Radiology As A Service Market Size, Trends and Insights from 2021 to 2028.

Radiology As A Service Industry Overview

The global radiology as a service market size was valued at USD 1.1 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 20.3% from 2021 to 2028.

Increasing demand for advanced, low-cost cloud-based medical imaging services is the key driving factor for the market. In addition, the rising number of cancer cases globally increases the number of medical images, which, in turn, is expected to drive market growth. According to the National Cancer Institute (NCI), about 39.5% will be diagnosed with cancer at some point in their life. In 2018, there were 18.1 million new cases worldwide, and the number is expected to rise to 29.5 million by 2040. Further, the growing number of medical images and the low availability of radiologists around the globe are projected to propel the market growth over forecast years.

Gather more insights about the market drivers, restrains and growth of the Global Radiology As A Service Market

According to the Association of American Medical Colleges (AAMC) 2019 survey in the U.S., there could have a shortfall of 42000 radiologists by 2033. In addition, as per the AAMC public opinion survey in 2019, about 35% of Americans had trouble finding a doctor during the past three years.

Advancements in medical imaging technology have contributed to the increasing preference for teleradiology and cloud-based imaging services. The integration of Artificial Intelligence (AI) interface with teleradiology workflows helps the radiologist more efficiently and accurately.

Radiology as a service offers 24/7 service to support and enhance the work of radiologists around the globe. The radiology as a service model also provides quality diagnostic imaging through teleradiology, cloud-based imaging, technology management, and consulting services via trained professionals. radiology as a service provides radiologists with easy access to rural district hospitals and community health centers. The COVID-19 pandemic has negatively impacted various markets. Few industries, including radiology as a service, registered a drop in demand, while many other industries had promising growth opportunities.

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Radiology As A Service Market Segmentation

Grand View Research has segmented the global radiology as a service market based on service, end user, and region:

Radiology As A Service Outlook (Revenue, USD Million, 2016 - 2028)

Teleradiology
Cloud-based Imaging IT Services
Consulting Services
Technology Management Services

Radiology As A Service End-user Outlook (Revenue, USD Million, 2016 - 2028)

Hospitals
Diagnostic Imaging Centers
Radiology Clinics
Physician Offices
Nursing Homes

Radiology As A Service Regional Outlook (Revenue, USD Million, 2016 - 2028)

North America
Europe
Asia Pacific
Latin America
MEA

Market Share Insights

August 2021: NANO-X IMAGING LTD acquired Zebra Medical Vision a leading medical artificial intelligence (AI) developer to provide end-to-end radiology solutions.
March 2019: Phillips, a global leader in health technology, expanded its teleradiology service portfolio, which includes on-call radiologist services, advanced teleradiology viewing, and reporting capabilities, and related exam workflow enhancement applications.
February 2017: GE Healthcare and Teleradiology Solutions collaborated to improve advanced radiology interpretation services.

Key Companies profiled:

Some of the major players in the global radiology as a service market include: