Global Diagnostic Imaging Services Market Size By Modality (X-ray, Nuclear Medicine Scans, MRI Scans), By End Use (Hospitals, Diagnostic Imaging Centers), By Geographic Scope And Forecast

Diagnostic Imaging Services Market Size And Forecast

Diagnostic Imaging Services Market size was valued at USD 551.44 Billion in 2021 and is projected to reach USD 865.12 Billion by 2030, growing at a CAGR of 5.13% from 2023 to 2030.

An increase in the number of high-strength product launches is accompanied by an increase in the adoption of these high-strength systems. High-performance imaging devices have been developed and commercialized as a result of technological advancements that are propelling the Diagnostic Imaging Services Market forward. The Global Diagnostic Imaging Services Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Diagnostic Imaging Services Market Definition

Diagnostic imaging services are diagnostic procedures performed on patients with suspected or confirmed medical conditions to diagnose, monitor, and treat diseases. The diagnosis is made by combining images obtained from various techniques such as X-ray imaging (radiology), magnetic resonance imaging (MRI), computed tomography (CT), and ultrasonography. Diagnostic imaging services include magnetic resonance imaging, nuclear medicine, angiography, arteriography, computed tomography, positron emission tomography, digital vascular imaging, bronchography, lymphangiography, splenography, ultrasound, EEG, ECG, nerve conduction studies, and evoked potentials.

The primary drivers of growth for the Global Diagnostic Imaging Services Market are an increase in the geriatric population, an increase in chronic diseases (diabetes mellitus), technological advancements, and safety concerns regarding ionizing radiation exposure during X-ray examinations. Increasing diagnostic imaging center costs, an aging population, and rising disease prevalence rates such as cardiovascular disease (CVD) and cancer.

Global Diagnostic Imaging Services Market Overview

Diagnostic imaging services are expected to grow in the future due to rising demand for innovative assessment tools in emergency departments, as well as an increase in the number of ambulatory emergency care units. During the forecast period, demand for diagnostic imaging services is expected to be driven by the increasing use of CT scans for lung cancer screening, as well as an increase in CT scan end-use applications. Open architecture, superconducting magnets, and software applications in medical resonance imaging techniques are of interest to research laboratories, academic institutes, physicians, and hospitals.

Furthermore, the introduction of pacemakers with medical resonance imaging capabilities will significantly increase the number of patients eligible for medical resonance imaging devices in developed markets such as North America and Europe. The introduction of the larger patient-bore medical resonance imaging scanners, as well as the reinstatement of current medical resonance imaging systems that have reached optimal utilization rates, will be the primary drivers of the Diagnostic Imaging Services Market during the forecast period. To operate complex and sophisticated diagnostic imaging equipment, a high level of technical skill is required.

As diagnostic imaging systems advance, technicians must apply machine learning to convolutional neural networks and recurrent neural networks to enable more precise image segmentation and analysis of multiple images at once. The strong technique used in diffusion tensor imaging with tractography, perfusion imaging, neuroimaging, and functional imaging is expected to drive the Diagnostic Imaging Services Market growth over the forecast period. Furthermore, the increased development of intraoperative magnetic resonance imaging and its use in a variety of applications, including neurosurgery, is expected to aid in the expansion of the market for diagnostic imaging services.

Another key factor expected to contribute significantly to the growth of the Global Diagnostic Imaging Services Market is significant advances in diagnostic imaging equipment. One example of technological advancement is the introduction of open diagnostic imaging services, which aid in the acquisition of effective medical images from obese patients. Improvements in field strength and imaging device computing capacity are also examples of technological progress. Technical advancements include improvements in imaging equipment’s field strength and computing capability. The advancements in the equipment’s pulse sequences have resulted in faster imaging timings, higher spatial resolution, and improved imaging quality.

Global Diagnostic Imaging Services MarketSegmentation Analysis

The Global Diagnostic Imaging Services Market is segmented on the basis of Modality, End Use, And Geography.

Diagnostic Imaging Services Market, By Modality

• X-ray
• Nuclear Medicine Scans
• MRI Scans
• CT Scans
• Ultrasound

Based on Modality, the market is bifurcated into X-ray, Nuclear Medicine Scans, MRI Scans, CT Scans, and Ultrasounds. The CT Scans segment industry accounted for the largest market share due to computed imaging as the number of CT scan procedures increased, as well as its relatively high price. Furthermore, an increase in the aging population has been linked to an increase in the use of CT scan procedures.

According to the US Census Bureau, the aging population aged 65 and up accounts for approximately 16.5% of the total population. The market demand for computed imaging has been increasing steadily. Since the beginning of the COVID-19 disease outbreak, CT scanners have been used. A CT scan of the chest is helpful in diagnosing COVID-19; almost every patient requires a CT scan to monitor disease progression. As a result, even with procedures postponed, increased disease treatment supply has favored the CT scanner segment. The X-ray segment will be the second most dominant segment due to product announcements with technologically advanced features.

Diagnostic Imaging Services Market, By End Use

• Hospitals
• Diagnostic Imaging Centers

Based on End Use, the market is bifurcated into Hospitals and Diagnostic Imaging Centers. Due to the increasing prevalence of various conditions such as cancer and cardiac disorders, hospitals held the largest share. Because of the increased prevalence of cardiovascular diseases and cancer patients in hospitals, imaging services are still preferred in hospital settings. According to the International Agency for Cancer Research, approximately 2,281,658 new cancer cases will be diagnosed in the United States in 2020. Similarly, according to the Centers for Disease Control and Prevention (CDC), approximately 382,820 million adults in the United States died from heart disease in 2020.

Diagnostic Imaging Services Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Based on Regional Analysis, the Global Diagnostic Imaging Services Market is classified into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. North America’s market is projected to grow significantly. The region’s Diagnostic Imaging Services  Market is being driven by an aging population, increased patient knowledge and understanding of the importance of laboratory tests, and increased incidences of infectious and chronic diseases.

The increasing number of COVID-19 infections has resulted in increased financial support and testing, boosting the overall market growth. According to the CDC, four out of every ten Americans have two or more chronic diseases, and six out of every ten adults have a chronic condition. As a result, the rising prevalence of chronic and infectious diseases, as well as increased awareness of the importance of laboratory tests, are expected to drive market growth.

Key Players

The “Global Diagnostic Imaging Services Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Siemens Healthineers AG, GE Healthcare, Philips Healthcare, Canon Medical Systems Corporation, Hitachi Medical Corporation, Carestream Health, Hologic, Inc., Fujifilm Holdings Corporation, Shimadzu Corporation, Samsung Medison Co., Ltd., Agfa-Gevaert NV, Toshiba Medical Systems Corporation, Esaote S.p.A., Mindray Medical International Limited, Koninklijke Philips N.V.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In June 2022, Orange Health must have announced the launch of its services in New Delhi as part of its aggressive geographic expansion strategy. Customers in the NCR region can now access a variety of Diagnostic Imaging Services in just 1 hour from the comfort of their homes, with results delivered in 6 hours.
• In March 2022, MedPlus Health Services launched a diagnostics center in Gachibowli with PNDT and AERB approval. It would be an extension of the current Labs segment, encompassing radiology and pathophysiology services.
• In November 2021, Siemens Healthineers debuted the Naeotom Alpha, the world’s first photon-counting CT scanner. The system has been cleared for clinical use in the United States and Europe.
• In October 2020, In Arizona, RadNet and Dignity Health formed a joint venture. This program supported Dignity Health and RadNet’s current commitment to providing services to patients and targeted medical communities.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators. 

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Diagnostic Imaging Services Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Diagnostic Imaging Services Market gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

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