Demand For Diagnostic Imaging Services Is Projected To Reach US$ 585 Million In 2022, Exhibiting A Y-O-Y Growth Rate Of 5.4%.
Asia-Pacific Diagnostic Imaging Services Industry Is Poised To Expand At A CAGR Of 5.1%, Capturing Over Two-Fifths Of The Market Share.
“The global diagnostic imaging services market is poised to expand positively in the future. Rising geriatric population, combined with the existing COVID-19 pandemic, is projected to spur intensive research and development for timely detection, diagnosis and treatment of life-threatening diseases,” concludes a Fact.MR analyst.
Fact.MR – A Market Research and Competitive Intelligence Provider: Diagnostic imaging is an integral part of healthcare industries across many regions of the world. Imaging services provide the basis for diagnosis and treatment of various chronic and infectious diseases. Diagnostic Imaging Services Industry Is Poised To Grow At A CAGR Of 5.51% To Reach A Valuation Of US$ 1 Billion.
As the geriatric population pool increases annually, the demand for diagnostic imaging services has been experiencing a steady uptick. Elderly people are likely to undergo diagnostic imaging twice or thrice the rate than the younger population.
Diagnostic imaging is important for detecting debilitating diseases such as cancer. Moreover, life-threatening infectious diseases such as the recent novel coronavirus can also be detected via diagnostic imaging.
Given the scale of the COVID-19 pandemic, a significant chunk of the world population has been diagnosed for this condition and are availing treatment. On the back of these trends, the global diagnostic imaging services market is poised to expand steadily at a CAGR of 4.2% during the forecast period (2020-2025).
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CT-scans to expand Rapidly, MRI Techniques to Soar on Popularity
The Computed Tomography (CT) scanning type is anticipated to be the most common type of diagnostic imaging technique throughout the forecast period. The ability to distinguish between various density levels, representation of tissues with a thickness range between 1 to 10 millimeters, allowing doctors to visualize 3D structures in the body are attributed as key growth drivers. The CT scanning segment is poised to leverage at a CAGR of 4.9% during the forecast period.
Following CT scans are the Magnetic Resonance Imaging (MRI) segment, projected to grow at a CAGR of 4.4% across the forecast period. The ability to provide clear images without ionizing radiation is a key growth determinant for MRI scanning.
In addition, it can analyze chemical as well as anatomical changes in body structure. It also does not use damaging radiation such as X-rays to produce 3D images.
North America Remains Kingpin, Asia-Pacific to Expand Positively
North America is poised to be the dominant region in the global diagnostic imaging services market, capturing almost 2/5th market share. New product launches, rapid innovations and advancing technologies are anticipated to broaden market prospects.
For instance, Fujifilm demonstrated its ASPIRE Cristalle mammography system with digital breast tomosynthesis software option and its Synapse 5 PACS and VNA, that enables secure, easy-to-manage storage and access to the complete imaging record of the patient.
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Shape Global diagnostic imaging services market forecast by Fact.MR
Asia-Pacific is anticipated to grow rapidly, owing to increased government funding and technological advancements in diagnostic imaging. There is a growing preference for portable diagnostic equipment as it reduces scanning and wait time considerably.
For instance, 3D ultrasonic holography surged in popularity in 2017 and is becoming more accepted, owing to zero-radiation applications and being an ideal scanning procedure for preventive and post-operative examinations in breast cancer patients.
Mergers, Acquisitions and Joint Ventures, Key Growth Augmenters of Market Players
The global diagnostic imaging services market is consolidated. The key market players include RadNet, Inc., Alliance Healthcare Services, Inc., I-MED Radiology Network (Permira) and Sonic Healthcare. These players have consolidated their position by virtue of mergers, acquisitions and joint ventures. Over and above this, they also concentrating on developing new solutions to offer to their clients.
RadNet, Inc., is the leading player in the global diagnostic imaging services market. The company specializes in CT, MRI, Digital X-ray, Ultrasound systems and PET/CT services, Nuclear Medicine and Digital Mammography. The company also acquired certain assets of Resolution Medical Imaging Corporation, which included two multi-modality imaging centers in 2017. It also signed an agreement with Cedars-Sinai to operate two joint ventures in imaging that same year.
The second player, Alliance Healthcare Services, Inc., offers Bone Density Screening and Ultrasound services over and above the services such as CT and MRI scans. The company utilizes the On Point medical imaging technology which provides quality assurance systems for MRI and CT scanners.
The company also plans to penetrate overseas markets through mergers and agreements with local investors and private firms. For example, in 2017, Alliance Healthcare entered into an agreement with Tahoe Investment Group Co., Ltd., for expanding into American and Chinese markets.
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Global Diagnostic Imaging Services Market Segmentation
Fact.MR has studied the global diagnostic imaging services market with detailed segmentation on the basis of service type, service provider and regions.
By Service Type:
- Service Type
- Diagnostic Radiology
- Computed Tomography
- Magnetic Resonance Imaging
- Nuclear Imaging
By Service Provider:
- Diagnostic Imaging Centers
- Ambulatory Surgical Centers
- North America
- Asia Pacific (APAC)
- Latin America
- Middle East & Africa (MEA)
About Healthcare Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned healthcare team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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