Global Diagnostic Imaging Services Market Size, Share, Growth, Trends, Revenue, Consumption, Company Analysis and Forecast 2020-2027

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 

• Changing attitude toward the early detection of underlying diseases, which can be identified through diagnostic imaging, contributes to the growth of the diagnostic imaging services market. The global diagnostic imaging services market is expected to expand at a CAGR of ~ 4% from 2019 to 2027.
• A number of trends have been observed in the diagnostic imaging services market. Increase in the geriatric population, rise in the prevalence of chronic diseases, favorable reimbursements for diagnostic imaging services, and introduction of remote and integrated diagnostic imaging systems & services contribute to the growth of the global diagnostic imaging services market.
• Significant acquisitions and strategic collaborations & partnerships, focus of market players on offering value-added service assistance, which includes mobile value-added services, are boosting the growth of the global diagnostic imaging services market.
• However, shortage of radiologists for performing diagnostic imaging procedures and continued usage of obsolete systems in many regions are likely to hamper the growth of the global diagnostic imaging services market. 

Technological Advances in CT Scans to Propel Market

• In terms of imaging modality, the computed tomography (CT) segment is anticipated to grow at a rapid pace in the diagnostic imaging services market during the forecast period. CT is a technique that employs computerized X-ray imaging to produce cross-sectional images of the body, providing doctors a highly detailed view of different parts of the body.
• Technologically-advanced scanners with multi-slice capabilities of 80, 128, 256, 320, and 640-slice systems and higher speeds have been introduced in the market. This is likely to fuel the growth of the segment in the diagnostic imaging services 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

• North America held a major share of the global diagnostic imaging services market in terms of revenue in 2018, and is projected to sustain its market share during the forecast period. The rapid adoption of modern imaging technologies and the presence of a large number of diagnostic imaging service providers are anticipated to boost the growth of the diagnostic imaging services market in the near future. High disposable income and well-developed healthcare infrastructure also contributed to North America’s large market share.
• Europe is projected to be the second-largest diagnostic imaging services market in terms of share and revenue during the forecast period. Increasing incidences of cardiovascular diseases in countries in Europe and rise in the number of CT and MRI diagnostic imaging procedures performed in the region are boosting the growth of the diagnostic imaging services market in the region.
• The diagnostic imaging services market in Asia Pacific is anticipated to expand at a high CAGR of ~ 5% during the forecast period. Strong growth of the diagnostic imaging services market in the region is attributed to the significant patient pool and rapid adoption of technological advancements in Japan and China. According to OECD data, Japan has the highest density of CT scanners and MRI machines per million population. 

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:

• Global Diagnostic Imaging Services Market by Imaging Modality
  • X-ray
  • Magnetic Resonance Imaging (MRI)
  • Ultrasound
  • Computed Tomography (CT)
  • Nuclear Imaging
  • Others
• Global Diagnostic Imaging Services Market by Application
  • Cardiology
  • Gynecology/Obs
  • Oncology
  • Orthopedics & Musculoskeletal
  • Neurology & Spine
  • General Imaging
• Global Diagnostic Services Market by End User
  • Hospitals
  • Ambulatory Surgical Centers
  • Diagnostic Centers
  • Others
• Global Diagnostic Imaging Services Market by Region
  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • Australia
    • India
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Israel
    • Rest of Middle East & Africa 

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

Research Methodology:

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:

• To analyze and study the global diagnostic imaging services capacity, production, value, consumption, status (2014-2018) and forecast (2020-2027);
• Focuses on the key diagnostic imaging services manufacturers, to study the capacity, production, value, market share and development plans in future.
• Focuses on the global key manufacturers, to define, describe and analyze the market competition landscape, SWOT analysis.
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.