE Healthcare completed the acquisition of BK Medical, a company that offers ultrasound technology. The acquisition would help GE Healthcare to expand its ultrasound offerings into surgical visualization and fuel the growth in precision health.
- Jul-2021: RamSoft took over a majority stake in Meddiff Technologies, an innovative medical imaging solutions company. The acquisition aimed to expedite its product development by integrating the product lines and expertise of Meddiff and Ramsoft.
- Mar-2021: Medica Group completed the acquisition of RadMD, a leading Imaging Contract Research Organisation. The acquisition aimed to expedite the vision of the company to offer radiological image reading for pharmaceutical and biotech companies.
- Feb-2021: Medica Group formed a joint venture with Integral Diagnostics named MedX. Through this joint venture, the two companies would offer teleradiology reporting services and increased reporting capacity in Australia, New Zealand, the UK, and Ireland.
- Nov-2020: Medica Group took over Global Diagnostics, the market leader for teleradiology services in Ireland. Following the acquisition, the company would expedite its vision to diversify its geographical footprints, customer base, and service offerings.
» Product Launches and Product Expansions:
- Sep-2021: GE Healthcare rolled out Definium Tempo. Definium Tempo is developed to help the technologist to work effectively and offer constant, better images while enabling more quality time with the patient.
- Mar-2021: GE Healthcare rolled out Vscan Air, a New Intuitive, wireless handheld ultrasound. Through this launch, the company would increase access to accurate care, assisting to enhance workflow efficiencies and patient outcomes with the help of dual-probe whole-body scanning capabilities and a user-friendly interface.
- Nov-2020: Ambra Health unveiled Ambra ProViewer, an advanced cloud-based diagnostic image viewer developed for today’s needs. Proviewer is an addition to the company's innovative suite of imaging tools and allows advanced access to medical imaging at anytime and anywhere.
- Jun-2020: GE Healthcare introduced the Thoracic Care Suite. This new suite utilizes AI in order to scan for eight chest X-ray abnormalities, including pneumonia sign of COVID-19, which is a major cause of mortality in patients who contract the virus. Through this launch, the company would further assist clinicians and partners on the front lines have the devices they require to rapidly diagnose and efficiently for the treatment of COVID-19 patients.
» Geographical Expansions:
- Jul-2020: Philips expanded its geographical reach by rolling out Philips Lumify Handheld Ultrasound Solution in Japan. The new solution with telehealth capabilities would fulfill the emerging demands in the country. Lumify can be conveniently taken to community settings at the point of care, assisting to bring down the requirement for elderly people to travel to hospitals in the big cities of Japan.
Scope of the Study
Market Segments Covered in the Report:
- Cloud-based Imaging IT Services
- Consulting Services
- Technology Management Services
By End User
- Diagnostic Imaging Centers
- Radiology Clinics
- Physician Offices
- Nursing Homes
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- General Electric (GE) Co. (GE Healthcare)
- Koninklijke Philips N.V.
- Medica Group PLC
- Virtual Radiologic (Radiology Partners, Inc.)
- Teleconsult Europe
- Vesta Teleradiology
- Teleradiology Solutions, Inc.
- ONRAD, Inc.
- Ambra Health
- RamSoft, Inc.
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What would be the value of the global radiology as a service market by 2027?
The radiology as a service market size is projected to reach USD 3,783.8 million by 2027.
What are the key driving factors and challenges in the radiology as a service market?
The rise in demand for radiology services are driving the market in coming years, however, lack of well-trained professionals limited the growth of the market.
Who are the leading players in the radiology as a service market?
General Electric (GE) Co. (GE Healthcare), Koninklijke Philips N.V., Medica Group PLC, Virtual Radiologic (Radiology Partners, Inc.), Teleconsult Europe, Vesta Teleradiology, Teleradiology Solutions, Inc., ONRAD, Inc., Ambra Health, and RamSoft, Inc.
Has COVID-19 impacted the radiology as a service market?
Yes, the higher fear of corona virus among the patients has decreased the visits to hospitals regarding radiology imaging. Additionally, the outbreak of the COVID-19 pandemic has increased the demand for remote healthcare services, like telemedicine, telehealth, and teleradiology.
Which segment shows the high growth rate of the radiology as a service market over the forecast period?
The Technology Management Services market is expected to witness highest CAGR of 24% during (2021 - 2027). The growth of the segment would be fuelled by the rise in demand for remote management of technology in the healthcare centers, especially in the radiology departments.
Which region dominated the radiology as a service market in 2020?
The North America market dominated the Global Radiology as a Service (RaaS) Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,656.2 million by 2027, growing at a CAGR of 21.8 % during the forecast period.