The major factors driving the growth of diagnostic imaging services market include the rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases and growing awareness about early disease detection and the widening scope of clinical applications. On the other hand, factors such as the high cost of diagnostic imaging systems and the low reimbursement structure for outpatient imaging facilities are likely to restrain the growth of the market to a certain extent in the coming years.

The diagnostic imaging services market is projected to reach USD 693.4 billion by 2024 from USD 539.7 billion in 2019, at a CAGR of 5.1% from 2019 to 2024.

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X-Ray Segment:

The x-ray segment accounted for the largest share of the market. The key factors driving the growth of this market include the rising geriatric population, lower cost of X-rays as compared to other imaging modalities, favorable returns on investments, and technological advancements in X-ray imaging systems.

Hospital Segment:

The hospitals segment held the largest share of the market in 2018. The large share of this segment can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, increasing adoption of minimally invasive procedures in hospitals to improve the quality of patient care, and rising adoption of advanced imaging modalities to improve patient workflow efficiency in hospitals.

Asia Pacific to Dominate The Global Diagnostic Imaging Services Market:

The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period primarily due to the improving healthcare infrastructure, rising investments in diagnostic imaging, improving reimbursement scenario, and the growing insurance coverage in several APAC countries.

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Key Players in Diagnostic Imaging Services Market:

Prominent players in the diagnostic imaging services market include RadNet, Inc (US), Sonic Healthcare (Australia), Dignity Health (US), Novant Health (US), Alliance Medical (UK), InHealth Group (UK), Medica Group (UK), Global Diagnostics (Australia), Healthcare Imaging Services Pty Ltd. (Australia), Concord Medical Services Holdings Limited (China), and Center for Diagnostic Imaging, Inc. (CDI) (US), among others.

An analysis of market developments between 2016 and 2019 revealed that several growth strategies such as partnerships & agreements, joint ventures, and strategic acquisitions were adopted by market players to strengthen their service portfolios and maintain a competitive position in the market.

RadNet (US) dominated the market in 2018. The company offers advanced imaging solutions, such as magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), nuclear medicine, mammography, ultrasound, diagnostic radiology (X-ray), fluoroscopy, and other related procedures. The company also offers a wide range of imaging services. To enhance its presence in this market, the company concentrates on partnerships and acquisitions & joint ventures.