December 27, 2021 — The "Global Radiology as a Service Market Size, Share & Trends Analysis Report by End User (Hospitals, Nursing Homes), Service (Teleradiology, Technology Management), Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering. 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 the report.
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.
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.
Radiology As A Service Market Report Highlights
- 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
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