Acumen Research and Consulting estimates that global diagnostic imaging services market is expected to reach the market value of around US$ 710 Bn by 2027 and is anticipated to grow at a CAGR of around 5% in terms of revenue during the forecast period 2020 – 2027.
Diagnostic involves various tools, procedures, and devices for the control, diagnosis, assessment and care of successful medical intervention conditions. The ability of physicians to treat, identify and track an illness or disorder at an early level has been improved by medical imaging. Diagnostic imaging systems are often used to offer information specific to a certain region of the body to be examined or researched. Similar advances in medical medicine imaging methods have made it possible to access human body knowledge for surgical procedures. Furthermore, imaging development offers doctors new tools to improve innovative treatments. Growing prevalence and demand for treatment of chronic diseases worldwide motivated companies in diagnostics to create new technologies and strengthen existing services.
The report provides analysis of global diagnostic imaging services market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
The rapidly increasing geriatric population and the consequent rise in the incidence of associated diseases and the rising knowledge on early identification of early diseases and the increasing variety of clinical applications are among the key factors contributing to market development. At the other hand, the business development of diagnostic imaging services in the coming years is projected to be somewhat constrained by factors like the high prices of conventional diagnostic imaging devices and the weak reimbursement rate of ambulatory imaging facilities.
In 2019, hospitals& clinics held the biggest share of the market for diagnostic imaging services.
In 2019, hospitals had the largest market share. A significant proportion of the medical imaging practices in hospitals can be due to the expanded use of minimally invasive clinical techniques to improve the quality of patient care and the increased usage of specialized imaging technologies for increasing healthcare process performance in hospitals.
The US is expected to lead the world imaging services treatment industry due to the strong pharmaceutical R&D budgets, in medical imaging and growing utilization of new technology, both by government and public as well as by private companies. In 2015, the overall US medicine and wellness R&D was USD 158.7 Bn, according to the United States Medical and Nutrition Research and Development Projects 2013-2015, America's survey. In addition, the increasing prevalence of geriatric populations contributes to market growth by the consequent growth in the incidence of various diseases in the region. More than 20 percent of the total population would have aged 65 or older by 2030 according to the United States World Health Organization (WHO).
In the global market for imaging diagnostic services, Europe is expected to hold the second largest position. Business development in the area is due to the emergence in the European countries of a large university and study base and access to research funding. For example, the European Research Council (ERC) provides grants to the European Union (EU) for technological and scientific research. Increased resources in the field of medical imaging and knowledge of disease early detection among people also push the market.
The Asia-Pacific diagnostic imaging services market comprises countries such as China, Japan, India, Australia and Rest of Asia-Pacific. As a result of growing demand for advanced technical tools for images, enhanced health services and high growth prospects for key stakeholders in setting up their regional headquarters and manufacturing sites in the region, the Asia Pacific market is projected to expand fastest.
Key Players & Strategies
Participants include major global players Diagnostic Imaging (CDI), Sonic Healthcare, Medline Industries Inc, Medquest Associates Inc./Novant Health, Hitachi Medical Corporation, Touchstone Imaging, Alliance Medical, Simonmed/Dignity Health, Medica Group, Global Diagnostics, Progressive Radiology, Consensys Imaging Service, Inc., and others.
Diagnostic Imaging Services Market By Product
Diagnostic Imaging Services Market By End Use
Clinics & Hospitals
Market By Region
Middle East & Africa
The Diagnostic Imaging Services market value is anticipated to be worth around US$ 710 Bn in 2027.
The Diagnostic Imaging Services market is anticipated to grow around 5% CAGR amid the forecast period 2020-2027
North America held highest market share in 2019
Asia Pacific is projected to be the fastest growing region in the global market.
The Diagnostic Imaging Services market is driven by growing chronic illness, rising geriatric population and rising awareness of diagnostic imaging in disease identification
Participants include Diagnostic Imaging (CDI), Sonic Healthcare, Medline Industries Inc, Medquest Associates Inc./Novant Health, Hitachi Medical Corporation, Touchstone Imaging, Alliance Medical, Simonmed/Dignity Health, Medica Group, Global Diagnostics, Progressive Radiology, Consensys Imaging Service, Inc., and others
Computed tomography is the leading segment by product.