Radiology As A Service Market Size, Share & Trends Analysis Report By Location (In-house, Off-shore, In-shore), By Service, By Modality, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Radiology As A Service Market Size, Share & Trends Analysis Report By Location (In-house, Off-shore, In-shore), By Service, By Modality, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Radiology As A Service Market Growth & Trends

The global radiology as a service market size is expected to reach USD 11.9 billion by 2030 and is expected to expand at 14.7% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The major factors contributing to the growth of the market can be attributed to the rising shortages of the radiologists and increasing adoption of medical imaging procedures. This has made the use of radiology as a service more prevalent. Healthcare providers can use teleradiology to get the most recent medical imaging services round-the-clock under the radiology as a service paradigm. Teleradiology includes reading and reporting services.

Additionally, due to the development of cloud-based imaging IT services, hospitals are no longer required to invest in creating and maintaining onsite image distribution & archival systems. They could instead use cloud-based solutions and pay as per usage. Furthermore, these systems may be smoothly upgraded whenever necessary, whereas doing so with onsite systems would be expensive and time-consuming. This is anticipated to boost the demand for these service models over the forecast period.

The presence of government regulations such as the Health Insurance Portability and Accountability Act in the U.S. and standards & guidelines set by the American College of Radiology are positively impacting the growth of the industry. Initiatives by the Indian government to link hospitals with teleradiology services to provide timely service for better treatment are anticipated to provide potential growth opportunities for the major players. For instance, in April 2022, Teleradiology Solutions signed an agreement with Andhra Med Tech Zone (AMTZ) to establish a hub to reach out to pan-India government hospitals and state-wide rural health centers to provide remote radiology services. The introduction of constructive programs by the government such as guiding radiologists that offer diagnostic imaging services is anticipated to boost the market. For instance, the Royal College of Radiologists, a registered charity, guides radiologists to enhance their practices and offer high-quality radiological services.

The COVID-19 pandemic negatively impacted the growth of the industry owing to the decline in hospital visits for radiological imaging and decreased volume of imaging procedures. However, the pandemic also increased the demand for online medical services, which benefited teleradiology. During the pandemic, teleradiology was crucial in ensuring that patients continued to receive healthcare services. Teleradiology had a significant impact in limiting the transmission of COVID-19 by assisting in the digital transfer of radiological images between sites and enabling radiologists to deliver services without needing direct contact with patients. In addition, COVID-19 posed a hazard to healthcare workers in low- and middle-income countries, leading many radiological departments to adopt teleradiology to reduce the physical contact between patients & healthcare workers in an enclosed workspace.

Ongoing, technological advancements such as integrated RIS-PACS and mini PACS are anticipated to propel market growth. Moreover, the growing focus on integrating artificial Intelligence (AI) in teleradiology software such as PACS is anticipated to contribute to market growth. The players are striving to gain a larger market share, thereby focusing on the development of new technologies. For instance, Telradsol is offering highly specialized 3-D report viewing services, which is expected to be a breakthrough in the teleradiology domain.

The companies in the radiology as a service market are continuously innovating their portfolio to gain the maximum market share. For instance, in March 2022, Siemens Healthineers announced the launch of the Mammovista B.smart reading platform, which helps improve the accuracy and speed of report reading. This is expected to strengthen the company’s position in radiology as a service industry and further boost the market growth.

Radiology As A Service Market Report Highlights

• Teleradiology reading platform services dominated the market in 2022 owing to the high demand for radiology services and availability of the diagnostic services, which cannot be fulfilled by in-house radiology professionals.
• Based on location, the inshore segment dominated the market in 2022. This can be attributed to the rising demand for inshore services due to a limited number of radiologists in a remote and rural locations to provide onsite supervision; uneven distribution of radiologists across different countries, and increasing prevalence of chronic diseases.
• Based on modality, X-ray emerged as the largest segment owing to the widespread use of this technology in the early-stage diagnosis of chronic disease. Additionally, the growth of the market is being fueled by ongoing technical developments, an increase in product development, and better finance. An estimated 3.6 billion X-ray scans are carried out annually.
• The hospitals segment held the largest revenue share in 2022, based on end-use. Growing government initiatives to improve healthcare infrastructure and expand healthcare sectors even in remote areas are boosting segment growth.
• Due to the rising prevalence of chronic diseases, greater awareness of preventive health, and rising percentage of the geriatric population in North America, the region had the largest market share.

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