Radiology Market is estimated to be USD 46.4 Billion by 2034 with a CAGR of 5.9% during the forecast period

Digital radiology, often known as digital radiography, is a type of x-ray imaging that captures images using digital x-ray sensors rather than films. As a result, you can see a preview of the photographs right away, which saves time and increases your ability to digitally transfer images. Furthermore, because to lower radiation exposure, it is a favored diagnosis modality for a wide range of applications as compared to standard analogue x-ray. Furthermore, while novel technologies have been well-accepted in Western nations, digital radiology equipment have a huge user base in emerging economies such as India and China. Due to the introduction of dental x-ray and digital mammography, as well as wider usage of portable radiology systems throughout diagnostic centers, demand for digital Radiology Market Size was valued at USD 27.8 Billion in 2024 and is expected to reach USD 46.4 Billion by 2034, growing at a CAGR of 5.9%

The report "Radiology Market Size, Share, By Type (Interventional Radiology, Diagnostic Radiology), By Services (Fusion Imaging, X-rays, Ultrasound, Computed Tomography (CT), Nuclear Medicine, Positron Emission Tomography (PET), Magnetic Resonance Imaging (MRI)), By End Use (Hospitals, Diagnostic Centers, Others), and Region - Trends, Analysis and Forecast till 2034’’

Key Highlights:

• The Biograph Vision Quadra, a PET/CT scanner for clinical usage and translational research, obtained FDA authorization in 2021 from Siemens Healthineers (Germany).
• At the Radiological Society of North America (RSNA) 2020 in December 2020, Samsung Electronics Co. Ltd displayed its premium diagnostic imaging solutions in ultrasound, digital radiography, and mobile computed tomography.
• Canon Medical will release One-Beat Spectral Cardiac CT in November 2020. Deep learning sapectrum capabilities for cardiac tests are now available in the Aquilion ONE/PRISM Edition.

Analyst View:

Increased occurrences of chronic disorders among the growing population, rising preference for and need for minimally invasive procedures, rising levels of investment that will aid in the development of advanced and technological products, and provision of adequate training and safety are some of the factors that will likely boost the radiology market's growth in the forecast period. On the other hand, the increasing number of research activities and digitalization would increase numerous opportunities, resulting in the radiology market's rise during the projection period. 

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Radiology Market Size, Share, By Type (Interventional Radiology, Diagnostic Radiology), By Services (Fusion Imaging, X-rays, Ultrasound, Computed Tomography (CT), Nuclear Medicine, Positron Emission Tomography (PET), Magnetic Resonance Imaging (MRI)), By End Use (Hospitals, Diagnostic Centers, Others), and Region - Trends, Analysis and Forecast till 2034"

Key Market Insights from the report:

Radiology Market Size was valued at USD 27.8 Billion in 2024 and is expected to reach USD 46.4 Billion by 2034, growing at a CAGR of 5.9%. The Radiology Market is segmented based on type, service, end-user and region.

• Based on Type, Radiology Market is segmented into Interventional Radiology, Diagnostic Radiology.
• Based on Service, Radiology Market is segmented into Fusion Imaging, X-Rays, Ultrasound, Computed Tomography (CT), Nuclear Medicine, Positron Emission Tomography (PET), Magnetic Resonance Imaging (MRI).  
• Based on End-User, Radiology Market is segmented into Hospitals, Diagnostic Centers, Others. 
• By Region, the Radiology Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Radiology Market:

The radiology market is highly competitive and the prominent players in the market have adopted various strategies for garnering maximum market share which include collaboration, product launch, partnership, and acquisition. For instance, Venue Fit, a simplified and compact POCUS device, and an industry-first AI service for cardiology were released by GE Healthcare (US) in 2021. Major players operating in the radiology market include Agfa-Gevaert Group, Canon Inc., Carestream Health, Fujifilm Holdings Corporation, General Electric Company, Hitachi, Ltd., Konica Minolta, Inc., Koninklijke Philips N.V., Siemens Aktiengesellschaft, and Varian Medical Systems, Inc.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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