Imaging service plays crucial role in medical field. It is used for prompt diagnosis of any medical condition, monitoring medical condition at the time of treatment, and also as a part of preventive measures.
Imaging service plays crucial role in medical field. It is used for prompt diagnosis of any medical condition, monitoring medical condition at the time of treatment, and also as a part of preventive measures. Rising awareness among consumers regarding early detection of disease is providing lucrative growth opportunities.
Numerous applications of imaging services are anticipated to fuel diagnostic imaging services market in coming years.
Further, the market is anticipated to grow at a significant rate due to growing geriatric population and subsequent rise in number of associated diseases.
On the other hand, high cost of diagnostic imaging services and unfavorable reimbursement policies may hamper growth of the market in coming years. Also, few imaging diagnostic services involving used of rays tend to have adverse effects on health of the patients. Hence, medical professionals do not recommend them more often. This is likely to limit growth Avenue of the diagnostic services market.
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However, ongoing innovations are likely to maintain the growth trajectory.
There are various diagnostic imaging models such as ultrasound, X-ray, magnetic resonance imaging (MRI), computed tomography (CT), mammography, and nuclear imaging. Among all the models, X-ray accounted for major share in the market. The prominence of the model is attributed to low cost, rising geriatric population, technological advancements in the imaging model, and high return on investment.
Apart from diagnostic centers, diagnostic imaging services are also available at hospitals, research and academia and ambulatory care centers. The hospital segment is anticipated to hold maximum share in the diagnostic imaging services market. This is due to rising number of procedures being performed in hospitals to enhance the quality of patient care.
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Global Diagnostic Imaging Services Market: Need for Personalized Diagnostics & Advanced Technological Support to Propel Growth
Medical imaging is an essential aspect of the entire healthcare continuum, from wellness and screening, to prompt diagnosis, therapeutic selection, and follow-up. Emphasis on chronic disease and acute care, image-guided medical interventions, and enhanced treatment planning are being integrated into regular medical practices across all subspecialties. Commitment to better patient care is further strengthening the overall medical and diagnostic imaging industry, thus fortifying the services business.
The growing sophistication of cross-sectional imaging with the integration and rapid development of interventional radiology into clinical grounds has positively impacted modern patient care. Advances in imaging driven by the digital data and technology have revolutionized the imaging field.
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Transparency Market Research (TMR), in its recent publication, analyzes the key milestones in the diagnostic imaging services business from the inception of medical imaging to the latest developments in diagnostic imaging, with reflections regarding the future directions of the market.
Diagnostic Imaging Services Market Strategy
Diagnostic Imaging Services: Tracing the Evolutionary Timeline
From Wilhelm Conrad Roentgen’s initial experiment with a Crookes cathode ray tube that spawned X-rays back in 1895 to today’s technology-driven medical imaging, the path of evolution continues to broaden. Roentgen’s finding witnessed widespread acceptance within days, and the new technology was received by amateurs and medical establishments alike.
Moreover, as radiography became a vital aspect of clinical diagnosis, newer uses and data regarding disease representation quickly assembled. The following decades marked further developments in medical imaging, banking on researchers’ growing interest and the unquenchable desire to improve diagnosis and therapeutics.
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The development of computed tomography (CT) was witnessed after more than seven decades of the inception of medical imaging, followed by the development of magnetic resonance imaging (MRI), which became essential in oncology. With continued research efforts, techniques such as ultrasound and nuclear imaging have changed the face of diagnostic care.
Vital success has been witnessed in the last few decades, on account of the digital revolution and key technological advancements. According to TMR’s study, the diagnostic imaging services market was valued at ~ US$ 329 Bn in 2018, and is anticipated to grow at a CAGR of ~ 4% during 2019-2027. Market growth is driven by the expanding application of diagnostic imaging, rising acceptance of imaging services, and growing demand on the wake of increasing incidents of chronic diseases.
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