Radiology as a Service Global Market Report 2024

The radiology as a service market size has grown exponentially in recent years. It will grow from $1.66 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 22.7%. The growth observed in the historic period can be attributed to several factors, including the pursuit of cost-efficiency and operational streamlining, an increase in demand for imaging services, a focus on core competencies, technological advances in imaging, and an elevated need for rapid and accurate diagnoses.

The radiology as a service market size is expected to see exponential growth in the next few years. It will grow to $4.41 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The anticipated growth in the forecast period can be attributed to a sustained emphasis on cost savings, a growing focus on value-based care, an increasing demand for remote and telehealth solutions, the integration of artificial intelligence (AI), and a global shortage of radiologists. Major trends expected in the forecast period include a focus on subspecialty reporting, the implementation of cybersecurity measures for image protection, the adoption of mobile radiology solutions, collaboration with AI startups, and the integration of value-based care.

The anticipated growth in the radiology as a service market is expected to be propelled by an increase in the number of global cancer cases. Cancer, characterized by uncontrolled cell growth and spreading to other bodily regions, has seen transformative advancements in medical imaging technology. This technology facilitates earlier cancer detection and improved patient outcomes. Consequently, the growing number of cancer cases is expected to generate a demand for radiology imaging services, driving the expansion of the radiology as a service market. According to the National Cancer Institute, a US-based government agency for cancer research and training, the global annual number of new cancer cases is projected to reach 29.5 million, with 16.4 million cancer-related deaths by 2040. Therefore, the rising incidence of cancer is a key factor propelling the growth of the radiology as a service market.

The increasing demand for telemedicine is poised to contribute to the growth of the radiology as a service market. Telemedicine, a healthcare practice leveraging telecommunications technology to deliver medical services and consultations remotely, allows healthcare professionals to assess, diagnose, and treat patients without the need for in-person visits. In the field of radiology as a service, telemedicine facilitates the remote interpretation of medical images, enabling radiologists to analyze and diagnose patients' conditions from virtually any location. For instance, data from FAIR Health Inc., a US-based non-profit organization, indicates a 7.3% national increase in telehealth use from 5.5% of medical claim lines in December 2022 to 5.9% in January 2023. This surge in telemedicine demand is a significant driver for the growth of the radiology as a service market.

Technological advancements are emerging as key trends in the radiology-as-a-service market, with major companies actively introducing new technologies to maintain their positions. A notable example is the collaboration between Nanox, an Israel-based medical imaging technology company, and USARAD, a US-based teleradiology company. In January 2021, they jointly introduced an advanced radiology diagnostics service. This service combines the expertise of over 300 radiologists with artificial intelligence decision support solutions, enhancing medical diagnostics.

Strategic partnerships are another focal point for major companies in the radiology-as-a-service sector, as they aim to gain a competitive edge. These partnerships involve collaborative alliances between organizations with the goal of achieving mutual benefits and pursuing common objectives. An illustration of this strategy is evident in the partnership between Radiology Partners Inc., a US-based healthcare service company, and Amazon Web Services (AWS), a US-based cloud computing company. In November 2023, they joined forces to launch RPX AI, an artificial intelligence (AI) platform. RPX AI enables the deployment of a suite of AI medical imaging tools at scale, creating value for hospitals and health systems. This collaboration transforms the radiology industry and enhances patient outcomes using AI and other advanced technologies.

In July 2021, RamSoft, a Canada-based medical imaging services company, made an undisclosed acquisition of Meddiff Technologies. This strategic move accelerates RamSoft's product development by integrating the product lines and expertise of Meddiff and RamSoft. The acquisition also expands RamSoft's customer base in Asia, the Middle East, and the United Kingdom. Meddiff Technologies, an India-based medical imaging solutions company, specializes in providing teleradiology services, contributing to the growth and global reach of RamSoft in the radiology-as-a-service market.

Major companies operating in the radiology as a service market report are Siemens Healthineers AG, Fujifilm Holdings Corporation, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Agfa-Gevaert N.V., Mednax Inc., RadNet Inc., National Diagnostic Imaging Teleradiology, Alliance HealthCare Services Inc., US Radiology Specialists Inc., Nines Inc., Shields Health Solutions Holdings LLC., Virtual Radiologic, Everlight Radiology, Telemedicine Clinic Ltd., Medica Group PLC, Onrad Inc., RamSoft Inc., Real Radiology LLC, Vesta Teleradiology, Radiology Partners Inc., Ambra Health Company, Nano-X Imaging Ltd., NightShift Radiology Inc., USARAD Holdings Inc., Telediagnostic Solutions Private Limited, Teleconsult Holding BV, Teleradiology Solutions Pvt. Ltd., Bond Radiological Group, Direct Radiography Corp., Imaging Advantage LLC, Imaging On Call LLC.

North America was the largest region in the radiology as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the radiology as a service market share during the forecast period. The regions covered in the radiology as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the radiology as a service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Radiology as a service encompasses teleradiology, cloud-based imaging services, consulting services, and technology management services. Teleradiology involves sending radiological images to other institutions for analysis by licensed radiologists. This telemedicine approach is employed for sharing reports from imaging tests such as X-rays and MRI scans. Technologies such as computed radiology and direct digital radiology are utilized by hospitals, diagnostic imaging centers, radiology clinics, physician offices, and nursing homes.

The radiology as a service market research report is one of a series of new reports that provides radiology as a service market statistics, including radiology as a service industry global market size, regional shares, competitors with radiology as a service market share, detailed radiology as a service market segments, market trends and opportunities, and any further data you may need to thrive in the radiology as a service industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The radiology as a service market includes revenues earned by entities by radiation oncology, radioisotope services, medical imaging, and so on. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.