Diagnostic Imaging Services Market
Number of pages: 100 | Report Format: PDF | Published date: October 04, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 638.2 Billion |
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Revenue forecast in 2030 |
US$ 981.6 Billion |
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Growth Rate |
CAGR of 4.9% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
Types, Application, Services Providers, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global diagnostic imaging services market was pegged at US$ 638.2 billion in 2021 and is expected to register a revenue CAGR of 4.9% during the forecast period.
Market Fundamentals
A diagnostic imaging service incorporates different imaging technologies for detecting and monitoring various anatomical parts. Diagnostic imaging is performed to find and diagnose internal injuries from trauma, determine cancer stages, determine the location and size of a tumor, diagnose infections, diagnose conditions of the lungs and heart, and identify vague abdominal problems and musculoskeletal abnormalities and injuries. The oldest type of diagnostic imaging is X-Ray which uses radiation to create images of bones. X-rays can be employed to examine the skeletal system, evaluate objects inside the body, and detect health problems such as pneumonia and certain types of cancer. Mammograms use low-dose x-rays to generate a clear image of the breast beneficial for early breast cancer screening.
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Market Dynamics
The global diagnostic imaging services market revenue growth is driven by the increasing prevalence of cardiovascular diseases, orthopedic diseases, and other chronic conditions such as cancer. Furthermore, technological advancement, the introduction of novel products with better outcomes and safety profiles, and an increasing trend for image-assisted surgery contribute to the global diagnostic imaging services market revenue growth. Apart from this, the rising geriatric population, increasing trauma-related accidents, and growing awareness about diagnostic services are expected to fuel the global diagnostic imaging services market revenue growth. However, the high cost of machines and equipment along with the high maintenance costs are restraining the revenue growth of the market to some extent.
Market Ecosystem
The global diagnostic imaging services market has been analyzed from five perspectives: type, application, service providers, and region.
Diagnostic Imaging Services Market by Type
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Based on type, the global diagnostic imaging services market has been segmented into MRI scans, ultrasound, X-ray, CT scans, nuclear imaging, and mammography.
The X-ray imaging segment accounts for the highest revenue share in the global diagnostic imaging services market owing to the low cost of X-ray diagnosis, less turnaround time, and low exposure to X- rays. Furthermore, technological advancements and a strong product pipeline are expected to fuel the revenue growth of the global X-ray imaging services market during the forecast period.
Diagnostic Imaging Services Market by Application
Based on application, the global diagnostic imaging services market is segmented into gynecology/obstetrics, orthopedics, oncology, cardiovascular, and neurology.
In terms of revenue, the oncology segment dominates the global imaging services market. This large revenue share can be attributed to the increasing prevalence of cancer, awareness about cancer, and technological advancements in cancer screening. Additionally, increasing investment in cancer research and development and increasing government initiatives for cancer screening are also expected to support the revenue growth of the market.
Diagnostic Imaging Services Market by Service Provider
Based on service providers, the global diagnostic imaging services market has been segmented into hospitals and imaging centers.
The hospital segment accounts for the highest revenue share in the global diagnostic imaging services market owing to the high patient footfall in hospitals for diagnosing and treating ailments. Additionally, the availability of health services in one place for better assessment of patients, such as diagnostic imaging services (CT scan, MRI scan, X-ray, etc.), diagnostics laboratories, and medical pharmacies, are contributing to the high revenue share of the hospital-based diagnostic imaging services segment.
Diagnostic Imaging Services Market by Region
Based on region, the global diagnostic imaging services market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
In terms of revenue, North America dominates the global diagnostic imaging services market. The large revenue share of North America in the global market can be attributed to the high adoption of novel diagnostic imaging devices, the presence of key players, and increasing investment. Furthermore, the presence of a well-developed infrastructure, an advanced healthcare system, and a high healthcare budget support the revenue growth of the diagnostic imaging services market in this region.
Competitive Landscape
The prominent players operating in the global diagnostic imaging services market are:
Strategic Developments
North America is the key revenue growth region in the global diagnostic imaging services market.
The increasing prevalence of cancer and chronic diseases, increasing technological advancements, and the introduction of novel products are driving the revenue growth of the global diagnostic imaging services market.
The global diagnostic imaging services market is expected to register a revenue CAGR of 4.9% during the forecast period.
The high cost of machines and equipment, high maintenance costs, and limited adoption rate for novel and innovative products are the major factors restraining the revenue growth of the global diagnostic imaging services market.
Alliance Medical, Rayus Radiology, Concord Medical Services Holdings Limited, and Dignity Health, are among the key companies operating in the global diagnostic imaging services market.
*Insights on financial performance is subject to availability of information in public domain