DUBLIN--(BUSINESS WIRE)--The "Diagnostic Imaging Services Market by Procedure (MRI, Ultrasound, X-RAY, CT, Nuclear Imaging (SPECT, PET), Mammography), Application (OB/Gyn, Orthopedics, Oncology, Vascular, Neurology), End User (Hospitals, Imaging Centers) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Diagnostic Imaging Services Market is Projected to Reach USD 693.4 Billion by 2024 from USD 539.7 Billion in 2019, at a CAGR of 5.1% from 2019 to 2024.
The major factors driving the growth of this market include the rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases and growing awareness about early disease detection and the widening scope of clinical applications. On the other hand, factors such as the high cost of diagnostic imaging systems and the low reimbursement structure for outpatient imaging facilities are likely to restrain the growth of the diagnostic imaging services market to a certain extent in the coming years.
On the basis of modality, X-ray accounted for the largest share of the diagnostic imaging services market in 2018.
Diagnostic imaging services make use of different modalities for the diagnosis and detection of various medical conditions, such as neurology, dentistry, oncology, cardiovascular, and mammography. The key modalities used for providing these services include X-ray imaging, computed tomography, ultrasound, MRI, nuclear imaging, and mammography.
In 2018, the x-ray segment accounted for the largest share of the diagnostic imaging services market. The key factors driving the growth of this market include the rising geriatric population, lower cost of X-rays as compared to other imaging modalities, favorable returns on investments, and technological advancements in X-ray imaging systems.
The neurology segment accounted for the largest share of the MRI services market in 2018.
Based on application, the MRI services market is segmented into neurology, orthopedics, cardiovascular, pelvic & abdomen, and oncology. The neurology segment accounted for the largest share of the MRI services market in 2018. The large share of this segment can be attributed to the aggressive R&D activities in neuroscience, favorable federal initiatives, and the growing incidence of brain injuries.
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period.
The diagnostic imaging services market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the RoW. In 2018, North America commanded the largest share of the global diagnostic imaging service market. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period primarily due to the improving healthcare infrastructure, rising investments in diagnostic imaging, improving reimbursement scenario, and the growing insurance coverage in several APAC countries.
The major players in the market includes RadNet, Inc. (US), Sonic Healthcare (Australia), Dignity Health (US), Novant Health (US), Alliance Medical (UK), InHealth Group (UK), Medica Group (UK), Global Diagnostics (Australia), and Healthcare Imaging Services Pty Ltd. (Australia), among others.
Market Dynamics
Drivers
- Rapidly Growing Geriatric Population and the Subsequent Increase in the Prevalence of Associated Diseases
- Growing Awareness About Early Disease Detection and the Widening Scope of Clinical Applications
Restraints
- High Cost of Diagnostic Imaging Systems
- Low Reimbursement Structure for Outpatient Imaging Facilities
Opportunities
- Adoption of Artificial Intelligence and Blockchain in Diagnostic Imaging Settings
Challenges
- Dearth of Trained Professionals
Industry Trends
- Growing Preference for Outpatient Imaging Centers
- Growing Adoption of Refurbished Diagnostic Imaging Systems in Outpatient Imaging Centers
- Increasing Adoption of Teleradiology
Burning Issues
- Overutilization of Diagnostic Imaging Services
Pricing Analysis for Imaging Scans, By Geography (2018)
Reimbursement Scenario in the US
- Commercial Reimbursement: Diagnostic Imaging Services
Company Profiles: Business Overview, Products Offered, Recent Developments
- Alliance Medical (A Part of Dubai International Capital)
- Canada Diagnostic Centres
- Center for Diagnostic Imaging, Inc.
- Concord Medical Services Holdings Limited
- Dignity Health
- Global Diagnostics
- Healius Limited
- Healthcare Imaging Services Pty Ltd.
- Inhealth Group
- Medica Group
- Novant Health
- Radnet, Inc.
- Simonmed Imaging
- Sonic Healthcare
- Unilabs
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