June 13, 2024
Europe Radiology Services Market

Europe Radiology Services Market is Estimated to Witness High Growth Owing to Rising Prevalence of Chronic Diseases

The Europe radiology services market is expected to witness significant growth over the forecast period. Radiology services refer to diagnostic procedures involving the use of medical imaging techniques like X-rays, computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, etc. to diagnose and examine the internal structures of the body. It allows for efficient detection of abnormalities or injuries within bones, muscles, joints, blood vessels and internal organs. Radiology helps provide vital information to physicians and assists in proper treatment planning and management of chronic diseases.

The market for 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.

The growing prevalence of chronic diseases such as cancer, cardiovascular diseases, neurological disorders among others is a key factor driving greater demand for radiology services across Europe. For instance, according to the data from Global Burden of Disease Study, cancer has emerged as the second leading cause of mortality with over 2 million new cancer cases in 2020 in Europe.radiology plays a vital role in cancer screening and diagnosis. Moreover, advancements in technology and rising adoption of minimally invasive surgeries coupled with favorable government policies are encouraging healthcare facilities to invest in cutting-edge diagnostic imaging solutions thereby fueling market growth.

Key Takeaways

Key players operating in the Europe radiology services are Siemens Healthineers, GE Healthcare, Canon Medical Systems, Carestream Health, Hitachi Medical, Hologic, Shimadzu, Fujifilm Holdings, Samsung Medison, Philips Healthcare.

The growing geriatric population, increasing healthcare expenditure and demand for advanced diagnostics represent major growth opportunities for players in the Europe radiology services market. Between 2020 and 2050, the number of persons aged 65 years or over in the EU is expected to increase by around 52 million.

Leading market players are focused on expansion strategies and partnerships to strengthen their presence across key markets. For instance, in October 2020, Siemens Healthineers partnered with Polish healthcare provider Luxmed to offer advanced diagnostic imaging and laboratory testing services across 150 Luxmed clinics in Poland.

Market Drivers

Rising prevalence of chronic diseases is a major factor driving the demand for radiology services in Europe. according to estimates, cancer accounted for 20.3% deaths in Europe in 2020. Early detection is crucial for effective treatment of cancer. Radiology allows for precise cancer screening and diagnosis thereby supporting early intervention and improved health outcomes. Accordingly, increasing cancer burden has increased utilization of diagnostic imaging modalities like CT, MRI, PET scans in the region.

PEST Analysis

Political: Regulations related to patient safety and data privacy are becoming increasingly stringent in Europe. This is driving the need for advanced medical imaging technologies with improved capabilities. However, lengthy approval procedures and pricing pressures on healthcare providers also impact market growth.

Economic: Growing healthcare expenditure and favorable reimbursement policies are supporting the uptake of radiology services across Europe. At the same time, economic uncertainties due to geopolitical issues pose challenges.

Social: An aging population and rising lifestyle disease burden are leading to greater demand for diagnostic imaging procedures. However, shortages of specialized healthcare workers constrain the ability to meet needs.

Technological: Artificial intelligence and cloud-based solutions are enabling more advancedradiology services like computer-aided diagnosis and remote consultations. Adoption of such technologies varies widely across the region.

Geographical Concentration

In terms of value, Western Europe dominates the radiology services market led by major countries like Germany, France, and the UK. This is owing to well-developed healthcare infrastructures and higher healthcare spending in these nations. Eastern Europe is growing at a slightly faster rate led by Russia and Poland experiencing greater economic growth in recent years.

Fastest Growing Region

Central and Eastern Europe are expected to see the fastest market growth over the forecast period. This is attributed to catch-up investments to modernize medical facilities, increasing healthcare accessibility, and rising affluence in the region resulting in higher patient demand. Countries like Poland, Czech Republic, and Hungary offer lucrative opportunities for radiology services providers.

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