Radiology services involve the use of medical imaging techniques such as X-rays, computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, fluoroscopy, and nuclear medicine scans to diagnose and treat medical conditions. In Europe, there is a growing demand for advanced radiology procedures due to the increasing prevalence of chronic diseases such as cancer, cardiac diseases, orthopedic disorders among others. Factors such as rising geriatric population, increasing healthcare expenditure, innovations in medical imaging technologies and growing healthcare awareness are contributing to the growth of the Europe radiology services market.
Europe Radiology Services Market Size is estimated to be valued at US$ 12.25 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Europe radiology services market are Siemens Healthineers, GE Healthcare, Canon Medical Systems, Carestream Health, Hitachi Medical, Hologic, Shimadzu, Fujifilm Holdings, Samsung Medison and Philips Healthcare. These players are focusing on developing innovative radiology equipment and services. For instance, in 2022, Siemens Healthineers launched Somatom Force, a new-generation CT scanner with significantly improved image quality and higher throughput.
The demand for radiology services is growing rapidly primarily due to the increasing prevalence of chronic and lifestyle diseases. As per WHO estimates, cancer is the second leading cause of death in Europe with over 3.7 million new cases reported in 2020. Moreover, cardiovascular diseases are the leading causes of death in European countries. Thus, the growing disease burden is driving the utilization of radiology modalities for diagnosis and treatment monitoring.
Technological advancements in medical imaging such as artificial intelligence integration, teleradiology solutions, portable digital X-Ray systems and hybrid imaging systems are supporting the Europe radiology services market growth. For example, Canon Medical Systems launched Clarity IQ, an AI-based imaging software portfolio that enhances anatomy visualization and detection capabilities in CT, MRI and X-ray imaging.
Market Trends
Personalized Radiology: Advanced technologies enable customized radiological assessment and management of individual patients based on their clinical history, medical condition and genetics.- Hybrid Imaging Systems: Combination devices integrating PET/CT, SPECT/CT and PET/MRI are gaining popularity as they help obtain complementary anatomical and physiological information from a single scan.
Market Opportunities
- Tele Radiology: Teleradiology solutions that enable remote diagnosis and consultation can address workforce shortages in rural areas and improve diagnostic efficiency.
- Mobile Radiology Units: Portable imaging devices are seeing increased adoption to bring radiology services to the doorsteps in developing European countries.
Impact of COVID-19 on Europe Radiology Services Market:
The outbreak of COVID-19 pandemic had a noticeable impact on the growth of Europe radiology services market. During the initial phase of lockdown, several non-urgent and elective procedures were postponed which reduced the demand for radiology services. However, radiology departments played a crucial role in COVID-19 diagnosis and management. Chest CT scans emerged as an important tool for COVID-19 screening. There was a significant rise in the demand for CT scans and chest X-rays to diagnose respiratory issues in suspected COVID patients. Some radiology departments in Europe also implemented tele-radiology solutions to improve workflow and reduce hospital visits amid pandemic. Going forward, the market is expected to rebound as the backlog of postponed cases increases demand. Service providers may focus on expanding teleradiology and home healthcare services to make radiology access more convenient for patients. Investment in advanced medical imaging technologies will also help deliver improved COVID and non-COVID care.
Impact of COVID-19 on geographical regions in Europe Radiology Services Market:
In terms of value, Western Europe dominated the Europe radiology services market and accounted for the largest share. Countries like Germany, UK, France have well-established healthcare facilities with advanced medical imaging technologies widely adopted across hospitals and clinics. Availability of skilled radiologists and favorable reimbursement structure further supports market growth. Eastern Europe is projected as the fastest growing regional market during the forecast period. Countries like Poland, Turkey witnessed increasing healthcare expenditure after COVID-19 to strengthen public healthcare infrastructure. Increasing access to diagnostic services in urban and rural areas through mobile vans and tele-radiology present lucrative growth opportunities. Governments are collaborating with market players and healthcare organizations to develop digital imaging networks for improved screening and pandemic management. This will aid the faster recovery of radiology market in Eastern European countries.
What Are The Key Data Covered In This Europe Radiology Services Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Europe Radiology Services Market's growth between 2024 and 2031.
:- Accurate calculation of the size of the Europe Radiology Services Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Europe Radiology Services Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Europe Radiology Services Market vendors
FAQ’S
Q.1 What are the main factors influencing the Europe Radiology Services market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Europe Radiology Services Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Europe Radiology Services market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
Get more insights on this topic: https://www.pressreleasebulletin.com/europe-radiology-services-market-trend-size-and-demand-2/
