USD 553.66 billion
Report ID: SQMIG35A2174 | Region: Global | Published Date: January, 2023 | Pages: 157 | Tables: 94 | Figures: 76
Global Diagnostic Imaging Services Market size was valued at USD 553.66 billion in 2021 and is poised to grow from USD 581.34 billion in 2022 to USD 860.8 billion by 2030, growing at a CAGR of 5% in the forecast period (2023-2030).
In order to diagnose a condition, diagnostic imaging is used to take images of the bones and internal body anatomy. X-rays, ultrasounds, CT and MRI scans, and nuclear medicine scans are a few types of diagnostic radiology. Modern models of therapy and diagnosis are being developed to produce precise results, assist in the diagnosis of illness, and lower the cost of treating some diseases. With more money available to them, people are better able to access imaging technologies for diagnosing illnesses early on. The field of medical imaging has also advanced quickly as a result of developments in digital and communication technologies. The objective is to increase accessibility and accuracy, lower costs, and lessen radiation's negative effects. Moving away from fixed equipment and toward portable equipment is the current trend. Due to growing public recognition of the significance of early detection of health conditions, the diagnostic Imaging services market is projected to expand at a faster rate during the forecast period. However, unfriendly reimbursement structures for outpatient imaging facilities in low-income countries are expected to restrict market growth.
US Diagnostic Imaging Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 553.66 billion
Diagnostic imaging centers
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Global diagnostic imaging services market is segmented based on the modality, application, end-use, and region. Based on modality, diagnostic imaging services market is segmented into X-ray, ultrasound, MRI scans, CT scans, and others. Based on application, the diagnostic imaging services market is segmented into cardiology, oncology, gynecology/obs, orthopedics & musculoskeletal, and others. Based on end-use, the diagnostic imaging services market is segmented into hospitals, diagnostic imaging centers, and others. Based on region, Diagnostic Imaging Services Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Diagnostic Imaging Services Market Analysis by Modality
Based on modality, global diagnostic imaging services market is segmented into X-ray, ultrasound, MRI scans, CT scans, and others. The X-ray segment accounted for the largest share of the diagnostic imaging services market in 2021, and is anticipated to increase the segment growth during the forecast period owing to the increasing prevalence of lung diseases, increasing number of bone fracture cases, dental disorders have accelerated the adoption of X-ray imaging procedures.
Due to technological advancements and an increase in clinical applications globally, the CT scans segment is likely to expand at a rapid pace over the forecast period. It is a technique that uses computerised X-ray imaging to create cross-sectional images of the body, allowing doctors to see various parts of the body in precise detail.
Diagnostic Imaging Services Market Analysis by End-Use
Based on end-use, the diagnostic imaging services market is segmented into hospitals, diagnostic imaging centers, and others. The hospitals held the largest diagnostic imaging services market share in 2021, and this dominance is expected to continue in the forecasting years, owing to the increasing implementation of 3D imaging technology, the increased adoption of minimally invasive procedures, and ongoing collaboration with industry players to adopt diagnostic imaging solutions.
Because of the presence of various imaging modalities in a single facility and reimbursement policies for imaging operations, diagnostic imaging centers are expected to grow rapidly during the forecast period.
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North America dominated the diagnostic imaging services market in 2021, and is also expected to maintain its dominance during the forecast period due to the rising prevalence of chronic diseases such as cancer, diabetes, arthritis, and other chronic disorders, as well as technological advancements. The regional market growth can be attributed to the growing usage of low-dose automated CT scanners. Because of the high rate of chronic diseases in the country, the United States is likely to dominate the market in North America in the near future. According to a study conducted by the Centers for Disease Control and Prevention, over 80% of older people in the United States have at least one chronic condition.
During the forecast period, Asia-Pacific is expected to grow at the fastest rate owing to the high proportion of diagnostic imaging system major players and companies boosting the exponential development of the diagnostic imaging services market. China, India, and Japan each hold sizable market shares in the region. The market in Asia Pacific is being driven by the expansion of manufacturing facilities for diagnostic imaging tools and equipment, significant growth in the healthcare and medical tourism industries, and an increase in the adoption of new diagnostic imaging services.
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Diagnostic Imaging Services Market Driver
Diagnostic Imaging Services Market Restraint
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Global diagnostic imaging services market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Diagnostic Imaging Services Market Top Player's Company Profiles
Diagnostic Imaging Services Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global diagnostic imaging services market analysis, the increased deployment of new diagnostic imaging services is influencing the Asia Pacific diagnostic imaging services market over the forecasting years. The market growth will be driven by increasing demand for more advanced evaluation tools in emergency departments, coupled with an increase in the number of outpatient emergency care units during the forecast period. However, increasing diagnostic imaging equipment costs coupled with a lack of skilled labor are restricting factors to the market growth.
|Market size value in 2021||USD 553.66 billion|
|Market size value in 2030||USD 581.34 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Diagnostic Imaging Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Diagnostic Imaging Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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