Fairfield Market Research predicts robust growth for the global diagnostic imaging services market toward the end of this decade. Greater effort on R&D will play a crucial role in the market build-up.
Market Analysis in Brief
An alarming rise in chronic diseases, such as cancer, cardiovascular diseases, and musculoskeletal disorders has propelled the need for diagnostic imaging services. Noticeably, the constant development and improvement of imaging technologies such as MRI, CT, and PET, are expediting the upward momentum of the diagnostic imaging services market. Advanced imaging modalities ensure the utmost utilisation of such services by providing rapid scanning, higher resolution, and better diagnostic accuracy. Such a scenario is creating strong revenue opportunities for the diagnostic imaging services industry.
Moreover, government authorities are implementing initiatives and policies that promote early detection, preventative healthcare, and access to imaging services. In this business context, research and development efforts have intensified, leading to the development of new imaging techniques, contrast agents, and imaging analysis tools. Given such a favorable landscape, the global diagnostic imaging services market is anticipated to witness robust expansion in the upcoming years.
Key Report Findings
Rising Prevalence of Chronic Diseases
Medical imaging is highly crucial in the identification of chronic diseases. In geriatric age, there is an increased need for diagnostic imaging due to the prevalence of age-related diseases among older individuals. According to the National Institutes of Health, patients above 65 years undergo diagnostic imaging two or more times more than younger people. Hence, the rise in the geriatric population is projected to influence growth across the diagnostic imaging services market.
That said, baby boomers, a substantial population worldwide, are also susceptible to chronic diseases such as cancer, kidney diseases, spinal disorders, and cardiovascular diseases. This is forecasted to propagate strong growth waves across the global diagnostic imaging services market.
Availability of Reimbursement for Diagnostic Imaging Services
Diagnostic imaging plays a crucial role in the prevention and early diagnosis and treatment of diseases. Due to this, government authorities worldwide have allocated substantial budgets for the reimbursement of these services. The availability of reimbursement encourages individuals to undergo diagnostic imaging tests for early detection, diagnosis, and monitoring of medical conditions.
Besides, the reimbursement policies enable them to upgrade their facilities and offer state-of-the-art imaging services. Reimbursement policies and rates are also influencing the competitive landscape of the market. In this context, the global diagnostic imaging services market is poised to trace an upward trajectory over the forecast period.
Overview of Key Segments
Radiology Reigns in Hospital Settings
In terms of end users, the global diagnostic imaging services market is characterised by the presence of diagnostic centres, hospitals, and ambulatory surgical centres. Over the forecast period, hospitals are anticipated to emerge as a major contributor to the growth of the overall diagnostic imaging services market. This is primarily attributed to the high number of treatments in hospitals and the need to improve the quality of patient care.
CT-Scan Emerges as a Key Application Area
Diagnostic imaging services possess multiple applications such as medical X-ray, magnetic resonance imaging (MRI), ultrasound, computed tomography (CT), and nuclear imaging. Computed tomography (CT) scanning is anticipated to gain significant traction over the forecast period. Various macro factors contribute to making CT scan a key application, including the capacity to discern between different density levels, the depiction of tissues with thicknesses ranging from 1 to 10 millimetres, and the ability to view 3D structures.
High Costs of Diagnostic Imaging Equipment
Installation of diagnostic imaging equipment is a high investment for healthcare providers. Therefore, there is heavy reliance on third-party payers for costs incurred in the screening, diagnostic, and therapeutic procedures done using such systems. This is also the reason why small and medium-sized imaging facilities refrain from investing in technologically advanced diagnostic imaging modalities, thereby impeding the growth of the diagnostic imaging services market.
Talent Gap in Radiology Poses Constraints
A profound level of technical expertise and proficiency are essential prerequisites for effectively operating advanced and sophisticated diagnostic imaging systems. In the present scenario, several countries are experiencing a shortage of skilled radiologists. As per the Royal College of Radiologists (RCR)’s annual census report for 2022, the UK is facing a shortage of around 1699 radiologists. A 36% rise is expected in this number by 2026, taking it to 3166. Such a scenario, if persisted, can limit the growth of the diagnostic imaging services market.
Growth Opportunities Across Regions
North America to Take the Centre Stage, Asia Pacific Anticipates the Highest Growth
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, are among the key regional players in the global diagnostic imaging services market. As of 2021, North America held a prominent share. Going ahead, the region is anticipated to sustain its dominance owing to advanced healthcare infrastructure and high healthcare spending. Meanwhile, the Asia Pacific market is projected to grow at the highest CAGR due to the growing prevalence of chronic diseases, the thriving medical tourism industry, and a rise in imaging procedure volume.
Market Players Implement Various Strategies to Widen Global Reach
The global diagnostic imaging services market is highly concentrated with only a key number of service providers. Witnessing the expansion of diagnostic imaging services, prominent industry participants are investing in joint venture development and facility acquisition to expand their global footprint. Additionally, many market players are engaging in strategic collaborations that is enabling service providers to work with highly experienced radiologists and offer patient-centred care.
International players accelerating the growth trajectory for the global diagnostic imaging services market include Healius Limited (Australia), Sonic Novant Health (US), RadNet, Inc. (US), Akumin Inc. (US), Healthcare (Australia), Apex Radiology (Australia), Concord Medical Services Holdings Limited (China), SimonMed (US), Unilabs (Switzerland), I-MED Radiology Network (Australia), Capitol Imaging Services (US), Dignity Health (US), Alliance Medical (UK), RAYUS Radiology (US), InHealth Group (UK), and Affidea (Netherlands).
Regional Classification of the Global Diagnostic Imaging Services Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Diagnostic Imaging Services Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.Read more