May 18, 2024
Europe Radiology Services Market

Europe Radiology Services Market Is Expected To Be Flourished By Rapid Uptake Of Advanced Diagnostic Imaging Procedures

Radiology is a medical specialty comprising diagnostic and therapeutic applications of different imaging modalities including X-rays, CT, MRI, ultrasound, and nuclear medicine. Radiology services involve medical imaging, analysis of images to diagnose diseases and injuries in various parts of the body. Advanced diagnostic imaging modalities such as CT, MRI, and ultrasound play a vital role in early disease diagnosis and timely treatment decisions. Rising demand for minimally invasive procedures and patient preference for better diagnostic accuracy and minimal invasion are major factors driving the uptake of advanced diagnostic techniques like CT and MRI scans.

The global Europe Radiology Services Market was valued at US$ 12.25 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market Dynamics

Rapid uptake of advanced diagnostic imaging procedures is a major driver fueling growth of the Europe radiology services market. Advanced imaging modalities such as CT scans and MRIs provide higher diagnostic accuracy compared to conventional X-rays and allow radiologists to detect diseases at an early stage. According to a survey, the number of CT scans conducted in the UK increased by 12% from 2016 to 2018. Additionally, minimally invasive surgeries require pre-operative imaging for surgical planning and guidance, thereby supporting market growth. Another key factor augmenting market expansion is growing prevalence of chronic diseases such as cancer and cardiovascular disorders. For instance, cancer is the second leading cause of death in Europe with over 3.7 million new cancer cases and 1.9 million cancer deaths reported in 2018. Early detection through diagnostic imaging plays a key role in improving cancer treatment outcomes.

Segment Analysis

The Europe Radiology Services market is dominated by the diagnostic imaging segment, which accounts for over 70% market share. Diagnostic imaging enables diagnosis of medical conditions and comprises X-ray, ultrasound, MRI, CT scan and nuclear imaging technologies. X-ray remains the most widely used diagnostic technique due to advantages like wide availability and low cost. CT scan segment is growing at fastest pace owing to benefits such as high resolution imaging of bones and soft tissues.

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

By End-User

Hospitals

Diagnostic Centers

Research & Academic Institutes

Ambulatory Surgical Centers

By Application

Cardiovascular

Neurological

Musculoskeletal

Oncology

Urology

Pelvic and Abdominal

PEST Analysis

Political: Governments support for healthcare reforms and initiatives promoting digital healthcare are boosting market growth. European Union policies aim to enhance access to quality and affordable healthcare.

Economic
: Rising healthcare spending along with higher disposable income is fueling demand for advanced diagnostic services in the region. Europe witnessed GDP growth in 2022 post pandemic recovery.

Social
: Growing incidence of chronic diseases due to aging population and changing lifestyle is increasing need for effective diagnosis. Higher awareness regarding early detection of diseases through imaging tests drives market adoption.

Technological
: Introduction of artificial intelligence applications, cloud technology and teleradiology services are enhancing radiology workflows. Advancements in imaging modalities help improve diagnostic accuracy.

Key Takeaways

The Europe Radiology Services Market Size is dominated by the diagnostic imaging segment, which accounts for over 70% market share. Diagnostic imaging enables diagnosis of medical conditions and comprises X-ray, ultrasound, MRI, CT scan and nuclear imaging technologies. X-ray remains the most widely used diagnostic technique due to advantages like wide availability and low cost. CT scan segment is growing at fastest pace owing to benefits such as high resolution imaging of bones and soft tissues.

Regional Analysis: Germany holds the largest share in the European Radiology Services market owing to favourable reimbursement policies and growing healthcare infrastructure. Presence of major market players and availability of advanced diagnostic facilities contribute to the dominant position of Germany. France and United Kingdom also have significant market shares due to large patient pools and supportive government initiatives to enhance digital healthcare.

Key Players operating in the Europe Radiology Services market are Canon Medical Systems, Carestream Health, Hitachi Medical, Siemens Healthineers, GE Healthcare, Hologic, Shimadzu, Fujifilm Holdings, Samsung Medison, and Philips Healthcare. Canon Medical Systems leads the diagnostic imaging segment with wide product portfolio and global presence across Europe. Siemens Healthineers and GE Healthcare have robust diagnostic equipment offerings along with strong service networks across the region.

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FAQ’s

Q.1 What will the market development pace of the Europe Radiology Services Market?

Q.2 What are the sales, revenue, and price analysis of the top players of the Europe Radiology Services Market?

Q.3 What are the market opportunities and threats faced by the vendors in the Europe Radiology Services Market?

*Note:
1.       Source: CoherentMI, Public sources, Desk research
2.       We have leveraged AI tools to mine information and compile it