What does the radiology services landscape look like in Europe?

The European radiology services market remains highly fragmented, largely driven by regulatory differences across countries (e.g. variations between private and publicly funded healthcare systems), which complicate cross-border expansion. As a result, investors typically prioritise domestic consolidation strategies, focusing on acquiring players and expanding their service offerings within individual markets. Consequently, only a limited number of pan-European players have successfully scaled across geographies, such as Fresenius Group in the private hospitals segment and Affidea in specialised radiology clinics, both of which continue to strengthen their positions through active M&A strategies. The sector is expected to undergo further consolidation in the medium term, driven by high CAPEX requirements and persistent structural labour shortages. In this context, larger platforms benefit from greater investment capacity to acquire advanced imaging equipment (e.g. MRI and PET scanners), which are increasingly equipped with AI-enabled functionalities that streamline workflows and partially alleviate workforce constraints.