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| Diagnostic Imaging Services Market Growth |
The diagnostic imaging services market provides digital imaging and clinical services for the diagnosis and treatment of medical conditions. Diagnostic imaging utilizes technologies such as X-rays, ultrasound, MRI, CT scans and others to capture detailed internal images of the body for accurate disease diagnosis and treatment guidance. The growing prevalence of chronic diseases such as cancer, cardiovascular diseases and neurological disorders has increased the demand for diagnostic imaging procedures globally. As per statistics, cancer is one of the leading causes of death worldwide, with an estimated 18.1 million new cases and 9.6 million cancer deaths in 2018. Early detection through screening and diagnostic imaging plays a critical role in improving cancer treatment outcomes.
The global diagnostic imaging services market is estimated to be valued at US$ 787.55 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period of 2024 to 2031.
Key players operating in the Diagnostic
Imaging Services Market Growth are RadNet, Inc., Akumin Inc., Novant
Health, RAYUS Radiology, MedQuest Associates, Concordmedical, Lucid Medical
Diagnostics, Radiology Partners, Envision Radiology, Capitol Imaging Services,
Statim Healthcare, InHealth Group, Global Diagnostic Imaging, an dADM
Diagnostics, Inc.
Key Takeaways
Key players related content:
Key players operating in the diagnostic imaging services market are RadNet,
Inc., Akumin Inc., Novant Health, RAYUS Radiology, MedQuest Associates,
Concordmedical, Lucid Medical Diagnostics, Radiology Partners, Envision
Radiology, Capitol Imaging Services, Statim Healthcare, InHealth Group, Global
Diagnostic Imaging, an dADM Diagnostics, Inc. RadNet, Inc. is one of the
largest provider of diagnostic imaging services in the U.S with over 300
centers. Akumin Inc. operates over 130 freestanding, fixed-site outpatient
diagnostic imaging centers.
Key opportunities:
Rising geriatric population susceptible to chronic diseases, increasing
healthcare expenditure, technological advancement in diagnostic imaging
modalities, and growing preference for minimally invasive procedures are
expected to create significant growth opportunities for players in the
diagnostic imaging services market over the forecast period.
Global expansion:
Key players are focusing on global expansion strategies to strengthen their
presence worldwide and tap emerging opportunities. For instance, InHealth
merged with global medical group Intermedix to extend its diagnostic imaging
and cardiovascular services to over 1,000 healthcare facilities across 30
states. RadNet has expanded its international footprint through acquisitions in
Mexico and Latin America.
Market drivers and restrain
Market drivers:
The growing prevalence of chronic diseases is a key driver of the diagnostic
imaging services market. As per the World Health Organization (WHO), chronic
diseases accounted for over 70% of global deaths in 2020. This growing disease
burden has increased the demand for early detection through diagnostic imaging
modalities such as MRI, CT and ultrasound. Moreover, rising awareness regarding
benefits of preventive health checkups and screening for early disease
diagnosis is fueling the market growth.
Market restraints:
However, the high cost of advanced imaging equipment and procedures poses a
major challenge for widespread adoption. Moreover, shortage of skilled
radiologists and technicians limits the ability to meet the increasing demand
for diagnostic imaging services. Stringent regulatory approvals and lack of
healthcare infrastructure in remote areas also negatively impact the market
growth. The Covid-19 pandemic had disrupted both supply and demand of
non-essential imaging procedures initially, acting as a short-term restraint.
Segment Analysis
The diagnostic imaging services market can be segmented based on type into
X-ray, MRI, ultrasound, computed tomography, angiography, fluoroscopy,
mammography, and nuclear imaging. Among these, X-ray diagnostic imaging segment
dominates the market with more than 35% market share in 2024 owing to
affordable pricing of X-ray systems and higher adoption rates globally. X-ray
provides high resolution images of bones and other internal organs without
involving invasive procedures making it the preferred choice for orthopedic
surgeries and other diagnosis.
Global Analysis
North America dominated the global diagnostic imaging services market with more
than 45% share in 2024 owing to high healthcare expenditures, availability of
advanced healthcare facilities, and early adoption of advanced diagnostic
technologies. Asia Pacific is expected to witness the highest CAGR during the
forecast period owing to increasing healthcare expenditures, growing demand for
better diagnostic services from large populated countries like China and India.
The region is also expected to offer lucrative opportunities for key market
players to expand their market presence.
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