by The diagnostic imaging services market encompasses medical imaging services for diagnosis of various medical conditions. These services utilize advanced imaging modalities like X-ray, MRI, CT scans, ultrasound and nuclear medicine imaging to obtain visual representations of the interior of a body for clinical analysis and medical intervention. Diagnostic imaging aids in detection of fractured bones, ruptured organs, tumors, cancers and other abnormalities invisible to the human eyes. The growing prevalence of chronic diseases, rising geriatric population, increasing healthcare spending and technological advancements in imaging modalities are fueling the demand for diagnostic imaging services globally.
The Global Diagnostic Imaging Market is estimated to be valued at US$ 533.99 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the diagnostic imaging services are RadNet, Inc., Akumin Inc., Novant Health, RAYUS Radiology, MedQuest Associates, Concordmedical, Lucid Medical Diagnostics, Radiology Partners, Envision Radiology, Capitol Imaging Services, Statim Healthcare, InHealth Group, Global Diagnostic Imaging, and ADM Diagnostics, Inc.
The rising incidence of chronic and acute diseases along with faster diagnosis is driving huge demand for diagnostic imaging services globally. According to WHO, cardiovascular diseases are the leading cause of deaths globally taking an estimated 17.9 million lives each year. Diagnostic imaging plays a pivotal role in detection of CVDs at an early stage.
The diagnostic imaging services market size is witnessing significant expansion with market players focusing on geographic expansion into developing countries of Asia Pacific, Latin America, Middle East and Africa. For instance, RadNet Inc. established diagnostic imaging centers in California, Maryland and Illinois in 2021 to cater to the growing patient demands.
Market Key Trends
One of the major trends gaining traction in the Diagnostic Imaging Services Market Size and Trends is tele radiology or teleradiology. It refers to the electronic transmission of radiological images like X-rays, CTs, and MRIs from one location to another for the purposes of consultation and reporting. During the pandemic, there was a surge in demand for teladiagnosis with patients and radiologists located in different areas. Teleradiology has the potential to address issues of uneven distribution of medical specialization and reduce healthcare costs in the long run.
Porter’s Analysis
Threat of new entrants: The diagnostic imaging services industry requires high capital investment and the establishment of facilities with expensive medical equipment. This creates barriers to entry for new companies.
Bargaining power of buyers: Individual consumers have little bargaining power as they need diagnostic procedures. However, large healthcare buyers like insurance companies can negotiate lower rates.
Bargaining power of suppliers: Major equipment producers like General Electric, Canon Medical Systems, and Philips have significant power in the market as buyers depend on their specialized medical devices and machinery.
Threat of new substitutes: New techniques are continuously emerging but they take time for establishment and adoption. Direct competition comes from other existing imaging modalities rather than substitutes.
Competitive rivalry: The industry has high competition owing to the large number of market participants. Players compete on the basis of price, quality of care, diagnostic accuracy and customer service.
Geographical Regions
North America dominates the diagnostic imaging services market accounting for over 40% of the total market value, owing to the region’s highly developed healthcare infrastructure and rising patient volume.
Asia Pacific is poised to be the fastest growing regional market during the forecast period due to increasing medical tourism, improving access to healthcare facilities, rising awareness about diagnostic procedures and expansion of private healthcare sectors across major countries.
Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
