June 19, 2024
Europe Radiology Services Market

Europe Radiology Services Market Is Expanding Rapidly Driven By Growing Demand for Diagnostic Imaging

The Europe radiology services market comprises medical imaging services through X-rays, computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, nuclear medicine including PET/CT, and mammography. Radiology services play a crucial role in disease diagnosis and treatment monitoring. The growing prevalence of chronic diseases such as cancer, cardiovascular diseases and neurological disorders has increased the demand for early detection and accurate diagnosis.

The Global Europe Radiology Services Market Size is estimated to be valued at US$ 12.25 Billion 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, Philips Healthcare. These players are focusing on capacity expansion and new product launches to expand their market share.

The demand for radiology services is growing rapidly owing to the increasing geriatric population, rising healthcare spending, and growing prevalence of chronic diseases in the region. With growing awareness about early diagnosis, prevention and wellness, the demand for various diagnostic imaging modalities is increasing in Europe.

Major players are focusing on geographic expansion strategies by establishing diagnostic centers and mobile imaging facilities in emerging markets to tap the potential opportunities. Key players are also investing in advanced technologies like AI and precision diagnostics to provide enhanced patient care and experience in the region.

Market Key Trends

The adoption of artificial intelligence (AI) and machine learning capabilities in radiology is growing rapidly. AI has the potential to augment radiologists’ performance by reducing errors, improving accuracy and increasing workflow efficiency. With AI, radiologists can spend more time on complex tasks while standard procedures are automated. Several European countries are investing heavily in AI research which is expected to transform radiology practices in the region.

Porter’s Analysis

Threat Of New Entrants: New entrants face high startup costs for medical equipment and establishing new facilities and have to compete with existing large players in the market.

Bargaining Power Of Buyers: Buyers have high bargaining power due to presence of large number of service providers in Europe.

Bargaining Power Of Suppliers: Suppliers of medical imaging equipment have moderate bargaining power given the specialized nature of equipment and parts.

Threat Of New Substitutes: There is no significant threat from substitute services.

Competitive Rivalry: The market is highly competitive with presence of global and regional players offering similar services.

Geographical regions

Europe radiology services market is concentrated in Western Europe, led by Germany, France, UK, Italy and Spain. These countries generate over 60% of the total market revenue owing to advanced healthcare infrastructure and high healthcare spending.

Asia Pacific region is the fastest growing geographical segment for Europe radiology services market owing to improving healthcare infrastructure and rising medical tourism from developed countries. Countries like India and China are witnessing high demand for radiology services.

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?

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