Radiology Service Market Revenue, Size, Share & Opportunity Analysis Report By Product Type (Portable and Stationary Ceiling-Mounted Systems and Floor-To-Celling Mounted Systems), By Application (Chest Imaging, Cardiovascular Imaging, Orthopedic Imaging, Mammography Imaging, Dental Imaging, and Others), By End-User (Radiology Clinics, Diagnostic Imaging Centers, Hospital, and Others), and By Technology (Direct Digital Radiology and Computed Radiology), By Region, And Segment  Forecasts, 2025 – 2032

Radiology Service Market Size & Trends

The Global Radiology Service Market size was valued at USD 5,985.26 million in 2024. The market is projected to grow from USD 6,778.31 million in 2025 to USD 16,195.30 million by 2032, exhibiting a CAGR of 13.25% during the forecast period.

Market Definition & Introduction

The primary factor driving market expansion is the growing need for cost-effective, state-of-the-art, cloud-based medical imaging services. Additionally, the market is expanding due to a global dearth of experienced radiologists and an increase in medical imaging. Furthermore, it is anticipated that the shortage of radiologists and the affordable, state-of-the-art technologies will increase demand. The concept of radiology as a service enables healthcare providers to acquire state-of-the-art medical imaging tools with minimum expenditure. Healthcare providers have adopted medical imaging service models in response to the growing demand for more accurate diagnoses at reasonable prices without compromising their long-term viability. If a service model is in place, the healthcare provider does not need to buy expensive imaging equipment.

According to the Association of American Medical Colleges (AAMC), there will be a shortage of radiologists in the US between 17,100 to 41,900. In addition, the Royal College of Radiologists reported in April 2021 that the UK had a 33% deficit of NHS radiologists, which is expected to increase to nearly 44% by 2025. (Source: https://www.aamc.org/news/press-releases/aamc-report-reinforces-mounting-physician-shortage)

Market Drivers

An Increase in the Prevalence of Chronic Illnesses is Driving the Demand for Radiology Services Market.

The increasing prevalence of diseases associated with food and lifestyle changes is the primary driver of the need for radiology services. Additionally, imaging techniques are used to view the architecture of the human body in order to detect, track, or treat specific diseases. Imaging treatments are required to determine the best course of treatment for chronic ailments such as cancer, respiratory disorders, cardiovascular disorders, and others. As a result, there is now a greater need for radiological services in the market. The market's overall growth is also expected to be accelerated by the increased need and preference for minimally invasive procedures due to less expensive options and shorter hospital stays. Furthermore, it is projected that the growing healthcare sector and the increasing use of advanced data analytics tools will propel market growth.

Market Trend

Increasing Demand for Radiological Services Expected to Boost the Demand in the Forecast Period.

Using imaging tools to diagnose and treat a variety of illnesses is the aim of the field of radiology. Additionally, as new imaging modalities have become available in the medical field in recent years, radiology services have become more and more popular due to their high efficacy in accurately detecting illnesses. It has contributed to the growing popularity of radiology. Radiologists are essential to the medical industry in the modern world. Radiographers do these evaluations and offer patients both practical and psychological support throughout imaging treatments. This element plays a major role in increasing the number of patients who use radiology services.

COVID Impact on Radiology Service Market.

The pandemic brought both unprecedented opportunities and challenges to the radiological services business. Because of the focus on COVID-19 patients, there were much fewer elective and non-emergency imaging procedures. Rising operating costs (staffing, PPE) and falling revenue caused financial challenges for radiology practices. It has an impact on the acquisition of goods, including imaging equipment and contrast chemicals. While the world heals, there is a pent-up need for diagnostic imaging because screens and surgeries have been delayed. The importance of lung imaging (X-rays, CT scans) for COVID-19 diagnosis and surveillance was highlighted by the pandemic, which led to increased funding for this area.

Competitive Landscape

A variety of companies are vying for market dominance in the radiology services industry through strong marketing campaigns, strategic alliances, and new product development. Established electronics manufacturers, speciality radiology service providers, and up-and-coming start-ups looking to upend the market with creative solutions are some of the major participants in the market.

Radiology Service Companies

Bruker

Shenzhen Anke High-tech

Toshiba

Aurora Health Care

Siemens

Hitachi

GE Healthcare

Canon Medical Systems Corporation

Quality Electrodynamics

Neusoft Corporation

Koninklijke Philips N.V.

Fonar Corporation

Fujifilm

Hologic

Mindray

Aspect Imaging

Magritek

Esaote

Company Strategic Developments

In December 2021: RadOS, an operating system for cloud radiology, was introduced by Sirona Medical, a US software business. The new platform, which is driven by artificial intelligence, improves user experience and efficiency while streamlining radiologists' workflow.

In April 2022: Recently, GE HealthCare Technologies, Inc. established a partnership with Unilabs AB, a Swiss diagnostic and imaging services company. Along with equipment for MRI and CT scans, ultrasound, mammography, and X-ray machines, the agreement also includes new imaging fleet services.

Segment Analysis

Radiology Service Market, By Product

The stationary stands segment is expected to dominate the radiology service market. Static digital radiology equipment is the foundation of radiology departments in large diagnostic centres and hospitals. These tools, which include X-ray machines, fluoroscopy machines, and mammography systems, generate high-quality images for diagnosis.

However, the portable emerging segment is expected to grow at the fastest CAGR during the forecast period. In the field of radiology services, portable digital radiography equipment has become indispensable. They can be used at the bedside, in emergency departments, and critical care units, among other settings. The market for portable digital radiology systems is anticipated to increase significantly because of technological advancements, escalating healthcare expenses, and the increasing need for point-of-care imaging.

Radiology Service Market, by Application

The cardiovascular imaging segment is expected to dominate the radiology service market. The market for radiology services is growing significantly for a number of reasons, particularly in the cardiovascular imaging sector. As technology advances and the global population ages, it is expected that the demand for these services will increase.

However, the mammography imaging segment is expected to grow at the fastest CAGR during the forecast period. Mammography is an essential part of the radiology service offering. Mammography services are offered by hospitals, imaging centres, and private practices as part of comprehensive diagnostic packages. The efficiency of mammography programs depends on several factors, such as high-quality equipment, technician abilities, and contemporary picture analysis technology.

Radiology Service Market, by Technology

The computed radiology segment is expected to dominate the radiology service market. Computed radiology (CR) is one of the most significant market categories for radiology services. Digital images are created by taking pictures and then processing them using a photostimulable phosphor plate. Even though newer technologies like direct digital radiography (DR) are becoming more and more popular, CR still holds a significant market share, especially in smaller healthcare facilities where its lower initial investment cost is a consideration.

However, the direct digital radiology segment is expected to grow at the fastest CAGR during the forecast period. Because DDR is so widely used, the market for radiological services has grown significantly. By offering faster, more efficient, and better imaging services, DDR has enhanced patient care and increased demand for radiology services.

Radiology Service Market, by End-Use

The hospital segment is expected to dominate the radiology service market. Access to healthcare services, particularly in remote areas, has increased as a result of growing government initiatives and advancements in healthcare infrastructure. Furthermore, because hospitals usually have a lot of money, they may establish specialized radiology departments with the newest tools and technologies, which enhances patient care and helps the hospitals retain patients.

However, the diagnostic imaging centres segment is expected to grow at the fastest CAGR during the forecast period. The growth is primarily due to the ageing population, whose greater vulnerability to chronic diseases increases the need for imaging technologies for diagnosis and treatment planning. The government also promotes early disease detection to reduce the burden of chronic illnesses in the region, which further boosts segment growth.

Regional Analysis

According to InfoNest Market Analytics, the North American radiology service market held a share of 38.29% in 2024. Numerous factors contribute to the region's greatest revenue share, such as the expanding target population, the increasing incidence of target chronic illnesses, including cancer and bone impairments, the presence of significant corporations, and the advanced healthcare IT infrastructure. Two significant drivers driving market expansion are rising healthcare costs and advancements in technology. Technology development is expected to support market expansion in the area in the years to come.

The Asia Pacific radiology service market is expected to register the fastest CAGR of 15.69% during the forecast period of 2025-2032. Numerous factors are contributing to the region's growth, such as the high unmet medical need brought on by the rising incidence of major chronic illnesses like cancer, heart disease, and hypertension, as well as the growing need for medical imaging. Multinational firms are also increasing their footprint in the Asia-Pacific area. The presence of multiple manufacturing firms in this area that focus on imaging diagnosis is further driving the market's growth. Two factors that are expected to fuel market expansion in the coming years are a lack of qualified nurses and a rise in the demand for data-driven healthcare services.

Segmentation

Product Type Outlook (Revenue, USD Million, 2019-2032)

·        Ceiling-Mounted Systems

·        Stationary

·        Portable

·        Floor-To-Celling Mounted System 

Application Outlook (Revenue, USD Million, 2019-2032)

·        Mammography Imaging

·        Cardiovascular Imaging

·        Orthopedic Imaging

·        Dental imaging

·        Chest Imaging

·        Others

Technology Outlook (Revenue, USD Million, 2019-2032)

·        Direct Digital Radiology

·        Computed Radiology

End-Use Outlook (Revenue, USD Million, 2019-2032)

·        Diagnostic Imaging Centers

·        Hospitals

·         Radiology Clinics

·        Others

The Report Covers

Ø  Market Estimates and Forecast from 2019-2032

Ø  Growth Opportunity and Trend Analysis

Ø  Market Snapshot

Ø  Segment and Regional Revenue, Share, Trend Analysis

Ø  Competition Strategy, Acquisition and Merger Analysis, Company SWOT, and Company Market Share Analysis

Ø  COVID 19 Impact

Ø  Market Report in PDF, Interim in Excel, and PPT Version