Diagnostic Imaging Services Market, By Procedure (Computed Tomography, MRI, and X-ray), By Application (Neurology, Oncology, and Cardiology), By Service Provider (Diagnostic Centres, Hospitals, Ambulatory Surgical Centers, and Others), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Diagnostic Imaging Services Market Overview
The global Diagnostic Imaging Services market size was estimated at USD 610 billion in 2023 and is projected to reach USD 872.7 billion in 2030 at a CAGR of 5.25% during the forecast period 2023-2030.
Diagnostic imaging is an important part of many healthcare sectors around the world. Imaging services are used to diagnose and treat many chronic and infectious diseases. Diagnostic imaging services include diagnosing and creating images of different body parts to better understand a patient's condition. CT scans, X-rays, MRIs, ultrasounds and endoscopy are just a few of the diagnostic imaging services available. The visual representation of a detailed representation of human body parts greatly improved overall care and success rates. As a result, the diagnostic imaging services market will grow at a faster rate during the forecast period, as public awareness about the importance of early detection of health problems increases.
The growth of the Diagnostic Imaging Services market is steadily increasing as the geriatric population grows each year. Elderly people are two to three times more likely to undergo diagnostic imaging than younger people. Diagnostic imaging is crucial for detecting life-threatening diseases such as cancer. In addition, diagnostic imaging can detect life-threatening infectious diseases, such as the newly discovered corona virus. New models of treatment and diagnosis are being developed to obtain accurate results, facilitate the detection of diseases and reduce the cost of treating these diseases. People's opportunities to use imaging techniques for early disease detection increased as disposable incomes increased.
On the other hand, high cost of diagnostic imaging equipment may hamper the market growth to some extent.
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The COVID-19 pandemic has affected the diagnostic imaging market worldwide, both positively and negatively. One of the most serious consequences was that hospitals and imaging centers reduced the number of procedures performed. In addition, due to the COVID-19 epidemic, the estimated cost of these procedures has increased since 2020. In the past, however, this decrease has had a short-term negative impact on the imaging service market. The long-term fundamentals that influence the demand for diagnostic equipment in the market will change little or not at all. These factors reduced the number of procedures performed worldwide, resulting in negative growth in diagnostic imaging services.
Delvens Industry Expert's Standpoint
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The proliferation of diagnostic imaging is driving the global market for diagnostic imaging services. CT scanning is a widely used method in the diagnosis of various chronic diseases. The integration of advanced technologies in medical imaging greatly increases the efficiency of diagnosis. The most important technologies are artificial intelligence (AI), 3D imaging, portable diagnostic devices and remote reading solutions. Al in diagnostic imaging helps speed up scanning and provides life-changing insights into various diseases. The combined capabilities of hardware miniaturization, Al, and computer vision enabled the diagnostic image to move. Companies operating in the global diagnostic imaging services market are focusing on reducing diagnostic costs to increase their market share. These factors have led to the expansion of the market and increased demand for Diagnostic Imaging Services solutions.
Key Findings
- The Procedure segment is further fragmented into Computed Tomography, MRI, and X-ray. The X-ray segment is expected to account for a larger market size during the forecast period. Diagnostic X-rays are one of the imaging techniques most commonly used by radiologists to detect fractures, infections, the severity of injuries and abnormal bone growth. Such increasing use of imaging and low costs are contributing to the growth of the segment. The computed tomography segment is expected to be the fastest growing segment during the forecast period. This imaging method has the greatest advantage because it allows simultaneous detailed imaging of bones, blood vessels and soft tissues. In addition, this service is more efficient than other options and available at a reasonable price.
- The Application segment is further bifurcated into neurology, oncology, and cardiology. The neurology segment is the largest market during the forecast period. Governments and non-governmental organizations are investing heavily in the development of diagnostic and therapeutic methods for the treatment of neurological diseases as they become more common worldwide. They are also increasing funding and awareness programs for various neurological diseases, which can boost market growth. Oncology segment is the fastest growing segment during the forecast period 2022-2030. The increasing incidence of cancer and the growing need for early detection can help treat cancer before it becomes life-threatening.
- The Service Provider segment is further bifurcated Diagnostic Centres, Hospitals, Ambulatory Surgical Centers, and Others Hospitals to account for a larger market size during the forecast period. The availability of multiple imaging modalities at a single facility, reimbursement policies for imaging procedures, and increasing prevalence of various diseases such as cancer and heart disease are also expected to influence the overall market growth.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. In North America, the development of various technologies for improving diagnostic imaging services is expected to boost the market growth.
Diagnostic Imaging Services Market Regional Analysis
North America to Dominate the Market
- North America is estimated to account for the largest market share during the forecast period. In North America, the development of various technologies for improving diagnostic imaging services is expected to boost the market growth.
- Moreover, the growing prevalence of cardiovascular diseases and cancer will increase the demand in the region.
Diagnostic Imaging Services Market Competitive Landscape
- Affidea
- Akumin Inc.
- Alliance Medical
- Apex Radiology
- Browns Medical Imaging (BMI)
- Canon Medical Systems Corporation
- Capitol Imaging Services
- Concord Medical Services Holdings Limited
- Dignity Health
- Esaote SpA
- FUJIFILM Holdings Corporation
- GE Healthcare
- Healius Limited
- Hologic, Inc.
- I-MED Radiology Network
- InHealth Group
- Koning Corporation
- Koninklijke Philips N.V.,
- Mindray
- Mindray Medical International Limited
- Novant Health
- RadNet, Inc.
- RAYUS Radiology
- Samsung Electronics Co. Ltd
- Shimadzu Medical
- Siemens Healthineers
- SimonMed
- Sonic Healthcare
- Unilabs
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Diagnostic Imaging Services Market Recent Developments
- In July, 2022, Canon Medical launched the Vantage Fortain MRI System at ECR 2022, This MRI system features innovative workflow solutions, image enhancements and accelerated scan technology, which together contributes to reducing the time required for MRI procedures.
- In April, 2022, Wipro GE Healthcare launched the next-generation Revolution Aspire CT scanner. Revolution Aspire is an advanced imaging solution designed and manufactured end-to-end in India.
Reasons to Acquire in the Diagnostic Imaging Services Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Diagnostic Imaging Services Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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