Pune, India, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The global US Diagnostic Imaging Services Market size was valued at USD 94.31 billion in 2020. The market is projected to grow from USD 104.65 billion in 2021 to USD 176.50 billion by 2028, exhibiting a CAGR of 7.8% during the forecast period. High safety and efficiency of the product and growing geriatric population may foster market development. In 2021, North America dominated the global market reaching a valuation of USD 3.19 billion.
Industry Development:
June 2021- Akumin, Inc. partnered with Royal Philips to establish Philips’ novel Radiology Operations Command Center across Akumin’s outpatient imaging centers.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 7.8% |
| 2028 Value Projection | USD 176.50 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 94.31 billion |
| Historical Data | 2017 to 2019 |
| No. of Pages | 98 |
Key Takeaways from the US Diagnostic Imaging Services Market:
- Nearly 80 percent of Americans over the age of 65 have at least one chronic condition, according to the Centers for Disease Control and Prevention (CDC).
- A chronic illness affects 6 out of 10 adults, and 4 out of 10 adults have two or more such illnesses.
- In 2020, the computed tomography (CT) segment had the highest share.
- Strong Private Health Insurance Adoption in the US to Strengthen Segment's Dominance
- RadNet, Inc. and Rayus Radiology had the majority of the market share in the United States.
DRIVING FACTOR:
Prevalence of Chronic Disorders to Propel Industry Growth
The rising prevalence of cancers and cardiovascular disorders may boost the market’s development. The adoption of diagnostic imaging services allows for the early detection of several disorders. This factor allows for effective treatment procedures, thereby driving the demand for procedures. As per the information provided by the National Cancer Institute in NIH, approximately 1,735,350 cases of cancer were diagnosed in 2018. To tackle cancer cases, several medical professionals utilize diagnostic imaging devices. Additionally, favorable government policies and rising insurance in the U.S. are expected to drive the U.S. diagnostic imaging services market growth.
However, a skilled workforce shortage may affect the services’ penetration, thereby hampering the diagnostic imaging services industry development.
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REGIONAL INSIGHTS:
North America to Hold Dominant Share Owing to Rising Prevalence of Dental Disorders
North America dominated the global market in 2021 reaching a valuation of USD 3.19 billion due to rise in the number of adults opting for braces, clear aligners, and other treatments. Growing prevalence of dental disorders and increasing awareness regarding importance of dental care are the factors contributing to market proliferation in this region.
Europe held the second largest share in the global market in 2021 and will record moderate growth in the upcoming years due to increasing focus on dental treatment, better healthcare facilities, and availability of efficient and technologically advanced products.
Meanwhile, the Asia Pacific market is projected to expand rapidly in the coming years while recording the highest CAGR among all regional markets. The rising number of dental clinics & multispecialty hospitals and growing availability of product supplies in economies such as Australia, China, and India will contribute to market growth in this region.
COMPETITIVE LANDSCAPE:
Companies Enter into Contracts to Expand Market Reach
Prominent companies operating in the market enter into contracts to expand market reach globally. For example, LucidHealth, Inc. announced a contract to provide interventional and diagnostic radiology services for the Genesis Healthcare System (Genesis). This contract expanded its services in Southeastern Ohio, thereby expanding its market reach. Furthermore, companies utilize novel product launches, collaborations, partnerships, acquisitions, mergers, and research and development strategies to boost service quality and boost their market position.
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The Report Lists the Key Companies in the US Diagnostic Imaging Services Market:
- RadNet, Inc. (Los Angeles, U.S.)
- Akumin, Inc. (Plantation, U.S.)
- Rayus Radiology (St Louis Park, U.S.)
- MedQuest (Alpharetta, U.S.)
- LucidHealth, Inc. (Columbus, U.S.)
- US Radiology Specialists (Raleigh, U.S.)
- Radiology Partners (El Segundo, U.S.)
- Envision Radiology (Colorado Springs, U.S.)
- Capitol Imaging Services (Metairie, U.S.)
Some major points from Table of Content:
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Number of Radiologists, 2020
- Number of Diagnostic Imaging Centers, 2020
- Average Cost of Key Services
- Reimbursement & Regulatory Overview
- Recent Industry Developments Mergers, Acquisitions & Partnerships
- Prevalence/Incidence of Key Conditions
- Total Number of Selective Procedures (CT Scans, MRI Scans, PET Scans, etc.,) 2020
- Impact of COVID 19 on the Market
- U.S. Diagnostic Imaging Services Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Procedure
- CT
- MRI
- X ray
- Ultrasound
- Others
- Market Analysis, Insights and Forecast – By Application
- Cardiology
- Neurology
- Oncology
- Orthopedics
- Gynecology
- Others
- Market Analysis, Insights and Forecast – By Payor
- Public Health Insurance
- Private Health Insurance/Out of pocket
- Market Analysis, Insights and Forecast – By Setting
- Hospitals
- Imaging Centers
- Others
- Comparative Analysis
- U.S. Market Share Analysis (2020)
- Company Profiles (Overview, Product Applications & Services, SWOT Analysis, Recent Developments, Strategies, Financials (Based on Availability))
- RadNet, Inc.
- Akumin, Inc.
- Rayus Radiology
- MedQuest
- LucidHealth, Inc.
- US Radiology Specialists
- Radiology Partners
- Envision Radiology
- Capitol Imaging Services
TOC Continued…
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