LONDON, Sept. 29, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the radiology as a service market, an increase in the number of cancer cases globally is expected to propel the growth of radiology as a service market going forward. Cancer is a condition when the body's cells grow out of control and spread to other bodily regions. Medical imaging technology has transformed healthcare by enabling earlier cancer detection and better patient outcomes. Hence, the rise in the number of cancer cases would result in a demand for radiology imaging services, which is expected to propel the growth of radiology as a service.
For instance, according to the National Cancer Institute, a US-based government agency for cancer research and training, the global number of new cancer cases per year is predicted to reach 29.5 million, with 16.4 million cancer-related deaths by 2040. Therefore, the increasing number of cancer cases is driving the market growth of radiology as a service market.
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The global radiology as a service market size is expected to grow from $1.06 billion in 2021 to $1.32 billion in 2022 at a compound annual growth rate (CAGR) of 25%. The global radiology as a service market growth is expected to reach $2.83 billion in 2026 at a CAGR of 21%.
Technological advancements are the key trends gaining popularity in the radiology-as-a-service market. Major companies operating in the radiology-as-a-service sector are focused on introducing new technologies to sustain their position in the market. For example, in January 2021, Nanox, an Israel-based medical imaging technology company, and USARAD, a US-based teleradiology company, introduced an advanced radiology diagnostics service that combines over 300 expert radiologists with artificial intelligence decision support solutions to support medical diagnostics.
Major players in the radiology as a service market are Philips Healthcare, GE Healthcare, Nano-X Imaging Ltd, USARAD Holdings Inc., Virtual Radiologic, Onrad Inc, RamSoft Inc., Telediagnostic Solutions Private Limited, Teleradiology Solutions, National Diagnostic Imaging, Real Radiology LLC, Telemedicine Clinic Ltd., Vesta Teleradiology, Ambra Health, Teleconsult Holding B.V, and Medica Group PLC.
The global radiology as a service market is segmented by service type into teleradiology, cloud-based imaging IT services, consulting services, technology management services; by technology into computed radiology, direct digital radiology; by end-user into hospitals, diagnostic imaging centers, radiology clinics, physician offices, nursing homes.
North America was the largest region in the radiology as a service market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global radiology as a service market research report during the forecast period. The regions covered in the global radiology as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Radiology As A Service Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide radiology as a service market overviews, analyze and forecast market size and growth for the whole market, radiology as a service market segments and geographies, radiology as a service market trends, radiology as a service market drivers, radiology as a service market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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