Radiology Market by Product and Geography - Forecast and Analysis 2021-2025

“The Radiology Market study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analyzing the growth of USD 17133.69 million and CAGR of 6.31% by segment Product and Geography during the forecast period 2020 to 2025” 

Furthermore, this report extensively covers market segmentation by product (X-ray, ultrasound, computed tomography, and others) and geography (North America, Europe, Asia, and ROW). The market report also offers information on several market vendors, including Agfa-Gevaert NV, Canon Inc., Esaote SpA, FUJIFILM Holdings Corp., General Electric Co., Koninklijke Philips NV, Samsung Electronics Co. Ltd., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Shimadzu Corp., and Siemens AG

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Parent Market Analysis

Technavio categorizes the Radiology Market as a part of the Health Care industry within the Health Care Equipment and Supplies industry. Our Technavio research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the forecast year.

Radiology Market: Key Drivers, Trends, and Challenges

Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the radiology industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge. 

Key Radiology Market Driver

One of the key factors driving growth in the market is the increasing occurrences of chronic disorders among the older population. The risk of developing diseases increases proportionately with age. According to CDC, nearly 80% of the elderly in the US suffer from at least one chronic condition. In addition, the AMA estimates that at least 60% of individuals aged 65 years and above will be living with more than one chronic condition by 2030. This increase in the ageing population will drive the demand for improved healthcare facilities and advanced treatment options and medication. With the rapid growth in the geriatric population globally, the prevalence of age-associated diseases such as Alzheimer’s disease, Parkinson’s disease, arthritis, and dementia, along with cardiovascular diseases (CVDs) and cancer, is expected to increase. Thus, the rising number of chronic diseases across the world would further drive growth in the global market during the forecast period. 

Key Radiology Market Challenge

The lack of early diagnosis will be a major challenge for the market during the forecast period. Early diagnosis of any disease focuses on detecting symptomatic patients as early as possible, so they have the best chance for successful treatment. For example, when cancer care is delayed or inaccessible, there is a lower chance of survival of the patient, or it leads to greater problems associated with treatment and higher costs of care. The lack of awareness about the symptoms is an important barrier to the early diagnosis of several chronic diseases such as cancer. Early diagnosis improves the outcomes by providing care at the earliest possible stage and it, therefore, becomes an important public health strategy. However, the lack of early diagnosis of chronic diseases further restricts the growth of the market because, by the time the patient becomes aware of the disease, the need for radiology becomes obsolete. 

Radiology Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Who are the Major Radiology Market Vendors?

Agfa-Gevaert NV - Radiology: The company's Radiology products such as Dura-Line Flat Panel DR. The offset solutions segment focuses on the offset printing industry, offering commercial, newspaper and packaging printers and the most extensive range of integrated prepress and printing solutions. The digital print & chemicals segment focuses on sign and display printing with a range of highly productive and versatile wide-format inkjet printers with matched inks, powered by dedicated workflow software. Under the radiology solutions segment, the company focuses on a wide range of diagnostic imaging solutions, providing analogue and digital imaging technology to meet the needs of specialized clinicians in hospitals and imaging centres globally.

The report analyzes the market’s competitive landscape and offers information on several market vendors, including: 

• Agfa-Gevaert NV
• Canon Inc.
• Esaote SpA
• FUJIFILM Holdings Corp.
• General Electric Co.
• Koninklijke Philips NV
• Samsung Electronics Co. Ltd.
• Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
• Shimadzu Corp.
• Siemens AG

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. The vendor profiles are designed to help clients improve their market position, and information on production and sustainability along with this the report provides a detailed analysis of several leading Companies.

Which are the Key Regions for Radiology Market?

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41% of the market’s growth will originate from North America during the forecast period. The US is the key market for radiology in North America. Market growth in this region will be faster than the growth of the market in the European regions. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the Radiology Market?

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The market share growth by the X-ray segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Radiology Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive market growth during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the radiology industry across North America, Europe, Asia, and ROW
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of market vendors

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