BURLINGAME, Calif., Feb. 7, 2024 /PRNewswire/ -- CoherentMI published a report, titled, Europe Radiology Services Market was valued at US$ 12.25 Billion in the year 2023, and is anticipated to reach a US$ 30.76 Billion by 2030, with growing at a CAGR of 12.4% during forecast period 2023-2030.
The Europe Radiology Services Market is driven by the increasing prevalence of chronic diseases in the region. Chronic diseases such as cardiovascular diseases, cancer, and respiratory diseases require regular diagnostic imaging services for accurate diagnosis and treatment planning. The rising incidence of these diseases is fueling the demand for radiology services, thereby propelling market growth.
Another driver of market growth is the advancement in imaging technology. Technological advancements such as digital radiography, magnetic resonance imaging (MRI), computed tomography (CT), and ultrasound have improved the accuracy and efficiency of diagnosis. Furthermore, the introduction of artificial intelligence (AI) in radiology services has enhanced the interpretation of medical images, leading to faster and more accurate diagnoses.
Europe Radiology Services Market Report Snapshot:
Report Coverage | Details |
Study Period | 2023 - 2030 |
Base Year of Estimation | 2022 |
CAGR | 12.4 % |
Largest Market | Europe |
Market Concentration | High |
Major Players | Siemens Healthineers, GE Healthcare, Canon Medical |
Segments Covered | By By Service Type, By Modality, By End-User, By |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, |
Growth Drivers | • Increasing prevalence of chronic diseases |
Restraints & Challenges | • High cost of diagnostic imaging modalities |
Key Market Takeaways:
- The Europe radiology services market size is anticipated to witness a CAGR of 12.4% during the forecast period 2023-2030, owing to the increasing demand for diagnostic services and the growing adoption of interventional radiology services.
- On the basis of service type, diagnostic services are expected to hold a dominant position, owing to their essential role in accurate and early diagnosis. Within the segment, X-ray radiology is expected to be the dominating subsegment, followed by MRI radiology, CT scan radiology, ultrasound radiology, nuclear imaging radiology, and mammography radiology.
- Hospitals are expected to be the dominating end-users in the Europe radiology services market. These facilities have state-of-the-art imaging equipment and a multidisciplinary team of healthcare professionals. Other end-users include diagnostic centers, research and academic institutes, and ambulatory surgical centers.
- In terms of applications, the cardiovascular segment is expected to dominate the Europe radiology services market. This dominance can be attributed to the high prevalence of cardiovascular diseases in the region. Other significant applications include neurological, musculoskeletal, oncology, urology, and pelvic and abdominal.
- Europe is expected to hold a dominant position in the radiology services market during the forecast period. The region has well-established healthcare infrastructure, increasing R&D investments, and favorable government initiatives to enhance healthcare services.
- Key players operating in the Europe radiology services market include Canon Medical Systems, Carestream Health, Hitachi Medical, Siemens Healthineers, GE Healthcare, Hologic, Shimadzu, Fujifilm Holdings, Samsung Medison, and Philips Healthcare. These companies focus on technological advancements, strategic collaborations, and mergers and acquisitions to maintain their market position.
Market Trends:
One of the key trends in the Europe Radiology Services Market is the increasing adoption of teleradiology services. Teleradiology allows the transmission of medical images from one location to another for interpretation and consultation. This enables healthcare providers to access radiology services remotely, improving patient care in remote areas and reducing the overall turnaround time for diagnosis.
Another trend is the integration of radiology services with picture archiving and communication systems (PACS) and electronic health records (EHR). This integration allows healthcare providers to store, access, and share radiological images and reports electronically, improving the efficiency of patient management and decision-making.
Recent Developments:
- On December 12, 2023, Bracco, a medical device company, announced that the European Commission has granted market authorization to Imaging's Vueway (gadopiclenol), a gadolinium-based contrast agent (GBCA) used in magnetic resonance imaging (MRI). Vueway is delivered via intravenous injection to increase the contrast of structures or fluids within the body in contrast-enhanced MRI (CE-MRI) scans. The agent has half the dose of gadolinium as that of standard agents.
- On November 26, 2023, Koninklijke Philips N.V., a multinational conglomerate corporation, showcases the world's first mobile MRI system with helium-free operations at the Radiology Conference & Annual Meeting 2023. BlueSeal MR Mobile, the industry's first and only 1.5T fully sealed magnet, delivers patient-centric MRI services where and whenever needed. Unlike other mobile MRI scanners, the BlueSeal MR Mobile is more agile and lightweight, so it can be located in more convenient places for patients, like near a hospital's main entrance.
Read complete market research report, "Europe Radiology Services Market Size And Share Analysis - Growth Trends And Forecasts (2023 - 2030)", Published by CoherentMI.
Market Opportunities:
Increasing Demand for Diagnostic Services in Europe Radiology Services Market
The European radiology services market is expected to witness significant growth due to the increasing demand for diagnostic services. Diagnostic services, including X-ray, CT scans, and MRI radiology, dominate the service type segment. These services are essential for accurate and early diagnosis of various medical conditions, enabling healthcare professionals to provide appropriate treatment.
With advancements in technology and the increasing prevalence of chronic diseases, there is a growing need for diagnostic services in Europe. These services play a crucial role in detecting and monitoring conditions such as cardiovascular diseases, neurological disorders, musculoskeletal issues, and oncology, among others.
The market for diagnostic services is expected to hold a dominant position in the Europe radiology services market. This dominance can be attributed to the increasing awareness about the importance of early diagnosis and advancements in imaging technology.
Growing Adoption of Interventional Radiology Services
Another market opportunity in the Europe radiology services market is the growing adoption of interventional radiology services. Interventional radiology involves minimally invasive procedures performed using imaging guidance. These procedures offer several advantages over traditional open surgeries, including shorter recovery time, reduced complications, and lower healthcare costs.
The demand for interventional radiology services is increasing in Europe, as more healthcare professionals recognize its benefits. This segment includes procedures such as angioplasty, stent placement, embolization, and biopsy, among others.
The interventional radiology services market is expected to witness significant growth during the forecast period. This growth is driven by factors such as the increasing prevalence of cardiovascular diseases and the rising geriatric population in Europe. Interventional radiology services enable targeted treatments, improving patient outcomes and quality of life.
Overall, the Europe radiology services market presents significant opportunities for market players, with the increasing demand for diagnostic services and the growing adoption of interventional radiology services. Key players should continue to invest in research and development and focus on providing high-quality imaging solutions to meet the evolving needs of healthcare professionals and patients.
Europe Radiology Services Market Segmentation:
- By Service Type
- Diagnostic Services
- Interventional Radiology Services
- By Modality
- X-ray Radiology
- MRI Radiology
- CT Scan Radiology
- Ultrasound Radiology
- Nuclear Imaging Radiology
- Mammography Radiology
- Others (Fluoroscopy, Angiography etc.)
- By Application
- Cardiovascular
- Neurological
- Musculoskeletal
- Oncology
- Urology
- Pelvic and Abdominal
- Others (Obstetrics & Gynecology etc.)
- By End-User
- Hospitals
- Diagnostic Centers
- Research & Academic Institutes
- Ambulatory Surgical Centers
- Others (Public Health agencies etc.)
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Top Questions Answered in this Report:
- What factors are impeding the growth of the Europe Radiology Services Market?
- What are the primary drivers fueling the growth of the Europe Radiology Services Market?
- Which segment stands out as the leading component in the Europe Radiology Services Market?
- Who are the key players actively participating in the Europe Radiology Services Market?
- Which region is poised to take the lead in the Europe Radiology Services Market?
- What is the projected CAGR for the Europe Radiology Services Market?
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