Radiology Market Size, Share, Analysis, Trends, Growth Report, 2030

Radiology Industry Prospective:

The global radiology market size was worth around USD 76.42 billion in 2022 and is predicted to grow to around USD 300.51 billion by 2030 with a compound annual growth rate (CAGR) of roughly 18.76% between 2023 and 2030.

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Radiology Market: Overview

Radiology is a disease-detection measure. It uses advanced medical imaging techniques to detect or diagnose specific medical conditions. The application is further extended to the treatment process since patients may have to undergo radiology-based imaging frequently until the treatment is completed. It is used for humans and animals. Radiology is highly comprehensive in terms of medical professionals involved in obtaining and interpreting the data with the end goal of using the information to ensure that the patient receives appropriate treatment.

The application of radiology is extensive. For instance, it is used for treatments such as oncology, surgery, infectious diseases, trauma response, obstetrics, and emergency medicine. Each type of medical imaging technique has specific uses in the healthcare environment. The most common types of radiology include mammograms, magnetic resonance imaging (MRI), nuclear medicine, ultrasound, and fluoroscopy. The demand for efficient radiology services is increasing rapidly as global healthcare expenditure is on the rise. During the forecast period, the radiology industry should expect a steady growth rate.

Key Insights:

• As per the analysis shared by our research analyst, the global radiology market is estimated to grow annually at a CAGR of around 18.76% over the forecast period (2023-2030)
• In terms of revenue, the global radiology market size was valued at around USD 76.42 billion in 2022 and is projected to reach USD 300.51 billion, by 2030.
• The radiology market is projected to grow at a significant rate due to the growing cases of cancer
• Based on services segmentation, X-rays were predicted to show maximum market share in the year 2022
• Based on end-user segmentation, diagnostic centers were the leading segment in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Radiology Market: Growth Drivers

Growing cases of cancer to drive market growth

The global radiology market is expected to grow owing to the increasing cases of cancer globally. It is one of the leading causes of disease-induced deaths across the globe as per official reports. Cancer results in uncontrollable growth of the cells in the body that spread to other body parts resulting in severe damage to the patient's internal tissues. The growth in technology has helped medical professionals in successfully treating cancer for certain patients. However, they have failed to develop a treatment plan that is 100% effective.

As per reports by Cancer.Net, around 67% of cancer patients have survived more than 5 years after being diagnosed. Early diagnosis results in higher chances of survival. The most common cancer types are breast cancer, lung cancer, colon & rectal cancer, melanoma, and bladder cancer. As per the World Health Organization, more than 2.3 million women in the world were diagnosed with breast cancer in 2020. Radiology is a crucial step in the diagnosis and treatment of cancer. It helps in not only detecting cell abnormality but it is also used to determine the cancer stage. Based on the results of radiology, the medical professionals draft an efficient treatment plan for the patients.

Rising demand for superior-grade images for better diagnosis to push market revenue

As medical technology continues to advance, medical professionals have raised expectations. They are seeking diagnostic and imaging techniques that offer high-resolution medical images. In addition to this, there is a growing base of consumers for radiology services that are integrated with analytical tools since it helps in accurate and timely diagnosis. The growing adoption of artificial intelligence (AI) in radiology will be critical in shaping the global radiology market.

In July 2022, Siemens Healthineers launched a new MRI machine powered by AI that facilitates faster scan time for brain MRI. The Deep Resolve MRI machine provides results at least 70% faster than the contemporary solutions available in the market.

Radiology Market: Restraints

High cost of services and equipment to restrict market growth

The global radiology industry growth trend will be restricted due to the high cost associated with radiology devices as well as services. For instance, the world's strongest MRI machine, the 7 Tesla, costs more than USD 6.5 million. While the other MRI machines may not be as highly priced as 7 Tesla, the cost remains nonetheless high.

Furthermore, undertaking radiology services also leads to higher expenditure borne by the patients. In case of lack of access to medical insurance, patients may end up spending more than they can manage. The high cost of services and equipment is a leading barrier against market growth.

Radiology Market: Opportunities

Increasing demand for compact radiology machines will deliver exceptional growth opportunities

The global radiology market players can expect growth opportunities from the rising demand and need for compact, efficient, and affordable radiology machines. Traditionally, equipment used in radiology has been large machines. It is difficult to accommodate such machines in smaller facilities. However, in recent times, manufacturers have been investing in developing handheld, portable, and compact machines that deliver the same results as their large counterparts.

For instance, in September 2023, a Korea-based leading company that manufactures research and radiology equipment announced the launch of REMEX KA-6. The machine is an affordable and advanced hand-held X-ray machine without compromising the accuracy of the final results. Although compact, the company has ensured that the device can be used across fields such as military and veterinary.

In other news, November 2023 witnessed the launch of a novel AI suite by GE HealthCare. The new technology was launched at the annual radiology and medical imaging conference RSNA 2023 and is called the MyBreastAI suite. The platform aims to simplify the workflows of radiologists while also aiding early detection of breast cancer thus giving a better chance to patients for receiving timely treatment.

Web-based enterprise-level imaging systems to create new growth paths

Medical medical systems are steadily moving toward web-based technology. This means that physical workspaces used by medical professionals are slowly replaced by the digital world leading to a coherent relationship between web-based imaging systems and electronic medical records (EMRs). Market players must spend resources on exploring this trend for new growth paths.

Radiology Market: Challenges

Stringent regulatory laws that change from one region to another are a key challenge

The global radiology market players face challenges due to the stringent regulations surrounding the sale and use of radiology devices. These laws are in place to ensure the safety of the general population as certain radiology devices are considered harsh for patients at a critical stage of treatment. Navigating through the complex web of regulatory policies further impacts market growth.

Radiology Market: Segmentation

The global radiology market is segmented based on services, type, end-user, and region.

Based on services, the global market is segmented into X-rays, fusion imaging, nuclear medicine, ultrasound, positron emission tomography (PET), computed tomography, and magnetic imaging (MRI). In 2022, the highest growth rate was observed in the X-rays segment. This method of medical imaging is used for obtaining clear pictures of body organs, soft tissues, and bones for diagnosis or analysis. X-ray imaging is one of the first steps in medical treatment related to the detection of certain tumors, bone fractures, dental procedures, and injuries. In 2021, the global digital X-ray market generated over USD 10 billion in revenue.

Based on type, the global radiology market is divided into diagnostic radiology and interventional radiology.

Based on end-user, the global market segments are clinics, hospitals, diagnostic centers, and others. In 2022, the leading segment was diagnostic centers. These facilities are equipped with all forms of modern medical tools that may be needed for diagnosis purposes. The growing number of state-of-the-art diagnostic centers and increased cases of medical conditions will drive the segmental growth. As of 2022, the US is home to more than 26,000 diagnostic and medical laboratories.

Radiology Market: Report Scope

Radiology Market: Regional Analysis

North America is the leading nation in terms of market growth rate

The global radiology market is dominated by North America. The US is the leading contributor to regional growth. The healthcare infrastructure in the United States is highly advanced. It is one of the leading pioneers in terms of medical technology as the country continues to strive towards improving the existing healthcare systems in terms of access to medical care as well as the services provided.

As per Census.gov, more than 92.1% of the US population in 2022 had access to healthcare. US radiology technology manufacturers are investing in research & development to introduce novel systems that improve the medical imaging sector and provide medical professionals with added assistance. In June 2023, Siemens Healthineers launched Biograph Vision.X. It is a positron emission tomography (PET)/ Computed Tomography (CT) scanner with a 178 picoseconds (ps) time of flight (TOF) feature. Asia-Pacific is a fast-growing region. The growing rate of medical tourism in China, India, Japan, and other Asian countries is the driving force in the region. In March 2023, Japan-based Canon Medical launched new X-ray modalities and CT scanners with AI attributes.

Radiology Market: Competitive Analysis

The global radiology market is led by players like:

• FUJIFILM Holdings Corporation
• General Electric
• Cerner Corporation
• Allscripts Healthcare LLC
• Axis-Shield Diagnostics Ltd.
• Agfa-Gevaert N.V.
• Shimadzu Corporation
• Siemens
• Shenzhen Mindray Bio-Medical Electronics Co. Ltd
• CurveBeam
• Hitachi Ltd.
• Canon Medical Systems Corporation
• Samsung
• Koninklijke Philips N.V.
• F. Hoffmann-La Roche Ltd.
• Esaote S.p.A

The global radiology market is segmented as follows:

By Services

• X-Rays
• Fusion Imaging
• Nuclear Medicine
• Ultrasound
• Positron Emission Tomography (PET)
• Computed Tomography (CT)
• Magnetic Imaging (MRI)

By Type

• Diagnostic Radiology
• Interventional Radiology

By End-User

• Clinics
• Hospitals
• Diagnostic Centers
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa