The importance of imaging in diagnosing health conditions cannot be underestimated. Diagnostic imaging has paved way for effective treatment of various chronic and infectious diseases. The demand for diagnostic imaging has burgeoned in recent years, owing to a rising pool of geriatric patients.
The outbreak of (COVID-19) pandemic has further broadened prospects for the diagnostic imaging services market. As more and more people are getting affected on a daily basis, hospitals, clinics and other healthcare providers have found a massive surge in the number of patients worldwide. Proper imaging techniques to detect confirmed and suspected cases thus become very important. On the back of these trends, the global diagnostic imaging services market is anticipated to expand positively at a CAGR of 4.2% during the forecast period (2020-2025).
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Key Takeaways of Global Diagnostic Imaging Services Market Study:
- By service type, the computer tomography (CT) segment is anticipated to grow the fastest in the forecast period. Projected CAGR for the segment is pegged at 4.9%.
- However, the Magnetic Resonance Imaging (MRI) scanning techniques are expanding as quickly, registering a CAGR of 4.4%. This is attributed to its ability to provide clear images without ionizing radiation and non-employment of harmful radiation techniques like X-rays to create 3D body images.
- Hospitals are anticipated to be the major diagnostic imaging service providers during the forecast period. Increasing patient pool suffering from chronic and infectious diseases is anticipated to drive the segment’s growth. The segment is poised to capture more than three-fifth of the total diagnostic imaging services market.
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- By region, North America is anticipated to gain dominance over the diagnostic imaging services market. New products launches, rapid innovation and advanced technologies are anticipated to leverage market prospects. Anticipated market share is projected to be around two-fifths of the market.
- Asia-Pacific shows a rapid growth trend amongst all regions, expanding at a CAGR of 5.1%. Increased government funding for diagnostic imaging and technological advancements are attributed as key growth drivers for the region. Techniques such as the 3D ultrasonic holography have become popular due to its radiation free procedure and suitability for post-operative examinations in breast cancer patients.
“The global diagnostic imaging services market is poised to expand positively in the future. Rising geriatric population, combined with the existing COVID-19 pandemic, is projected to spur intensive research and development for timely detection, diagnosis and treatment of life-threatening diseases,” concludes a Fact.MR analyst.
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Mergers, Acquisitions and Innovations to be Major Growth Engines
The global diagnostic imaging services market is consolidated. The key market players include RadNet, Inc., Alliance Healthcare Services, Inc., I-MED Radiology Network (Permira) and Sonic Healthcare. These players have consolidated their position by virtue of mergers, acquisitions and joint ventures. Over and above this, they also concentrate on developing new solutions to offer to their clients.
RadNet, Inc., is the leading player in the global diagnostic imaging services market. The company specializes in CT, MRI, Digital X-ray, Ultrasound and PET/CT services, Nuclear Medicine and Digital Mammography. The company also acquired certain assets of Resolution Medical Imaging Corporation, which included two multi-modality imaging centers in 2017. It also signed an agreement with Cedars-Sinai to operate two joint ventures in imaging that same year.
The second player, Alliance Healthcare Services, Inc., offers Bone Density Screening and Ultrasound services over and above the services such as CT and MRI scans. The company utilizes the On Point medical imaging technology which provides quality assurance systems for MRI and CT scanners. The company also plans to penetrate overseas markets through mergers and agreements with local investors and private firms. For example, in 2017, Alliance Healthcare entered into an agreement with Tahoe Investment Group Co., Ltd., for expanding into American and Chinese markets.
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The research study on the global diagnostic imaging services market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global endoscopy ultrasound market over 2020-2025. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2025. Market statistics have been presented on the basis of Service Type (Diagnostic Radiology, Ultrasound, Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Nuclear Imaging and Others) and Service Providers (Hospitals, Diagnostic Imaging Centers, Ambulatory Surgical Centers and Others) across five major regions.
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