Diagnostic Imaging Services Market

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

• The global diagnostic imaging services market expects healthy growth prospects for the years to come
• North America is anticipated to be the most prominent region with sophisticated healthcare infrastructure and large healthcare spending
• Rise in incidence of chronic diseases and government support to aid in upholding market growth throughout the projection period

Growth Drivers

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.

Growth Challenges

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.

Key Companies

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).

Notable Developments

• In 2022, General (Dr) V.K Singh (Retd), Minister of State for Road Transport & Highways and Civil Aviation, inaugurated Mission Radiology India (MRI) with a custom-designed My Stamp

• In 2022, Radnet, Inc, acquired Quantib and Aidence with the goal to grow its cancer screening portfolio, to prostate, breast, and lung cancers, also incorporating AI technology

Regional Classification of the Global Diagnostic Imaging Services Market is Listed Below:

North America

• U.S.
• Canada

Europe

• Germany
• France
• Spain
• U.K.
• Italy
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

 Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East and Africa

• GCC
• South Africa
• Rest of Middle East & Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Diagnostic Imaging Services Market

• Diagnostic Imaging Services Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value, 2018 - 2022
• Market Value at Regional and Country Level, 2023 - 2030
• Market Dynamics and Economic Overview
• Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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