Diagnostic Imaging Services Market is Expected To Reach USD 749.09 Billion By 2027 at a CAGR of 4.9%
According to the current analysis of Reports and Data, the Diagnostic Imaging Services market was valued at USD 509.52 billion in 2019 and is expected to reach USD 749.09 billion by the year 2027, at a CAGR of 4.9%. Diagnostic imaging, widely known as medical imaging, is a diagnostic method that includes the use of electromagnetic radiation and other technologies, which produce images of internal structures of the body that help inaccurate diagnosis.
Medical imaging significantly, X-ray based diagnosis and ultrasonography, is crucial in a variety of medical examination processes and at all major levels of health care. The growing incidence of chronic diseases, including substantially cardiovascular diseases and cancer, is anticipated to drive the market in the future. The growing geriatric population across the world could also propel market growth. This population is extensively prone to chronic diseases due to which they prove to be a growth factor for the market. The increasing awareness about early disease diagnosis among people for better treatment may also be a growing factor for the market. Moreover, the increasing initiatives taken by various government and healthcare institutions to spread awareness about diagnostic test services may drive the market in the future. The use of diagnostic tests is expanding with the introduction of new diseases in the market, which may anticipate the industry in the future.
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Regionally, North America accounted for the biggest share in the market due to the incidence of multiple diagnostic centers and the growing prevalence of diseases in the region due to the rising prevalence of unhealthy lifestyles. Moreover, the Asia Pacific region is expected to be the fastest-growing segment of the market attributed to the presence of a huge geriatric population in the region.
Some other factors that may hamper the market growth include the high cost of diagnostic services and reduced reimbursement scenario for outpatients.
Further key findings from the report suggest
- Mergers and acquisitions are expected to drive the market widely as various key players have merged to form new products. For instance, in May 2018, RadNet got into a merger with Emblem Health to expand the company’s diagnostic imaging services in New York. Furthermore, RadNet has known to acquire various key market players to keep its strong presence in the market.
- In 2019, RadNet acquired Kern Medical Group’s outpatient radiology practice. Kern Medical Group is a California based company with five established medical centers in Baskerfield, California, U.S.
- In March 2019, a joint agreement between Dignity Health and Shields Health Solutions was introduced wherein specialty services for patients including diagnosis of complex chronic diseases.
- In 2020, A new smart imaging system is been launched by Ping Insurance company of China, Ltd headquartered in Shenzhen, China assisted doctors with efficient and accurate diagnosis by leveraging Artificial intelligence for detection of COVID19.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
RadNet, Inc, Alliance Medical, Global Diagnostics, Sonic Healthcare, Concord Medical Services Holdings Limited, Novant Health, Center for Diagnostic Imaging, Inc., InHealth Group, Siemens Healthineers, and MedQuest Associates, Inc.
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Diagnostic Imaging Services Market Segmentation:
By Type Outlook (Revenue in Million USD; 2017–2027)
- X-ray Imaging
- Magnetic Resonance Imaging (MRI)
- Computed Tomography (CT)
- Nuclear Imaging
By Technology Outlook (Revenue in Million USD; 2017–2027)
By Application Outlook (Revenue in Million USD; 2017–2027)
- Pelvic & Abdomen
- General Radiography
- Obstetrics & Gynecology
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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