Medical Imaging Outsourcing Market Size to Reach US$10.61 Bn by 2027

The global medical imaging outsourcing market size is anticipated to reach around US$ 10.61 billion by 2027 and is expected to register a CAGR of 4.9% from 2020 to 2027.

Growth Factors

The growing burden of various non-communicable diseases across the globe has significantly surged the demand for the early diagnosis diseases. The proliferation of digital technologies and advancements in the medical devices has allowed the health professionals to provide services related to the early diagnosis of chronic diseases. The high costs associated with the procurement of the advanced and effective medical imaging devices is a major factor that boosts the demand for the medical imaging outsourcing services amongst the healthcare units. The outsourcing of the medical imaging services significantly reduces the costs and also offers timely diagnosis and effective treatment of the patients.

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The outsourcing of medical imaging services can lead to a quick turnaround time for the patients and reduces the work load for the healthcare providers, which is a major factor behind the growth of the global medical imaging services market. Outsourcing of services is rapidly growing trend in the global healthcare industry. The growing number of hospital admissions owing to the growing prevalence of various chronic diseases and growing geriatric population is creating a huge pressure on the healthcare infrastructure to provide a quick and effective treatment along with the growing need for reducing healthcare costs. Therefore, the healthcare providers are increasingly outsourcing various activities to reduce cost and increase their operational efficiency. Thus, the global medical imaging outsourcing market is expected to witness a positive and significant growth rate throughput the forecast period.

Report Highlights:

• Based on the device, the computed tomography segment accounted for a market share of over 56% and dominated the global medical imaging outsourcing market in 2019. This is attributed to the increased demand for the computed tomography outsourcing services as the acquisition of this technology is an expensive affair and its outsourcing saves a huge cost for the healthcare providers. The availability of the computed tomography outsourcing at cheap rate is a major factor behind the growth of this segment.

• North America was the leading medical imaging outsourcing market as it garnered a market share of around 42% in 2019. The high healthcare expenditure and the availability of the developed and sophisticated healthcare infrastructure has contributed towards the market growth.According to the Centers for Medicare & Medicaid Services, healthcare spending in the US has witnessed a growth of 4.6% in 2018 and reached to USD 3.6 Trillion or USD 11,172 per person. Moreover, the healthcare spending contributes around 18% of the GDP of US. Furthermore, the growing prevalence of chronic diseases is significantly boosting the demand for the diagnosis, which in turn has fueled the growth of the medical imaging outsourcing market in North America.

• Asia Pacific is expected to be a significantly growing market during the forecast period. The rising urbanization, growing disposable income, rising number of hospitals, presence of huge pool of patients, and rising investments in the development of a sophisticated healthcare infrastructure are some of the prominent factors that are expected to drive the growth of the Asia Pacific medical imaging outsourcing market.

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Future of Medical Imaging Outsourcing Market

The rapidly growing population of old age people across the globe and lucrative growth opportunities in the emerging markets is expected to shape the future of the medical imaging outsourcing market. According to the World Health Organization, the global geriatric population is estimated to reach at 2 billion by 2050 and around 80% of them will be living in the low and middle income countries. The geriatric people are more susceptible to various diseases and requires frequent diagnostic services. The healthcare spending among the old age people are more and the improvements in the reimbursement policies is further expected to drive the growth of the global medical imaging outsourcing market in the near future.

COVID-19 Impact Analysis:

• The outbreak of the COVID-19 pandemic had a neutral effect on the global medical imaging outsourcing market.
• The supply chain disruptions and increased focus on the treatment of the COVID-19 patients resulted in the lower demand for the medical imaging outsourcing.
• The low clinic and physician visits has resulted in the low growth of the market during the COVID-19 pandemic.

Key Developments in the Marketplace:

• In April 2018, Alliance Medical had opened its new diagnostic center at Colchester General Hospital.

Some of the key players in the medical imaging outsourcing market include:

• Flatworld Solutions Pvt. Ltd.
• Alliance Medical
• MetaMed
• Diagnostic Imaging Services
• NORTH AMERICAN SCIENCE ASSOCIATES INC.
• Ankarad Medical Imaging Systems
• Shields MRI
• KAYI Healthcare
• RadNet, Inc.
• PROSCAN IMAGING

Market Segmentations:

By Device

• Computed Tomography (CT)
• Positron Emission Tomography (PET)
• Magnetic Resonance Imaging (MRI)

By Regional Outlook

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

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