Diagnostic Imaging Services Market by Procedure (MRI, Ultrasound, CT, X-RAY, Nuclear Imaging, Mammography), Application (OB/Gyn, Pelvic/Abdomen, Cardiology, Oncology, Neurology), Technology, User (Hospitals, Diagnostic Centers) - Global Forecast to 2027
The diagnostic imaging services market is projected to reach USD 702.6 billion by 2027 from USD 549.0 billion in 2022, at a CAGR of 5.1% during the forecast period. Major factors driving the growth of market includes rising global incidence of various chronic diseases, growing awareness about the different imaging modalities, and growing expansion of outpatient imaging centers
However, high cost associated with diagnostic imaging equipment; reducing the adoption of new imaging technology among lower economic countries and shortage of skilled workforce is anticipated to restrain the growth of market.
“X-ray accounted for the largest share of the global diagnostic imaging services market in 2021”.
Based on Modality, the market is segmented into X-ray , computed tomography, ultrasound, MRI, nuclear imaging, and mammography. In 2021, the x-ray segment accounted for the largest share of the diagnostic imaging services market. This is attributed to the increased usage of digital X-ray imaging modality among hospitals & diagnostic centers across the globe. Additionally, ongoing technological upgradation in X-ray scan such as Hierarchical Phase-Contrast Tomography (HiP-CT) , offering 3D image of whole body scan with the resolution 10 times greater than CT scanner , are anticipated to support the growth of the segment in the near future.
“The neurology segment accounted for the largest share of the MRI imaging services market in 2021”.
Based on application, the MRI services market is segmented into neurology, orthopedics, cardiovascular, pelvic & abdomen, and oncology. The neurology segment accounted for the largest share of the MRI services market in 2021. This is attributed to the increased aged population and growing incidences of neurodegenerative disorders, traumatic brain injuries, advancements in MRI imaging technology and growing number of players introducing new MRI technology for prediction of various neurological disorders.
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period.
The diagnostic imaging services market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, Latin America and Middle East & Africa. In 2021, North America commanded the largest share of the global diagnostic imaging service market. However, the Asia Pacific market is estimated to grow at the highest CAGR of 6.1%during the forecast period primarily due to the improving healthcare infrastructure, rising investments in diagnostic imaging, improving reimbursement scenario, rising medical tourism, and the growing insurance coverage in several APAC countries. Furthermore, establishment of new diagnostic centers and hospitals in Asian Countries are expected to propel the growth of market in the Asia Pacific during the forecast period.
Breakdown of supply-side primary interviews:
By Company Type: Tier 1 - 48%, Tier 2 - 36%, and Tier 3 - 16%
By Designation: C-level - 10%, Director-level - 14%, and Others - 76%
By Region: North America- 40%, Europe - 32%, APAC - 20%, and RoW - 8%
The major player in the market includes RadNet, Inc. (US), Sonic Healthcare (Australia), Akumin Inc. (US), Healius Limited (Australia), RAYUS Radiology (US), Dignity Health (US), Novant Health (US), Alliance Medical (UK), InHealth Group (UK), Apex Radiology (Australia), Concord Medical Services Holdings Limited (China), Unilabs (Switzerland), Affidea (Netherlands), I-MED Radiology Network (Australia), Capitol Imaging Services (US), SimonMed (US), among others.
This research report categorizes the diagnostic imaging services market, by modality, application, technology, end user, and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five major regions (and the respective countries in these regions).
Key Benefits of Buying the Report
This report focuses on various levels of analysis—industry trends, market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the global diagnostic imaging services market, and high-growth regions and their drivers, restraints, opportunities, and challenges. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.
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