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How Will the Radiology As A Service Market Grow Over the Forecast Period Based on Its Expected CAGR?

The size of the radiology as a service market has seen significant growth recently. From 2024 to 2025, it is projected to increase from $2.05 billion to $2.51 billion, reflecting a compound annual growth rate (CAGR) of 22.3%. This growth during the historic period was propelled by the cost-effectiveness and improved efficiency of operations, increased demand for imaging services, attention to core competencies, technological evolution in imaging, and a heightened need for swift and accurate diagnostic practices.

The radiology service sector is predicted to witness substantial expansion in the coming years. The size of the market is set to reach $5.38 billion in 2029, growing at a compound annual growth rate (CAGR) of 21.1%. The growth during the forecast period is due to ongoing cost-saving efforts, rising attention towards value-based care, escalating need for remote and telehealth solutions, integration of AI, and a worldwide shortage of radiologists. In the forecast period, major trends will revolve around specialized reporting, implementing cybersecurity for image security, mobile radiology solutions, partnerships with AI startups, and embedding value-based care.

What Factors Are Propelling the Growth of the radiology as a service Market from 2025 to 2034?

The expected rise in cancer cases worldwide is slated to boost the radiology as a service market’s growth. Cancer is a disease characterized by the unregulated growth and spread of cells within the body. Medical imaging technology has revolutionized healthcare, facilitating early cancer detection and improving patient results. Therefore, the increase in cancer cases is expected to create a demand for radiology imaging services, spurring the growth of radiology as a service. The National Cancer Institute, a U.S. government organization dedicated to cancer research and training, predicted in May 2024 that the global number of new cancer cases annually would touch 29.9 million with 15.3 million deaths related to cancer by 2040. Thus, the rising number of cancer incidents is catalyzing the radiology as a service market expansion.

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Who Are the Dominant Players Expanding Their Reach in the Radiology As A Service Market?

Major companies operating in the radiology as a service market include:

• Siemens Healthineers AG

• Fujifilm Holdings Corporation

• Koninklijke Philips N.V.

• GE HealthCare Technologies Inc.

• Agfa-Gevaert N.V.

What Are the Top Trends Shaping the Evolution of the Radiology As A Service Market?

Key trends in the radiology-as-a-service market are being driven by technological advancements. Large-scale businesses within the market are prioritizing the unveiling of innovative technologies to maintain their foothold in the industry. Yellowcross Healthcare Commerce, an Indian telemedicine practice management firm for instance, launched a consultation service in February 2024, designed to help medical networks and health facilities upgrade their distant care abilities. The company works alongside American health centers, clinics, medical groups, and independent doctors to develop bespoke service solutions to address the shortage of radiologists and provide specialized diagnostic services.

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What Major Market Segments Define the Scope and Growth of the Radiology As A Service Market?

The radiology as a service market covered in this report is segmented –

1) By Service Type: Teleradiology, Cloud-based Imaging IT Services, Consulting Services, Technology Management Services

2) By Technology: Computed Radiology, Direct Digital Radiology

3) By End-User: Hospitals, Diagnostic Imaging Centers, Radiology Clinics, Physician Offices, Nursing Homes

Subsegments:

1) By Teleradiology: Remote Image Interpretation, Remote Reporting Services

2) By Cloud-Based Imaging IT Services: Cloud Storage Solutions, Cloud-Based Image Management

3) By Consulting Services: Workflow Optimization, Regulatory Compliance Consulting

4) By Technology Management Services: Equipment Maintenance, Imaging Software Support

Which Regions Are Setting the Pace for Radiology As A Service Market Growth?

North America was the largest region in the radiology as a service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the radiology as a service market share during the forecast period. The regions covered in the radiology as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Defines the Scope of the Radiology As A Service Market?

Radiology as a service refers to rendering professional and technical services for radiation oncology, radioisotope services, medical imaging, and so on to allow providers to provide patients with the best possible diagnoses at much lower costs.

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