Pune, India, Jan. 25, 2022 (GLOBE NEWSWIRE) -- The diagnostic imaging services market size was valued at USD 589.90 Billion in 2021 and is expected to grow at a CAGR of 4.88% during the forecast period, according to a recent market study by Quince Market Insights. Diagnostic imaging service is the sector of medicine where medical professionals recreate various images of body parts for treatment or diagnostic purposes. The procedures help to diagnose, monitor, and treat an extensive range of illnesses and conditions.
Factors driving the global diagnostic imaging services market are increasing investments in healthcare sectors and modern medical diagnostics for treating various health disorders like cardiovascular diseases and cancers.
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Growing geriatric population facing chronic diseases needs medical diagnostic imaging for treatments, increasing prevalence of lifestyle related diseases and growing healthcare expenditures are driving the global diagnostic imaging services market. However, high costs of diagnostic imaging systems and low reimbursement process involved for the outpatient imaging services are expected to restrain the diagnostic imaging services market growth.
Increasing awareness of innovative diagnostics which shows early signs of diseases and growing initiatives by various healthcare services about the diagnostic imaging services and their useful applications are expected to create new opportunities for the global diagnostic imaging services market. However, some risks associated with processing diagnostic imaging such as nephrogenic systemic fibrosis and cancer from radiation exposure can pose a challenge to overall market during the forecast period.
COVID-19 Impact on Global Diagnostic Imaging Services Market
The COVID-19 impact on the medical diagnostic imaging services market remains to be seen. But a majority of portable X-rays conducted are increased over the period as compared to the previous year 2020. US Food and Drug Administration (FDA) issued a policy on April 2020, to expand the availability and capability of medical X-rays, magnetic resonance imaging (MRI), and ultrasound to diagnose and monitor medical conditions of the patients suffering from COVID-19, as a result, the demands for medical diagnostic imaging services increased in the current market.
Global Diagnostic Imaging Services Market, by Application
Based on application, the diagnostic imaging services market is bifurcated into oncology, cardiology, neurology, and others. Neurology holds the largest market share of diagnostic imaging services and is expected to remain the largest during the forecast period.
Factors contributing the growth of neurology segments are because of increasing neurological disorders such as Parkinson disease, Alzheimer’s disease, and others.
Also, it has been noticed from last 27 years that aging population are facing neurological disorders among them and it is likely to increase in the future due to population growth. And hence, these factors are boosting the growth of neurology segment.
Global Diagnostic Imaging Services Market, by Type
Based on type, the market is segmented into x-ray imaging, ultrasound, magnetic resource imaging, computed tomography, nuclear imaging, and mammography. X-ray imaging holds the largest market share for global diagnostic imaging services in 2021 and is expected to remain the largest during the forecast period.
X-ray imaging is commonly used for checking the fractured or broken bones and organ diseases like pneumonia in the lungs or cancer. This is expected to augment segment growth during the forecast period. The lower cost involved when contrasted with other imaging modalities is expected to contribute to segment growth.
Global Diagnostic Imaging Services Market, by End User
Based on end user, the market is segmented into diagnostics centers, hospitals, research & academia, and ambulatory care centers. The hospital segment holds the largest market share for diagnostic imaging services in 2021 and is estimated to remain largest during the forecast period.
The segment growth can be due to rising number of diagnostic imaging procedures performed in hospitals, high adoption of advanced imaging technologies to improve patient care efficiently in hospitals, and increasing acceptance of minimally invasive procedures in hospitals.
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Global Diagnostic Imaging Services Market, by Region
Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North America is dominating the global diagnostic imaging services market and is expected to remain dominant during the forecast period.
Factors attributing the growth of North American market is due to the presence of leading diagnostic service providers such as Centers for Diagnostic Imaging, MedQuest Associates, RadNet, and others in this region.
The North American market is expected to be driven by growing old-age population in this region are facing geriatric syndromes, as a result it is indicating the increasing demand for medical imaging diagnostics services in this region and the advanced equipment offered by the leading diagnostic imaging service providers are boosting the global diagnostic imaging services market.
Recent Developments in the Global Diagnostic Imaging Services Market
- April 2021 – The University of Virginia School of Medicine, developed an advanced imaging approach to determine the best target in the brain to stop epilepsy seizures. The technology makes 4D brain maps that offers additional sensitivity over standard-of-care imaging by revealing rates of glucose uptake rather than final absolute glucose uptake.
- January 2021 – A new advanced computer technique developed by cancer researchers at the University of Cambridge to enable doctors to take fewer but more accurate tumor biopsies. The new technique could be done by combining computed tomography (CT) scans with ultrasound images that creates a visual guide for doctors to ensure sample the full complexity of a tumor with fewer targeted biopsies.
- December 2020 – AI Metrics, a medical imaging startup has received United States Food and Drug Administration 510 (k) clearance and CE mark clearance to focus on leveraging artificial intelligence to improve patient care.
Some Key Findings of the Global Diagnostic Imaging Services Report Include:
- The analysis includes a global diagnostic imaging services market study, expansions, and forecasts, along with a country-specific analysis
- An in-depth analysis of the global diagnostic imaging services market comprises segment by application, type, end user, and regions with an analysis of trend-based insights and factors
- Product offering details on competitive benchmarking and evolution approach adopted by the industry players, along with their investments in the last five years in the global market have been provided in the report
- The market research includes a study of the provinces, boundaries, drivers, prospects, guidelines, challenges, and procedures that are propelling the global diagnostic imaging services market
- The study also offers complex measures of potential market effect during the forecast period and an in-depth overview of the leading companies operating in the global market
- External as well as internal variables that are expected to have a positive or negative effect on companies have been evaluated, which will offer the decision-makers a strong futuristic view of the industry
- The research also helps understand the dynamics of the diagnostic imaging services market structure by analyzing market segments and by projecting the size of the market
- The report helps to understand the effects of COVID-19 pandemic on diagnostic imaging services market
- Some major industry players functional in the global diagnostic imaging services market are: Touchstone Imaging, Sonic Healthcare, Consensys Imaging Service, Inc., Alliance Healthcare Services, Center for Diagnostic Imaging (CDI), Dignity Health, Medica Group, RadNet, Inc., Novant Health, Global Diagnostics, Concord Medical Services Holdings Limited
For more information on this topic please visit our website report titled, “Diagnostic Imaging Services Market, by Application (Cardiology, Neurology, Oncology, Others), Type (X-ray Imaging, Ultrasound, Magnetic Resource Imaging, Computed Tomography, Nuclear Imaging, Mammography), End User (Diagnostics Centers, Hospitals, Research & Academia, Ambulatory Care Centers), and Region (North America, Europe, Asia Pacific, Middle East and Africa, South America)” —in-depth analysis along with the table of contents (ToC).
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