U.S. Imaging Services Market Size to Hit Around US$ 195.2 Bn by 2030

The U.S. Imaging Services market size was estimated at US$ 95.2 billion in 2021 and is expected to hit US$ 195.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.10% from 2022 to 2030.

Medical imaging is a preferred diagnostic technique as it provides vital information with speed, safety, and accuracy. Imaging services involve different imaging modalities such as x-ray, ultrasound, nuclear medicines scans, MRI, and CT scans, which are non-invasive techniques used for diagnosing various diseases easily. Additionally, these imaging services help in the early diagnosis of the disease, which helps in positive treatment. Contrast-enhanced ultrasound and lung CT scans have been extensively used in assessing COVID-19 patients during the first and second waves of the ongoing pandemic. These modalities were also used along with magnetic resonance imaging during clinical trials of COVID-19 vaccines.

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However, the overall procedural volume was declined due to the cancellation and delay of planned hospital visits. The unavailability of skilled radiologists for non-COVID operations was one of the major factors causing a sudden market decline. Restrictions to visit hospitals and imaging centers drastically reduced regular imaging procedures, including scheduled mammography screenings. The market is expected to witness growth in 2021 with the adoption of ambulatory imaging centers and teleradiology services.

Report Scope of the U.S. Imaging Services Market

The development of various technologies for enhancing medical imaging services is anticipated to boost the market growth in the coming years. Furthermore, the rapidly increasing aging population and the high incidence of cancer are factors expected to fuel the market growth. The growing funding to support ongoing research activities and rising private-public initiatives related to medical imaging are factors likely to propel the overall market growth.

The growing prevalence of cancer and cardiovascular diseases is expected to drive the need for medical imaging services. Medical imaging helps in the early and accurate diagnosis of diseases, which helps in providing effective disease treatment. According to the National Cancer Institute at the NIH, in 2018, around 1,735,350 new cases of cancer were diagnosed in the U.S. Therefore, to control the growing disease burden, a large number of medical professionals are using medical imaging devices in imaging services before performing surgeries. Medical professionals rely on preoperative MRI and CT scans in imaging services to visualize and determine the margins of tumors during surgeries.

In interventional radiology, healthcare professionals use medical imaging systems to guide minimally invasive surgical procedures that treat, diagnose, and cure several conditions. Imaging modalities include CT, fluoroscopy, ultrasound, and MRI. Minimally invasive surgeries offer numerous benefits such as faster recovery time, smaller incisions, reduced scarring and pain, increased accuracy, and shorter hospital stays compared to open surgery techniques, which is expected to fuel the growth of the market.

Modality Insights

X-ray held the largest revenue share of 26.5% in 2020. X-ray is one of the most preferred primary medical imaging modalities for various examinations and procedures. This service non-invasively diagnoses and monitors the disease and helps in effective surgical treatment planning. However, the adoption of this service may experience a decline during the forecast period due to the availability of other effective modalities with less associated side effects. The ionizing radiation used during X-ray imaging is harmful and can cause damage to the DNA, which can cause cancer and similar conditions. Moreover, the contrast agents used for X-ray imaging may lead to some reactions in the body.

CT scan is expected to witness considerable growth during the forecast period. The major advantage associated with this imaging modality is that it helps in detailed imaging of bone, blood vessels, and soft tissues at the same time. Additionally, this service is available at affordable costs and consumes less time in comparison to other modalities.

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End-use Insights

Hospitals held the largest share of nearly 39.0% in 2020 owing to the increasing prevalence of various conditions, such as cancer and cardiac disorders. As per the National Cancer Institute, in 2018, around 1,735,350 new cancer cases were diagnosed in the U.S. Similarly, as per the Centers for Disease Control and Prevention (CDC), in 2018, 30.3 million adults in the U.S. were diagnosed with heart disease. Based on the end use, the market is segmented into diagnostic imaging centers, hospitals, and others. Others include imaging centers for specific modalities such as MRI, CT scan, and other outpatient settings.

Furthermore, the availability of multiple imaging modalities in single facility and reimbursement policies for the imaging procedures are expected to impact the overall market growth. Congress and the Centers for Medicare & Medicaid Services (CMS) have come with policies affecting advanced diagnostic imaging services, such as CT, MRI, PET/CT, and nuclear procedures. Medicare covers imaging services through different payment systems such as Hospital Outpatient Prospective Payment System (HOPPS), Physician Fee Schedule (PFS), and Inpatient Prospective Payment System.

The others segment is expected to grow at a significant rate during the forecast period. The need for medical imaging services is increasing, hence, hospitals are opening healthcare centers in outpatient settings to meet this growing demand at low cost. Hospitals have provided MRI services in outpatient settings, such as strip malls and shopping centers. This is aimed to ease the access to imaging services for the patients. Additionally, the service cost in such outpatient settings is low, thus, expected to drive the segment during the forecast period.

Key Companies & Market Share Insights

Key market players are forming a partnership to enhance imaging services and patient care. In October 2021, RadNet announced a joint venture with Dignity Health in Arizona. This initiative helped in expanding the existing commitment of Dignity Health and RadNet to offer high-quality imaging services to patients and targeted medical communities. Some prominent players in the U.S. imaging services market include:

• Radnet, Inc.
• Alliance Medical
• Inhealth Group
• Sonic Healthcare
• Dignity Health
• Medica Group
• Global Diagnostics
• Novant Health
• Healthcare Imaging Services Pty Ltd.
• Concord Medical Services Holdings Limited
• Alliance HealthCare Services, Inc.
• Center for Diagnostic Imaging, Inc.
• Unilabs
• Healius Limited
• Simonmed Imaging

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at U.S. for the period of 2017 to 2030

• By Modality
  • X-rays
  • CT Scans
  • Nuclear Medicine Scans
  • MRI Scans
  • Ultrasound
• By End-use
  • Hospitals
  • Diagnostic Imaging Centers
  • Others

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Key Questions Answered in U.S. Imaging Services Market Report

• What will be the sales/revenue generated by U.S. Imaging Services across all regions during the forecast period?
• What are the opportunities in the U.S. Imaging Services market?
• What are the major drivers, restraints, opportunities, and threats in the market?
• Which regional market is set to expand at the fastest CAGR during the forecast period?
• Which application is expected to generate the highest revenue U.S. in 2030?
• Which segment is projected to expand at the highest CAGR during the forecast period?
• What is the market position of different companies operating in the U.S. market?

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