Hospital-Based Radiology Groups
Radiologist groups contracted to read studies for hospitals.
Market snapshot
These figures describe Radiology & Imaging (4.10.24), the segment that Hospital-Based Radiology Groups sits within. They are not figures for Hospital-Based Radiology Groups on its own.
- Market size
- ~$25B
- Growth
- ~6.4%CAGR (2017–22, nominal)
- Companies
- ~4,651 firms
81.5% of firms have fewer than 20 employees: 3,792 micro-businesses, below most mandates.
- 20–99
- 49157%
- 100–499
- 16219%
- 500+
- 20624%
~4,650 outpatient imaging centers and radiology groups growing ~6.4%/yr as imaging shifts to lower-cost outpatient settings. Heavily consolidated by PE and health systems (RadNet, US Radiology), a deep buyer pool. Teleradiology and AI reads are reshaping the read side.
NAICS 621512. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.
Business model & economics
Revenue model
Imaging-procedure and professional-read reimbursement
Key economics
- Revenue per firm
- $5,376,904
- Revenue per employee
- $228,883
- Employees per firm
- 21.9
- Recurring revenue
- Moderate
- EBITDA margin
- 15–25%
- Capex intensity
- High
procedure-volume-driven
Characteristics
- Balanced cost base: payroll is 30% of revenue, leaving room to scale margin without cutting staff
- Deep strategic-buyer pool: 206 firms exceed 500 employees, so a scaled asset has trade buyers
- Site-of-care shift to outpatient imaging centers.
- Radiologist shortage and AI reshaping reads.
- Heavily consolidated by scaled operators and PE.
NAICS 621512. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.
M&A deal context
Who’s acquiring
- Outpatient-imaging operators
- PE-backed radiology platforms
- Teleradiology & AI strategics
What’s driving deals
- Consolidation of outpatient imaging.
- Radiologist shortage and AI adoption.
- Site-of-care shift and imaging-volume growth.
Find Hospital-Based Radiology Groups acquisition targets
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