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. Factors such as increasing prevalance of chronic diseases, rapidly growing geriatric population, technological adavancements in imaging modalities, and rising demand for early diagnosis of diseases are anticipated to propel the growth of market during the forecast period.
Howerevr, rising cost of diagnostic imaging equiments, shortage of skilled workforce and unfavorable reimbusment structure of out patient imaging facilities in lower income countries are are anticipated to hamper the overall growth of the market.
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Diagnostic Imaging Services Market Size, Growth 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 segmented on application into general radiography, dentistry, and other X-ray applications. The general radiography segment will dominate the market during the forecast period. The large share of this application segment can be attributed to the rising prevalence of lung diseases globally and the increasing use of 3D X-ray imaging technogy in applications for chest, orthopedic & rheumatological, and cardiovascular imaging
Based on end users, the diagnostic imaging services market is segmented into hospitals, diagnostic imaging centers, ambulatory care centers, and research & academia. In 2021, hospitals were the largest diagnostic imaging services market end users. The large share of the hospitals segment can be attributed to growing adoption of 3D imging technology, increasing adoption of minimally invasive procedures and ongoing collaboration with market players to adopt diagnostic imaging solutions. In April 2022, Siemens Healthineers (Germany) collaborated with Oulu University Hospital (Finland) to expand radiology solutions through supplying, installing, and maintaining medical imaging technology and software training in Finland.
Based on region, the diagnostic imaging services market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East and Africa. North America accounted for the largest share of the diagnostic imaging services market in 2021. The growth of the North American market is primarily driven by the strong foothold of key players in the region offering wide range of diagnostic imaging services. increased collbartion among imaging service providers and diagnostic centers , rapid adoption of highly adavanced imaging technology, and rising volume of imaging scans performed anully in the region.
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
Recent Developments:
- In 2022, Radnet, Inc. acquired Quantib and Aidence with an aim to expand its cancer screening portfolio for breast, prostate, and lung cancers through the integration of AI technology.
- In 2021 , Sonic Healthcare announced the acquisition of Canberra Imaging Group (Australia) to helped strengthen Sonic Healthcare’s geographic footprint in the Australian diagnostic imaging services market.
- In 2021, Akumin Inc. acquired Alliance Healthcare to enhance its diagnostic imaging service portfolio.
