Diagnostic Imaging Services Market Size to Worth US$ 818.91 BN by 2029

The global diagnostic imaging services market size is expected to be worth around US$ 818.91 billion by 2029 from US$ 553.66 billion in 2021, growing at a CAGR of 5% during forecast period 2021 to 2030.

As the senior population rises each year, the demand for diagnostic imaging services has been constantly increasing. Diagnostic imaging is twice or three times as prevalent in the elderly as in the younger group. Diagnostic imaging is necessary for discovering life-threatening disorders like cancer. Furthermore, diagnostic imaging can detect life-threatening infectious disorders like the coronavirus, which was recently discovered.

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An increase in demand for early and accurate diagnosis, as well as increased treatment knowledge among the general public, are driving the diagnostic imaging services market. The market's growth is aided by efficient and precise medical science technical advances and discoveries. Market expansion is likely to be fueled by increased demand for enhanced evaluation tools in emergency departments.

Regional Snapshot

North America is the largest segment for diagnostic imaging services market in terms of region.The U.S. is dominating the diagnostic imaging services market in the North America region. According to a recent research study done by the Centers for Disease Control and Prevention, over 80% of older individuals in the U.S. suffer from at least one chronic condition. In addition, the growing adoption of low dose automated CT scanner is driving the growth of diagnostic imaging services market in North America region.

Asia-Pacific region is the fastest growing region in the diagnostic imaging services market.Japan, India, and Chinahold the highest market share in the Asia-Pacificdiagnostic imaging services market. The growing number of manufacturing plants for diagnostic imaging tools and equipment in the region is driving the market growth. For example, amid the COVID-19 disruptions, a Tokyo-based organization named Olympus controls over 70% of the market share in the whole Asia-Pacific countries and has projected over $7.3 billion in 2020.

Report Scope	Details
Market Size in 2030	USD 860.8Billion
Growth Rate from 2021 to 2030	CAGR of 5%
Base Year	2021
Forecast Period	2021 to 2030
Largest Market	North America
Fastest Growing Market	Asia Pacific

 

Market Dynamics

Drivers

Growing prevalence of cancer

Recently, the healthcare industry has seen an increase in revolutionary cancer detection and treatment solutions, which can save healthcare practitioners up to 50% of their time during imaging operations. As per the World Health Organization, cancer is the major cause of fatalities and deaths globally, with approximately 10 million fatalities and deaths expected in 2020, accounting for nearly one in every 6 deaths. Thus, growing prevalence of cancer is propelling the growth of global diagnostic imaging services market over the forecast period.

Restraints

Low budget of healthcare centers

The rising prices of prescribed medicines and drugs had directly impacted the budgets of healthcare sector. The American Hospital Association, for example, has stated that hospital payment cuts have increased dramatically and are likely to exceed $218 billion by 2028. As a result, low budget of healthcare centers is restricting the expansion of worldwide diagnostic imaging services market.

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Opportunities

Growing geriatric population

According to WHO, by 2030, one out of every six persons all over the globe will be 60 years old and older. The number of people aged 60 and up is projected to grow from 1 billion in 2020 to 1.4 billion by 2050. By 2050, the global adult population aged 60 and up will be doubled that is 2.1 billion. Thus, growing geriatric population is supporting the growth of global diagnostic imaging services market during the forecast period.

Challenges

High costs of diagnostic imaging tools and devices

The diagnostic imaging equipment are quite expensive as compared to other types of equipment. In India, for example, the cost of CT scanner spans from $5,000 to $7,000. As a result, the high costs of diagnostic imaging tools and devices is a major hurdle for the expansion of worldwide diagnostic imaging services market.

Report Highlights

• On the basis of modality, X-ray segment holds the largest market share in the global diagnostic imaging services market. The expanding elderly population, good returns on investments, technological developments, and cheaper costs of X-ray as compared to other types of diagnostic imaging tools and devices are all driving the growth of X-ray segment.

 

• On the basis ofend user, hospitals segment holds the largest market share in the global diagnostic imaging services market.The growing adoption of minimally or non-invasive surgeries in hospitals, the growing number of diagnostic imaging services, and increase in acceptance of advanced and latest imaging modalities to enhance health and well being are factors driving the growth of segment.

 

Recent Developments

• Philips N.V. introduced the Spectral CT 7500, a new upgrade of CT that is primarily used for precision diagnosis, in 2021.
• Diagnostic Professionals Inc., sold 4 outpatient diagnostic imaging facilities in Broward County and one imaging center in Florida to Akumin Inc. in November 2018. The agreement of these 5 facilities increased its regional presence in mid and south Florida, allowing it to continue pursuing its strategic goal of expanding in its core regions.
• GE Healthcare released its version of the simplified POCUS system in 2020, which is regarded as the first artificial intelligence enabled system for cardiac diagnostics.

Some of the key players in the diagnostic imaging services market include:

• Global Diagnostics
• RadNet, Inc
• Alliance Medical
• Center for Diagnostic Imaging, Inc
• Medica Group
• Novant Health
• Concord Medical Services Holdings Limited
• InHealth Group
• Sonic Healthcare
• Healthcare Imaging Services Pty Ltd.

Market Segmentations:

By Modality

• X-ray
• Nuclear Medicine Scans
• MRI Scans
• CT Scans
• Ultrasound

By End Use

• Hospitals
• Diagnostic Imaging Centers

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

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