Soaring Infection Rates amid COVID-19 to Leverage Growth within Global Diagnostic Imaging Services Market
Diagnostic imaging is an integral part of healthcare industries across many regions of the world. Imaging services provide the basis for diagnosis and treatment of various chronic and infectious diseases.
As the geriatric population pool increases annually, the demand for diagnostic imaging services has been experiencing a steady uptick. Elderly people are likely to undergo diagnostic imaging twice or thrice the rate than the younger population.
Diagnostic imaging is important for detecting debilitating diseases such as cancer. Moreover, life-threatening infectious diseases such as the recent novel coronavirus can also be detected via diagnostic imaging.
Given the scale of the COVID-19 pandemic, a significant chunk of the world population has been diagnosed for this condition and are availing treatment. On the back of these trends, the global diagnostic imaging services are poised to expand steadily at a CAGR of 4.2% during the forecast period (2020-2025).
CT-scans to expand Rapidly, MRI Techniques to Soar on Popularity
The Computed Tomography (CT) scanning type is anticipated to be the most common type of diagnostic imaging technique throughout the forecast period. The ability to distinguish between various density levels, representation of tissues with a thickness range between 1 to 10 millimeters, allowing doctors to visualize 3D structures in the body are attributed as key growth drivers. The CT scanning segment is poised to leverage at a CAGR of 4.9% during the forecast period.
Following CT scans are the Magnetic Resonance Imaging (MRI) segment, projected to grow at a CAGR of 4.4% across the forecast period. The ability to provide clear images without ionizing radiation is a key growth determinant for MRI scanning.
In addition, it can analyze chemical as well as anatomical changes in body structure. It also does not use damaging radiation such as X-rays to produce 3D images.
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North America Remains Kingpin, Asia-Pacific to Expand Positively
North America is poised to be the dominant region in the global diagnostic imaging services market, capturing almost 2/5th market share. New product launches, rapid innovations and advancing technologies are anticipated to broaden market prospects.
For instance, Fujifilm demonstrated its ASPIRE Cristalle mammography system with digital breast tomosynthesis software option and its Synapse 5 PACS and VNA, that enables secure, easy-to-manage storage and access to the complete imaging record of the patient.
Asia-Pacific is anticipated to grow rapidly, owing to increased government funding and technological advancements in diagnostic imaging. There is a growing preference for portable diagnostic equipment as it reduces scanning and wait time considerably.
For instance, 3D ultrasonic holography surged in popularity in 2017 and is becoming more accepted, owing to zero-radiation applications and being an ideal scanning procedure for preventive and post-operative examinations in breast cancer patients. Asia-Pacific is poised to expand at a CAGR of 5.1%, capturing over two-fifths of the market share.
Mergers, Acquisitions and Joint Ventures, Key Growth Augmenters of Market Players
The global diagnostic imaging services market is consolidated. The key market players include RadNet, Inc., Alliance Healthcare Services, Inc., I-MED Radiology Network (Permira) and Sonic Healthcare. These players have consolidated their position by virtue of mergers, acquisitions and joint ventures. Over and above this, they also concentrating on developing new solutions to offer to their clients.
RadNet, Inc., is the leading player in the global diagnostic imaging services market. The company specializes in CT, MRI, Digital X-ray, Ultrasound systems and PET/CT services, Nuclear Medicine and Digital Mammography. The company also acquired certain assets of Resolution Medical Imaging Corporation, which included two multi-modality imaging centers in 2017. It also signed an agreement with Cedars-Sinai to operate two joint ventures in imaging that same year.
The second player, Alliance Healthcare Services, Inc., offers Bone Density Screening and Ultrasound services over and above the services such as CT and MRI scans. The company utilizes the On Point medical imaging technology which provides quality assurance systems for MRI and CT scanners.
The company also plans to penetrate overseas markets through mergers and agreements with local investors and private firms. For example, in 2017, Alliance Healthcare entered into an agreement with Tahoe Investment Group Co., Ltd., for expanding into American and Chinese markets.
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COVID-19 Market Insights:
The recent coronavirus pandemic has brought an unprecedented crisis to the survival of the human race. The upward trajectory of the deadly pandemic has prompted several key healthcare companies to spur efforts in combating the disease. More recently, it has been revealed that real-time reverse transcriptase-polymerase chain reaction (RT-PCR) test is the most suitable for diagnosing COVID-19 patients. It is considered to be very reliable. To that end, Merck is working on the Titan One Tube RT-PCR System, an assay used for diagnosing the novel coronavirus.
Similarly, the Beijing Genomics Institute (BGI) Group launched its Real-Time Fluorescent RT-PCR diagnostic test for clinical use in the US for detecting COVID-19 amongst patients. Also, in March 2020, Mylab, an Indian company based in Pune received validation for its COVID-19 RT-PCR test by the Drug Controller of India, after receiving clearance from the National Institute of Virology. Thus, growing adoption of PCR tests is anticipated to widen market prospects for the global diagnostic imaging market and testing services.
Global Diagnostic Imaging Services Market Segmentation
Fact.MR has studied the global diagnostic imaging services market with detailed segmentation on the basis of service type, service provider and regions.
- Service Type
- Diagnostic Radiology
- Computed Tomography
- Magnetic Resonance Imaging
- Nuclear Imaging
- Diagnostic Imaging Centers
- Ambulatory Surgical Centers
- North America
- Asia Pacific (APAC)
- Latin America
- Middle East & Africa (MEA)
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
Global Diagnostic Imaging Services Market- Scope of the Report
The recent study by Fact.MR on global diagnostic imaging services market offers a 5-year forecast between 2020 and 2025. The study analyzes crucial trends that are currently determining the growth of global diagnostic imaging services market.
This report explicates vital dynamics such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the provision of diagnostic imaging services. The study also provides dynamics that are responsible for influencing the future status of the global diagnostic imaging services market over the forecast period.
A detailed assessment of global diagnostic imaging services market value chain analysis, business execution, and supply chain analysis across the regional markets has been covered in the report. A list of prominent companies operating in the global diagnostic imaging services market along with their product portfolio enhances the reliability of this comprehensive research study.
Global Diagnostic Imaging Services Market: Report Summary
The study offers a comprehensive analysis on diverse features including production capacities, demand, product developments, revenue generation and sales in global diagnostic imaging services market across the globe.
A comprehensive estimate on global diagnostic imaging services market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of global diagnostic imaging services market during the forecast period. Price point comparison by region with global average price is also considered in the study.
Global Diagnostic Imaging Services Market: Analysis on Market Size Evaluation
The global diagnostic imaging services market has been analyzed for each market segment, in terms of value (US$ Bn).
Market estimates at global and regional levels for diagnostic imaging services is available in terms of “US$ Bn” for value. A Y-o-Y growth contrast on prominent global diagnostic imaging services market segments, along with market attractiveness evaluation has been incorporated in the report.
Global Diagnostic Imaging Services Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the diagnostic imaging services report, which have helped to deliver projection on the regional markets. These chapters include the regional macros (political, economic and business environment outlook), which are expected to have a momentous influence on the growth of global diagnostic imaging services market during the forecast period.
Country-specific valuation on demand for diagnostic imaging services has been offered for each regional market, along with the market scope estimate and forecast, price index, and impact analysis of dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Global Diagnostic Imaging Services Market: In-depth Analysis on Competitive Landscape
The report sheds light on the leading providers of diagnostic imaging services along with their detailed profiles. Essential and up-to-date data information related to the market performers, who are principally engaged in the provision of diagnostic imaging services, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit the report readers to take preemptive steps in advancing their businesses.
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