The global Diagnostic Imaging Services Market is poised for substantial growth, with projections indicating it will reach a remarkable USD 533.99 billion by 2024. This upward trajectory is expected to continue, driven by a robust Compound Annual Growth Rate (CAGR) of 5.7% from 2024 to 2031, ultimately pushing the market value to USD 787.55 billion by 2031. This forecast is presented in a comprehensive report published by Coherent Market Insights.
Diagnostic imaging services encompass a range of procedures, including X-rays, ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET), and fluoroscopy. These techniques play a crucial role in visualizing and characterizing internal body parts, facilitating the accurate diagnosis of medical conditions.
The market’s growth is primarily fueled by the escalating prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders. According to the World Health Organization (WHO), cancer is the second leading cause of death globally, claiming an estimated 9.6 million lives in 2018. Cardiovascular diseases hold the grim distinction of being the leading cause of death worldwide, accounting for over 17.9 million deaths in 2019. These alarming statistics underscore the critical role of diagnostic imaging services in early detection and timely intervention.
Furthermore, technological advancements in diagnostic imaging modalities, coupled with their extensive applications in disease detection and diagnosis, are significantly contributing to market expansion. Advanced modalities like PET/CT, CT, MRI, and echocardiography have become indispensable tools for accurate disease diagnosis and effective treatment monitoring.
The report highlights several key trends shaping the diagnostic imaging services landscape:
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Artificial Intelligence (AI) Integration:
The adoption of AI in diagnostic imaging is gaining significant traction. AI’s ability to automate routine tasks, prioritize exams, detect incidental findings, and provide quantitative measurements enhances workflow efficiency and diagnostic accuracy.*
Cloud-Based Solutions:
Cloud-based platforms enable remote access to imaging data and interpretation reports from anywhere, potentially reducing operational costs and improving healthcare delivery in remote areas.*
Value-Based Reimbursement Plans:
The growing popularity of value-based reimbursement plans, where payments are linked to improved patient outcomes rather than fee-for-service, is driving the adoption of advanced technologies and promoting efficient utilization of diagnostic imaging resources.X-ray Imaging
remains the most widely used diagnostic imaging technique, accounting for over 35% of the global diagnostic imaging market in 2023. Its non-invasive nature and relative affordability make it a preferred first-line diagnostic tool for conditions such as fractures, lung/chest infections, and abdominal abnormalities. However, advancements in other modalities like CT and MRI are anticipated to lead to a slight decline in X-ray’s market share over the forecast period.Ancestry Testing
, which employs diagnostic tools to determine genetic lineage and family history, dominated the global diagnostic imaging services market in 2023. The continuous reduction in whole genome sequencing costs and the growing popularity of at-home health and ancestry kits have encouraged more individuals to pursue ancestry testing. Industry estimates suggest that over 30% of global diagnostic imaging market revenues originated from ancestry testing applications in 2023. Applications in areas like disease risk assessment, diet and nutrition are also gaining momentum.Key Market Takeaways:
* The diagnostic imaging services market is projected to exhibit a CAGR of 5.7% during the forecast period 2024-2031, driven by the aging population and the escalating incidence of chronic and lifestyle diseases.
* The X-ray segment is expected to maintain a dominant position, accounting for over 30% of the market share, due to its advantages of low radiation dose and cost.
* Ancestry testing is anticipated to hold a dominant position in the application segment over the forecast period, fueled by factors like reduced genome sequencing costs and technology-driven direct-to-consumer business models.
* The hospitals segment holds the largest share of the market by end user, owing to the availability of advanced diagnostic facilities and trained healthcare professionals.
* North America is expected to maintain a dominant position regionally, driven by factors like advanced healthcare facilities, rapid adoption of new diagnostic technologies, and favorable reimbursement policies.
Key players
operating in the diagnostic imaging services market include RadNet Inc., Akumin Inc., Novant Health, RAYUS Radiology, MedQuest Associates, Concordmedical, Lucid Medical Diagnostics, Radiology Partners, Envision Radiology, Capitol Imaging Services, Statim Healthcare, InHealth Group, Global Diagnostic Imaging, and AD Diagnostics, Inc. Strategic acquisitions and global expansion are key strategies employed by these players to solidify their market positions.Recent Developments:
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April 2023:
Digital Health Intelligence launched specialized services focusing on clinical imaging market opportunities, enabling clients to identify and target commercial opportunities across the National Health Services clinical imaging landscape.*
January 2023:
MedQuest Associates announced a partnership with Novant Health Enterprises to expand the company’s diagnostic imaging services in the US.The report provides a comprehensive analysis of the diagnostic imaging services market, including detailed segmentation by type, application, end user, and region. It offers valuable insights into market trends, growth drivers, restraints, and opportunities. The report also includes profiles of key players in the market and their strategic initiatives.
