According to Vision Research Reports, the global diagnostic imaging services market size surpassed at US$ 330 billion in 2019, and to reach 467 billion by 2027 with a CAGR of 4.2% from 2019 to 2027. Significant awareness among people about the early diagnosis of chronic diseases, rise in the demand for diagnostic imaging services among the geriatric population, and availability of reimbursements for diagnostic imaging services in major markets contribute to the growth of the global diagnostic imaging services market.
The report analyzes and forecasts the diagnostic imaging services market at global and regional levels. The market has been forecast based on volume (Tons) and value (US$ Mn) from 2019 to 2026. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
Technological Advancements Leading to Expansion of Diagnostic Imaging Services
Technological Advances in CT Scans to Propel Market
Expansion of Personalized Diagnostics Portfolio
Quick-paced developments in healthcare, with the growing emphasis on specialized patient care, are resulting in therapeutics becoming more individualized, in a bid to offer personalized treatments and medication. As the march towards personalized healthcare quickens, advanced diagnostic tools are becoming the need of the hour. This has concentrated the efforts of stakeholders in the diagnostics imaging services market towards expanding their personalized diagnostics portfolios.
Partnerships to Support AI-enabled Diagnostic Imaging
As AI is disrupting healthcare on the diagnostics front, various strategies are focused at the seamless incorporation of AI in diagnostic imaging systems and services. Collaborations and partnerships remain the key tactics of service providers to develop artificial intelligence software solutions that support cancer diagnostics and care by using MRI and CT imaging. Diagnostic imaging service providers are considering the capabilities of AI to quantify and track different abnormalities in patients, so as to offer personalized treatment.
Emphasize Reimbursements for Diagnostic Imaging Services
Diagnostic imaging services market competitors are laying emphasis on reimbursement of the cost of services, as diagnostic imaging plays a vital role in the prevention and early diagnosis of diseases. Healthcare systems across the world continue to allocate substantial budgets for these reimbursements, bringing the reimbursement strategy in the limelight for diagnostics imaging services market contributors. Reimbursement for diagnostic imaging service cost is offered in various developed and developing countries, increasing the demand for diagnostic imaging services.
Technological Developments to Enable Advanced Imaging
Technological advancements have been accelerating the healthcare sector with noteworthy advancements in terms of capabilities to achieve greater precision and accuracy in medical imaging. Key technologies include artificial intelligence (AI), 3D imaging, diagnostic wearables, and remote reading solutions that ensure dependable imaging while radiologists work remotely. Amongst all, AI, a game changer in diagnostics, is shifting diagnostic imaging capabilities to achieve quicker scans and provide life-changing insights regarding diseases. Moreover, hardware miniaturization, AI, and computer vision would allow diagnostic imaging to be mobile.
Shift towards Subspecialty Practice
Growing consumer demand for specialized clinical care services and changing reimbursement scenario highlight the growing focus on subspecialty practice, and consequently, the workflow of image acquisition. Healthcare establishments seek to leverage new technologies that enable greater accuracy in diagnosis, and improve clinical outcomes, thereby deriving greater value from diagnostic imaging service lines.
Leveraging the Healthcare Consumerism Trend
Radical change in the present set of consumer expectations is creating the need for consumerism in healthcare as a trend, which needs to be incorporated in modern business models. Contemporary, technologically-aware consumers treat imaging as another purchase decision, which relies more on reviews, convenience, and pricing. As a result of this, diagnostic service providers are embracing superior approaches to suffice the need of consumerism when it comes to diagnostic patient care.
The continued use of obsolete instruments in several countries that do not provide accurate reports is expected to hamper the growth of the market in the near future. Rise in the percentage of installed imaging equipment, aged over 10 years, which is rendered obsolete, poses a risk to the health and safety of patients and medical staff, thereby impacting the diagnostic imaging services market.
Asia Pacific Market to Expand at a Rapid Pace
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global diagnostic imaging services market. The Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the diagnostic imaging services market by segmenting it in terms of form and application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides size (in terms of volume and value) of diagnostic imaging services market for the base year 2018 and the forecast between 2019 and 2026. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
The report provides profiles of leading players operating in the global diagnostic imaging services market. These include Radnet, Inc., Center for Diagnostic Imaging, MedQuest Associates, Inc., Siemens Healthineers, Hitachi, Ltd., Carestream Health, Koninklijke Philips N.V., GE Healthcare, Shimadzu Corporation, and Dignity Health (CommonSpirit Health).
The global diagnostic imaging services market has been segmented as follows:
Reasons to Purchase this Report:
- Estimates 2020-2027 diagnostic imaging services market development trends with the recent trends and SWOT analysis
- Market dynamics scenario, along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are: