The diagnostic imaging services market is projected to reach USD 702.6 billion by 2027 from USD 549.0 billion in 2022, at a CAGR of 5.1%
The global diagnostic imaging services market is witnessing remarkable growth, projected to reach a staggering USD 702.6 billion by 2027, with a compound annual growth rate (CAGR) of 5.1%. This surge is fueled by several factors, including the rising prevalence of chronic diseases, an aging population, increasing awareness about advanced imaging procedures, and the rapid expansion of state-of-the-art diagnostic imaging centers.
However, the market’s growth is not without its challenges. The high costs associated with imaging technologies and the shortage of well-trained radiologists have emerged as significant barriers. The latter has led to an increase in turnaround times for imaging results, potentially impacting patient outcomes and hindering market growth.
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Driving Forces and Opportunities
The aging population is a significant driver of this market’s growth. With the risk of developing diseases increasing with age, the demand for improved and advanced diagnostic treatment options, including imaging services, is on the rise. The increasing prevalence of age-related disorders such as Alzheimer’s disease, Parkinson’s disease, arthritis, and dementia is expected to further fuel the need for diagnostic imaging services.
While the high cost of diagnostic imaging equipment can deter smaller and medium-sized imaging facilities from investing in advanced modalities, the adoption of artificial intelligence (AI) and blockchain technology presents a significant opportunity. AI is revolutionizing the field of medical imaging, aiding in accurate diagnosis and shortening the path to clinical decision-making and treatment planning. Blockchain, on the other hand, can help solve problems related to image storage, patient data security, and timely interpretation of medical imaging studies.
Modality Dominance and Application Trends
In 2021, the X-ray segment dominated the diagnostic imaging services market, driven by the rising prevalence of lung diseases, dental disorders, and bone fractures, as well as the rapid adoption of digital X-ray technology and ongoing advancements in the field.
Within the MRI imaging services market, the neurology application segment held the largest share in 2021. This can be attributed to the increasing incidence of brain injuries and neurodegenerative disorders like Alzheimer’s disease and Parkinson’s disease globally. Moreover, research activities and the approval of new MRI techniques for brain disorder diagnosis are expected to contribute to this segment’s growth.
End-User Landscape and Regional Outlook
Hospitals commanded the largest share of the diagnostic imaging services market in 2021, fueled by the increased number of imaging procedures, rising cases of cancer, arthritis, and cardiovascular diseases, as well as the adoption of minimally invasive procedures and strategic collaborations between imaging service providers and hospitals.
Regionally, while North America held the largest share in 2021, the Asia-Pacific market is projected to exhibit the highest CAGR during the forecast period. This growth can be attributed to factors such as the increasing incidence of chronic diseases, government initiatives to modernize healthcare infrastructure, flourishing medical tourism, and an increase in imaging procedure volumes.
Key Players and Market Consolidation
Notable players in the diagnostic imaging services market include RadNet, Inc. (US), Sonic Healthcare (Australia), Akumin Inc. (US), Healius Limited (Australia), RAYUS Radiology (US), Dignity Health (US), Novant Health (US), Alliance Medical (UK), InHealth Group (UK), Apex Radiology (Australia), Concord Medical Services Holdings Limited (China), Unilabs (Switzerland), Affidea (Netherlands), I-MED Radiology Network (Australia), Capitol Imaging Services (US), and SimonMed (US), among others.
Between 2019 and 2022, market players adopted various growth strategies, such as partnerships, agreements, joint ventures, and strategic acquisitions, to strengthen their service portfolios and maintain a competitive position in the diagnostic imaging services market.
As the demand for advanced diagnostic imaging services continues to rise, driven by an aging population and the increasing prevalence of chronic diseases, the market is poised for significant growth in the coming years, propelled by technological advancements, strategic collaborations, and the adoption of innovative solutions like AI and blockchain.
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