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  • Growth Opportunities in the Global Radiology-as-a-Service Market, Forecast to 2023
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Growth Opportunities in the Global Radiology-as-a-Service Market, Forecast to 2023

Innovative Business Models Focusing on Operational, Clinical, and Financial Excellence Witnessing Growing Adoption, Due to Increasing Influence of Value-based Care and Sustainable Healthcare Initiatives in the Imaging Ecosystem

Frost & Sullivan
4207.5000 USD https://store.frost.com/growth-opportunities-in-the-global-radiology-as-a-service-market-forecast-to-2023.html
RELEASE DATE
11-Jul-2019
REGION
North America
Research Code: ME3E-01-00-00-00
SKU: HC03196-NA-MT_23380
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  • Description
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Description

This Growth Opportunity service presents an analysis of the emerging ‘servitization’ business models in the medical imaging industry. With healthcare systems gradually transitioning to value-based care, imaging vendors across the value chain are positioning themselves as partners in this journey through risk-sharing and outcome-based services, without burdening the capital budgets of providers. Financial constraints, complicated procurement processes, lack of expertise in managing imaging technologies, and the ever-increasing need to focus all efforts on clinical services are driving providers toward service models in imaging. Outsourcing models that are quite prevalent in radiology reading services are gradually transcending to adjacent areas such as imaging IT, imaging equipment, and maintenance services.

Traditional business models focusing on selling products based on specification superiority or product USP are expected to slow down. Care providers are in need of solutions that meet their clinical requirements and ownership of the equipment is of no value for customers as long as performance is assured. Business models offering the product/solution as a service with guaranteed performance will gain traction, as hospitals focus on clinical excellence and exploring partnerships to achieve operational and financial excellence.

One of the challenges for vendors is the perceived uncertainty among customers on equipment upgrades and the capabilities to provide satisfactory multi-vendor services. Strict service-level agreements (SLAs) detailing the key performance metrics and the penalties associated can lead to higher penetration of services/solutions business in imaging. In Software-as-a-Service (SaaS) model, partnerships should add in value in the form of healthcare domain expertise and compliance with the local laws, coupled with willingness to enter into a Business Associate Agreement, which transfers the compliance risk from the hospital to the vendor. Defined turnaround times, reduced error rates, workflow orchestration, and automation can lead to effective implementation of teleradiology services and the customers will perceive value in shifting from on-site to a teleradiology model.

Changes in the requirements within the provider community, with increasing focus on patient centricity and staff burn-out, have led to increasing demands for consulting services in imaging departments. Innovative asset-light models are an excellent proposition for cash-strapped hospitals, whose balance sheets are already stretched and may no longer be able to generate funds for an outright purchase of equipment. Traditional product selling is no longer the avenue for long-term growth. The industry is witnessing a transition from product-selling to solutions-/services-selling model. Imaging vendors are signing up for long-term partnerships with their clients, which promises business continuity for clients and recurring stable revenues for vendors. Vendors establishing long-term relationships with clients stand to gain from the recurring revenues from the account. Partnership strategies provide more opportunities for cross-selling other solutions. Hospitals’ need to derive maximum return on investments/assets creates market potential for vendors who can leverage their technology competency to add value to their offerings.

Research Scope

This research service covers the following segments under imaging at a global level:

  • Technology management services
  • Imaging IT services
  • Professional teleradiology services
  • Consulting services

For each of the segments, types and key elements of contracting, key performance indicators for measuring success, and market potential have been covered. The competitive landscape and growth opportunities for stakeholders in the market have been analyzed and discussed.

Author: Suresh Kuppuswamy


RESEARCH: INFOGRAPHIC

This infographic presents a brief overview of the research, and highlights the key topics discussed in it.
Click image to view it in full size

Table of Contents

Executive Dashboard

Purpose of this Study

5 Step Process to Transformational Growth

Strategic Imperatives for Imaging Vendors

Top Growth Opportunities for RaaS Vendors

Growth Environment—Market Overview

Scope and Segmentation

Market Segmentation

Definitions

RaaS Vendor Landscape

Key Questions this Study will Answer

Background—Global Medical Imaging Value Chain

Imaging Industry Value Chain

‘as-a-Service’ Model in Hospital Imaging Services

‘as-a-Service’ Contracts in the Imaging Industry

‘as-a-Service’ Models in Imaging

Raas Market—Revenue Forecast by Segment

Market Drivers

Market Restraints

Growth Environment—Market Forecast: Forecast Assumptions

Assumptions

Growth Environment—Market Forecast: Technology Management Services

Overview

Segmentation and Definitions

Unmet Needs of Hospital Providers

Emerging Landscape of Technology Management Services

Unlocking Potential of Partnerships—Comprehensive TMS Contracts

Commercial Issues in TMS Contracts and Possible Solutions

KPIs for Comprehensive TMS Contracts

Managed Maintenance Services—Comparison with In-house Clinical Engineering Services

Revenue Forecast

Growth Environment—Market Forecast: Consulting Services

Overview

Focus Areas

Revenue Forecast

Key Performance Metrics

Growth Environment—Market Forecast: Imaging IT Services

Overview

Imaging IT-as-a-Service

Activities Performed Under Each Type of Service

Utilization of Cloud Services in Healthcare

Benefits of Imaging IT-as-a-Service

Risks of Imaging IT-as-a-Service

Comparative Scoring of Engagement Models With Traditional On-premise Model

Choosing the Right Provider for Imaging IT Outsourcing

Quantitative Scope

Imaging IT Services Revenue Forecast

KPIs for Imaging IT-as-a-Service

Growth Environment—Market Forecast: Professional Teleradiology Services

Radiology—Overview

Radiology—Increasing Imaging Exams and Stagnating Count of Radiologists

Teleradiology—Overview

Teleradiology Workflow

Unmet Needs of Providers

Key Performance Metrics

Teleradiology Services Revenue Forecast

Competitor Landscape

RaaS Vendor Landscape

Select Company Profiles in the RaaS Market

Select Company Profiles in the RaaS Market (continued)

Select Company Profiles in the RaaS Market (continued)

Select Company Profiles in the RaaS Market (continued)

Select Company Profiles in the RaaS Market (continued)

Visioning Scenarios

Macro-to-Micro Visioning

Trends and Factors in the RaaS Market

Trends and Factors in the RaaS Market (continued)

Plotting Different Business Models

Performance Improvement—Efficiency Improvements and Key Metrics

Partnerships Between Equipment Vendors and Customers

Top Predictions for the RaaS Market

Vision and Strategy—Growth Opportunities

Top Growth Opportunities for RaaS Vendors—Vision and Strategy

Growth Opportunity 1—Recurring Revenue Strategy: Long-term Partnerships

Growth Opportunity 2—Consolidating Imaging Equipment Services Business

Growth Opportunity 3—Leveraging Technology to Achieve Excellence

Growth Opportunity 4—Driving Efficiency in Clinical Imaging Workflow

Growth Opportunity 5—Enhancing Adoption of Teleradiology in Outsourcing

Growth Opportunity 6—Staff Satisfaction and Patient Experience

Growth Opportunity 7—Leveraging Data Analytics to Drive Excellence

Brand and Demand—Growth Opportunities

Top Growth Opportunities for RaaS Vendors—Brand and Demand

Growth Opportunity 8—Customized Financial Solutions for the Hospitals

Growth Opportunity 9—Shared-risk Agreements as a Tool for Growing Services Business

Growth Opportunity 10—Defining Metrics for Successful Transformation

The Last Word

Key Conclusions and Future Outlook

Growth Opportunities Matrix

Growth Opportunities 1-10—Vision and Strategy

Growth Opportunities Matrix

Growth Strategy and Implementation

Growth Strategies for Your Company

Prioritized Opportunities Through Implementation

Legal Disclaimer

Appendix

List of Abbreviations

List of Exhibits

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