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Europe Radiology Services Market Is Driven By Increasing Prevalence Of Chronic Diseases
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The Europe radiology services market is primarily driven by the increasing prevalence of chronic diseases such as cancer, orthopedic disorders, cardiovascular diseases and neurological diseases across the region. Radiology services play a crucial role in disease diagnosis, treatment monitoring and post-treatmentcare. Furthermore, rapid technological advancements in radiology modalities such as MRI, CT, ultrasound and X-ray along with improvements in teleradiology practices have enhanced the application of radiology services in the region.
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 are Siemens Healthineers, GE Healthcare, Canon Medical Systems, Carestream Health, Hitachi Medical, Hologic, Shimadzu, Fujifilm Holdings, Samsung Medison, Philips Healthcare. The key players are focusing on new product launches, partnerships, mergers and acquisitions to strengthen their business positions in the European market. For instance, ...
... in 2024, Siemens Healthineers launched Mobilett mira Maxx x-ray system for mobile and fixed digital radiography applications.
The demand for radiology services is growing rapidly across Europe owing to the rising geriatric population, increasing healthcare expenditure and accuracy and efficiency offered by new radiology modalities. According to the UN population data, over 25% of the European population will be aged 65 years and older by 2031. Additionally, increasing popularity of medical tourism and cross-border partnerships between hospitals, clinics and diagnostic centers are fueling the demand for quality radiology services in the region.
The European radiology services market is expanding globally with growing export/import of diagnostic images and reports through teleradiology and picture archiving and communication systems. Countries like UK, France, Germany, Switzerland, Netherlands are global leaders in medical innovations and technologies and act as radiology hubs offering advanced radiology solutions to other parts of the world. The export of radiology expertise is further aided by the absence of language barriers in European countries.
Market Drivers
Increasing healthcare expenditure in Europe is a key factor driving the radiology services market. Countries such as Germany, France, UK, Italy have reported over 10% rise in healthcare spending between 2019 to 2022. Higher spends have facilitated improved access to advanced diagnostic facilities along with latest radiology equipment and software. Additionally, favorable government initiatives and funding for medical research have accelerated technology innovations. For instance, the EU Horizon Europe program has allocated over €95 billion budget for 2021-2027 to support research and innovations in healthcare, biotechnology, medical devices among other areas.
Current Geopolitical Situation and Its Impact on Europe Radiology Services Market Growth
The Europe radiology services market is facing uncertainties due to the ongoing geopolitical conflicts and economic downturns in the region. The Russia-Ukraine war that began in early 2022 has caused supply chain disruptions and inflated the prices of key raw materials and components used in medical imaging equipment. This is negatively impacting equipment procurement across European hospitals and diagnostic clinics. Additionally, the economic sanctions imposed on Russia by the West are hindering cross-border collaboration between radiology departments. On the other hand, the demand for radiology is increasing in Ukraine for war-related screening and injury management. However, the damaged infrastructure is posing challenges. Overall, geopolitical tensions are adding operational complexities for radiology service providers in Europe.
To cope with the geopolitical headwinds, companies need to diversify their supply chains, localize production where possible, and form strategic partnerships within and outside the region. Technology upgrades focusing on teleradiology and remote diagnosis can also help make services accessible despite distance barriers. Market players must invest in collaborative artificial intelligence and cloud-based solutions to facilitate international expertise sharing. Adopting sustainable pricing models can improve affordability. Continued government support through insurance coverage expansions and infrastructure rehabilitation projects will aid the long-term growth prospects of Europe's radiology services sector.
Geographical Regions with Concentrated Europe Radiology Services Market Value
The Europe radiology services market value is largely concentrated in Western European countries like Germany, France, the UK, Italy, and Spain. These nations collectively account for over 60% of the regional market owing to their developed healthcare systems and high affordability for diagnostic imaging among populations. Germany in particular has a highly advanced radiology infrastructure due to greater public and private investments over the years. It continues to be the highest valued country-level market, supported by dense presence of clinic chains, skilled professionals, and conducive regulations for advanced modalities. Other major radiology hubs within Europe include Northern European nations such as the Netherlands and Scandinavian countries like Sweden and Denmark.
Fastest Growing Region for Europe Radiology Services Market
Central and Eastern European countries present significant growth opportunities for radiology service providers. After years of transition from Soviet-era systems and accelerated by EU membership drives, nations like Poland, Czech Republic, Hungary, Croatia, Romania, Bulgaria, Serbia, etc. are modernizing their diagnostic imaging facilities. This is creating huge demand for new-generation equipment, software upgrades, and consultancy projects. Central Europe currently has the fastest radiology services market growth rate within the European region averaging over 15% annually. As reimbursement programs improve and healthcare investments rise in these developing markets, their need for high-quality diagnostic care will continue propelling the next phase of expansion for Europe's radiology sector.
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?
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