Diagnostic Imaging Services Market (2022 - 2032)

Diagnostic Imaging Services Market Outlook (2022 to 2032)

Demand for diagnostic imaging services reached a valuation of US$ 555 Million in 2021, and is projected to reach US$ 585 Million in 2022, exhibiting a Y-o-Y growth rate of 5.4%. From 2022 to 2032, the industry is poised to grow at a CAGR of 5.51% to reach a valuation of US$ 1 Billion.

The rapidly augmenting senescent population and the resulting escalation in the incidence of related diseases, as well as soared awareness about early disease diagnosis and the expanding breadth of clinical applications are the primary factors driving the growth of this industry. However, issues such as the high cost of diagnostic imaging equipment and the shoddy reimbursement structure for outpatient imaging facilities are projected to limit the growth of the diagnostic imaging services market in the future years.

The worldwide burden of chronic diseases is increasing, and medical imaging methods play an important role in the proper identification of chronic diseases. The ageing of the population, as well as changes in cultural behavior, are all leading to an increase in these prevalent and costly long-term health concerns. Cancer, cardiovascular disease, obesity, and diabetes account for the majority of chronic illness mortality. According to GLOBOCAN, around 19.3 million new cases of cancer were recorded globally in 2020, with this figure anticipated to rise to 30.2 million by 2040. The emerging markets would be the most affected, as population growth is expected to be greatest in developing nations.

Contemporary models for therapy and diagnosis are being created to deliver exact outcomes, aid in illness identification, and reduce the cost of treating certain diseases. People are getting more capable of accessing imaging technologies for early illness diagnosis as their disposable income rises.

Moreover, as a result of advancements in digital and communication technologies, the medical imaging area has evolved at a rapid rate. Most diagnostic laboratories and hospitals now have new imaging methods that disclose more anatomical features. The goal is to enhance access and precision, reduce costs, and reduce the adverse effects of radiation. The trend is going away from fixed equipment and toward portable equipment. For example, until recently, the size and power requirements of ultrasonography have hampered its proper usage. Smaller ultrasound machines may now give color-flow Doppler imaging while running purely on battery power.

Prominent Diagnostic Imaging Services Industry Growth Drivers

To Propel Growth, there is a Need for Personalized Diagnostics and Advanced Technological Support

From wellness and screening to early diagnosis, therapy selection, and follow-up, medical imaging is a crucial component of the whole healthcare continuum. The integration of chronic illness and acute care, image-guided medical procedures, and better treatment planning into normal medical practices across all subspecialties is becoming more common.

Commitment to improving patient care is bolstering the whole medical and diagnostic imaging sector, which in turn is supporting the services business. The increasing sophistication of cross-sectional imaging, together with the incorporation and quick growth of interventional radiology into clinical settings, has benefited modern patient care. Imaging advancements fueled by digital data and technology have changed the imaging sector. Owing to these factors, the worldwide market for diagnostic imaging services is expected to grow steadily during the projected period.

Investigating the Evolutionary Timeline

From Wilhelm Conrad Roentgen's original experiment with a Crookes cathode ray tube, which gave rise to X-rays in 1895, through today's technology-driven medical imaging, the route of progression has broadened. Within days, Roentgen's discovery gained universal acceptance, and the new technology was welcomed by both amateurs and medical authorities. Furthermore, when radiography became an important part of clinical diagnostics, fresh applications and data on disease representation were swiftly compiled.

The decades that followed saw tremendous advancements in medical imaging, fueled by researchers' increased curiosity and an unquenchable quest to better diagnosis and therapies. After more than seven decades, the development of computed tomography (CT) was seen, followed by the creation of magnetic resonance imaging (MRI), which became vital in cancer. Techniques such as ultrasound and nuclear imaging have transformed the face of diagnostic treatment as a result of ongoing research. The digital revolution and crucial technology developments have resulted in significant success during the previous few decades.

Country-wise Analysis

What is the Growth Outlook for Diagnostic Imaging Services in the U.S?

North America is reported to have a considerable share of the diagnostic imaging services market and is predicted to maintain this trend during the forecast period, with no noteworthy variations. A significant impact on the market analyzed is also projected as a result of the COVID-19 pandemic. Because COVID-19 is extremely infectious, the American College of Radiology (ACR), which represents over 40,000 radiologists in the United States, has issued advice that CTs and X-rays should not be used as a first-line technique to diagnose or screen for it.

The United States has the lion's share of the diagnostic imaging services market, which may be ascribed to rising technical improvements, greater affordability rates among the population, and an increase in the number of diagnostic operations on an annual basis. Siemens Healthineers got FDA authorization for the Ysio Max digital radiography system in October 2020, which contains new detectors and usability features that improve images and speed up tests. Furthermore, the market is likely to soar during the forecast period due to the existence of well-established healthcare facilities, rising demand for improved healthcare systems among the ageing population, and rising incidence of chronic illnesses.

The rising prevalence of neurological illnesses such as brain tumors is also projected to drive market expansion. According to the National Brain Tumor Society, 700,000 persons in the United States will have a brain tumor by 2020, with an additional 87,000 projected to be diagnosed. As a result of the aforementioned reasons, the market in this area is likely to grow over the forecast period from 2022 to 2032.

How do Growth Prospects appear in the Chinese Market?

As a result of growing government financing and technical breakthroughs in diagnostic imaging services, China is expected to rise substantially. Portable diagnostic equipment is becoming increasingly popular since it significantly decreases scanning and wait time. For example, 3D ultrasonic holography gained popularity and acceptance in 2017 as a result of zero-radiation applications and being an appropriate scanning process for preventative and post-operative tests in breast cancer patients.

Furthermore, the enormous pool of patients, increased knowledge about the condition, improved healthcare infrastructure, and rising government funding in the nations are the primary driving variables for the growth of the diagnostic imaging services market in emerging country like China. China is expected to grow at a CAGR of 5.1%, accounting for more than two-fifths of the market.

Country-wise Forecast CAGRs in the Diagnostic Imaging Services Market

Competitive Landscape

The worldwide diagnostic imaging services industry is highly concentrated, with only a few service providers present. Companies that provide diagnostic imaging services concentrate on facility acquisition and joint venture development in order to grow their geographic footprint, notably in North American nations. Partnerships enable service providers to work with great radiologists who have been providing patient-centered care in specific locations to serve a larger number of patients. Furthermore, the emphasis remains on the establishment of additional diagnostic facilities with high-end diagnostic imaging modalities in order to meet the expanding demand. The key market players are:

• RadNet, Inc.
• Alliance Healthcare Services, Inc.
• I-MED Radiology Network (Permira)
• Sonic Healthcare