Dublin, Oct. 11, 2024 (GLOBE NEWSWIRE) -- The "Radiology Market by Modality (Computed Tomography, Fluoroscopy, Magnetic Resonance Imaging), Application (Cardiology, Gastroenterology, Gynecology), End-user, and Region - Global Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Radiology Market grew from USD 29.3 billion in 2023 to USD 31.03 billion in 2024. It is expected to continue growing at a CAGR of 6.25%, reaching USD 44.8 billion by 2030.
An increasing aging population, the prevalence of chronic diseases, government funding, and the expansion of telemedicine and teleradiology services drive the need for radiology technologies. However, expensive imaging equipment and procedures, regulatory hurdles in obtaining necessary approvals, radiation exposure concerns, and a shortage of skilled radiologists can significantly impede the growth. Nevertheless, increasing investment in AI-driven diagnostic tools, rising penetration of mobile and point-of-care imaging systems, and developing combined modalities, including positron emission tomography (PET)-MRI or PET-CT, for comprehensive diagnostic insights with growing healthcare infrastructure are anticipated to offer significant opportunities.
The global radiology market is poised for significant growth, driven by advanced healthcare infrastructure in developed countries and increasing healthcare investments in emerging regions. In the United States, the market benefits from robust healthcare infrastructure and rapid adoption of AI and machine learning technologies. Consumers prefer high-quality care, pushing the trend towards outpatient imaging centers and investments in AI-integrated radiology solutions, teleradiology services, and portable imaging devices. Canada's universal healthcare system creates a stable need, although longer wait times for diagnostics present challenges. Investments focus on enhancing digital health technologies, including picture archiving and communication systems (PACS), AI tools, and radiology information systems (RIS).
In Europe, notable countries, including Germany, the UK, and France, lead with advanced medical technology adoption and investments in AI and digital health to improve diagnostic accuracy. European consumers opt for precise and rapid diagnostic services, driving growth in digital health platforms and AI solutions supported by the EU's Horizon Europe program.
The Middle East, particularly the UAE and Saudi Arabia, sees significant investments in healthcare infrastructure, striving for high-quality services and modernization of radiology departments. Africa's radiology market, though underdeveloped, holds immense potential. Efforts are focused on improving infrastructure and accessibility, with international aid and collaborations expanding services, mainly through mobile units and teleradiology.
Asia-Pacific countries, including China, Japan, and India, are rapidly advancing in radiology. China and Japan invest heavily in AI and medical technology innovation. India emphasizes affordable care and teleradiology to serve remote areas. Latin America, especially Brazil and Mexico, focuses on improving healthcare access, driving demand for affordable tele-radiology and digital health services.
Market Segmentation Analysis
Modality: Evolving utilization of nuclear medicine in functional imaging and treatment of various diseases.
Computed tomography (CT) uses X-ray beams to create detailed cross-sectional images of internal body structures. It is often used to diagnose conditions such as cancers and cardiovascular diseases. CT scans offer superior image clarity for complex anatomy compared to standard X-rays and allow for rapid image acquisition and three-dimensional reconstructions. This makes CT invaluable for emergency diagnostics and detailed internal assessments. Fluoroscopy creates real-time moving images of internal structures using continuous X-ray beams, aiding in procedures including catheter insertions, biopsies, and surgical interventions. It allows clinicians to visualize instrument movements in the body and the circulation of contrast agents, enhancing procedural accuracy and patient outcomes. Magnetic resonance imaging (MRI) utilizes strong magnetic fields and radio waves to construct precise images of organs and tissues. It is effective for imaging soft tissue challenges, such as brain anomalies, muscular injuries, and cancers. MRI is non-invasive and avoids ionizing radiation, making it safe for repeated use. Its superior contrast resolution offers detailed insights into internal structures' anatomical and functional aspects.
Mammography is specialized X-ray imaging for breast tissue examination and is the gold standard for early breast cancer detection. It can identify tumors too small to be felt and plays a crucial role in breast cancer screening programs, significantly reducing mortality rates. Nuclear medicine employs small quantities of radioactive materials, known as radiotracers, to diagnose and treat various conditions. These radiotracers are injected, inhaled, or ingested, with their emissions captured by special cameras to produce images of internal functions. This modality is particularly valuable for functional imaging, such as identifying cancer metastasis, heart disease, and thyroid disorders. Ultrasound operates high-frequency sound waves to create images of internal organs and structures. Ultrasound, known for its safety and lack of ionizing radiation, is preferred for monitoring fetal development during pregnancy and diagnosing conditions in organs such as the liver, kidneys, and heart. Its real-time imaging capability guides needle biopsies and other minimally invasive procedures. X-ray employs electromagnetic radiation to produce images of internal body structures, primarily bones. Due to its quick imaging capability and relatively low cost, X-rays are indispensable for diagnosing bone fractures, dislocations, and lung conditions such as pneumonia or tuberculosis. However, its ability to differentiate between soft tissues is limited compared to more advanced imaging modalities.
Application: Expanding application of the radiology techniques for the cardiology treatments
Radiology is an essential pillar across various medical specialties, providing critical imaging support that enables precise diagnosis, treatment planning, and monitoring of numerous conditions. In cardiology, radiological techniques such as CT angiography and cardiac MRI furnish detailed visualization of the cardiac anatomy and vascular structures, aiding in detecting heart defects, coronary artery disease, and other cardiovascular abnormalities. Gastroenterology heavily relies on modalities, including CT scans, MRI, and ultrasound, to diagnose conditions ranging from inflammatory bowel disease to liver cirrhosis and tumors. Gynecology benefits from pelvic ultrasounds and MRIs for evaluating reproductive organ disorders, detecting ovarian cysts and fibroids, and monitoring pregnancy development. Mammography and breast MRI are pivotal in mammography/breast health, facilitating early detection of breast cancer and monitoring breast tissue abnormalities.
Neurology uses CT and MRI to diagnose neurological disorders such as stroke, multiple sclerosis, and brain tumors, while oncology leverages PET scans, CT, and MRI to stage and monitor malignancies across the body. Orthopedics employs X-rays, MRI, and CT scans to assess musculoskeletal injuries and diseases, ensuring accurate treatment of fractures, arthritis, and other conditions. In pulmonology, chest X-rays and CT scans are fundamental in diagnosing lung diseases, including pneumonia, tuberculosis, and lung cancer. Urology leverages renal ultrasound, CT urography, and MRI to evaluate urinary tract disorders, kidney stones, and prostate issues. Radiology thus remains an integral component across these domains, enhancing diagnostic accuracy and treatment outcomes.
Recent Developments
Philips expands IntelliSpace Radiology with AWS, boosting remote reading, AI capabilities, and patient care
Philips has expanded its cloud-based imaging solution, IntelliSpace Radiology, using Amazon Web Services (AWS). This enhancement features new remote reading and AI capabilities to improve patient care. The partnership with AWS allows for scalable, secure cloud infrastructure, enhancing accessibility, diagnostic accuracy, operational efficiency, and data security. The improved solution is expected to streamline radiologist workflows, reduce costs, and increase the adoption of Philips' radiology services. Philips plans to ensure continuous innovation, scalability, and regulatory compliance and strengthen partnerships, positioning IntelliSpace Radiology as a leading cloud imaging solution.
United Imaging to unveil new MRI technology at ISMRM 2024, promising enhanced diagnostics and improved patient outcomes
At ISMRM 2024, United Imaging will unveil new advancements in MRI technology that promise to revolutionize radiology. These advancements are expected to provide clearer, more accurate images, enhance diagnostic capabilities, and improve patient outcomes. Such innovations will likely increase United Imaging's market share as healthcare providers adopt the latest technologies. Although specific transactions are not detailed, substantial investments in R&D and potential partnerships for testing and validation are likely involved.
Google and Bayer collaborate to develop AI solutions for radiologists
Google and Bayer have joined forces to create an AI product aimed at radiologists, marking a significant alliance between a tech giant and a healthcare leader. This partnership seeks to enhance radiology diagnostic accuracy and operational efficiency through AI, reducing errors and streamlining tasks. Financial and intellectual property agreements underpin the collaboration, focusing on data sharing within regulatory compliance. Anticipated outcomes include better clinical results, increased adoption in medical facilities, and long-term cost savings.
Key Company Profiles
The report delves into recent significant developments in the Radiology Market, highlighting leading vendors and their innovative profiles, which include Recorders & Medicare Systems, Neusoft Medical Systems, Bracco Imaging, IMRIS, Medtronic, Novarad, Konica Minolta, Canon Medical Systems, Analogic, Siemens Healthineers, Carestream Health, Esaote, Samsung Electronics, Shimadzu, Varian Medical Systems, Delta Electronics, FUJIFILM Holdings America, Koning, Hitachi Healthcare Americas, Shenzhen Mindray Bio-Medical Electronics, AGFA, Royal Philips, GE HealthCare, Hologic, and HAMAMATSU Group.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 183 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $31.03 Billion |
| Forecasted Market Value (USD) by 2030 | $44.8 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Preface
2. Objectives of the Study
3. Market Segmentation & Coverage
4. Years Considered for the Study
5. Currency & Pricing
6. Language
7. Stakeholders
8. Research Methodology
9. Executive Summary
10. Market Overview
11. Market Insights
12. Market Dynamics
12.1 Drivers
12.1.1 Growing Prevalence of Chronic Diseases Coupled With the Surge in Demand for Early Disease Diagnosis
12.1.2 Increased Government Investment in Healthcare Infrastructure and Supportive Policies for Improving Diagnostic Facilities
12.2 Restraints
12.2.1 High Costs Associated With Diagnostic Procedures and Inconsistent Reimbursement Policies
12.3 Opportunities
12.3.1 Integration of Advanced Imaging Technologies in Radiology for More Accurate Diagnostics
12.3.2 Rising Trend of Teleradiology to Provide Radiological Services in Remote Locations
12.4 Challenges
12.4.1 Technical Complexities and Regular Maintenance of Advanced Diagnostic Imaging Equipment
13. Market Segmentation Analysis
13.1 Modality
13.1.1 Evolving utilization of nuclear medicine in functional imaging and treatment of various diseases
13.2 Application
13.2.1 Expanding application of radiology techniques for cardiology treatments
14. Porter's Five Forces Analysis
15. PESTLE Analysis
16. Radiology Market, by Modality
16.1 Introduction
16.2 Computed Tomography
16.3 Fluoroscopy
16.4 Magnetic Resonance Imaging
16.5 Mammography
16.6 Nuclear Medicine
16.7 Ultrasound
16.8 X-ray
17. Radiology Market, by Application
17.1 Introduction
17.2 Cardiology
17.3 Gastroenterology
17.4 Gynecology
17.5 Mammography/Breast Health
17.6 Neurology
17.7 Oncology
17.8 Orthopedics
17.9 Pulmonology
17.10 Urology
18. Radiology Market, by End-User
18.1 Introduction
18.2 Ambulatory Surgical Centers
18.3 Diagnostic & Imaging Centers
18.4 Hospitals
19. Americas Radiology Market
20. Asia-Pacific Radiology Market
21. Europe, Middle East & Africa Radiology Market
22. Competitive Landscape
22.1 Market Share Analysis, 2023
22.2 FPNV Positioning Matrix, 2023
22.3 Competitive Scenario Analysis
22.3.1 Philips expands IntelliSpace Radiology with AWS, boosting remote reading, AI capabilities, and patient care
22.3.2 United Imaging to unveil new MRI technology at ISMRM 2024, promising enhanced diagnostics and improved patient outcomes
22.3.3 Google and Bayer collaborate to develop AI solutions for radiologists
23. Strategy Analysis & Recommendation
24. Key Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/yrd6m7
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