by Imaging services play a vital role in modern healthcare systems by providing anatomical and physiological details about patients that help clinicians accurately diagnose, monitor treatment response, and guide interventional procedures. From X-rays and ultrasound to MRI and nuclear medicine scans, imaging tests provide insight into everything from broken bones and soft tissue injuries to cardiovascular diseases and cancers. With an aging population and growing prevalence of chronic and lifestyle-related illnesses, diagnostic imaging demand in the U.S. has risen steadily in recent years.
The global U.S. Imaging Services Market is estimated to be valued at US$ 154.77 Bn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing prevalence of chronic diseases such as cardiovascular conditions, neurological disorders, and cancers account for a major share of imaging test volumes. According to American Heart Association statistics, prevalence of cardiovascular diseases increases from 11.6% to 45.1% between ages 60-79 years. Similarly, the National Cancer Institute estimated over 1.9 million new cancer cases diagnosed in 2022 alone. Rising life expectancies coupled with increasing incidence of prolonged health issues drive greater reliance on diagnostic procedures. Further, technological advancements enable high-resolution visualization of internal structures with less exposure to radiation. Introduction of artificial intelligence and machine learning applications have potential to automate analysis and expedite diagnosis. Wider availability and insurance coverage for various modalities also factor in increased access and patient uptake of imaging services in the U.S.
Porter’s Analysis
Threat of new entrants: Low due to significant investments needed in medical equipment, radiologists and other diagnostic equipment which require strong financial capabilities to enter the market.
Bargaining power of buyers: Moderate due to the presence of large number of buyers however imaging services are crucial for clinical decision making.
Bargaining power of suppliers: Low due to presence of multiple equipment suppliers, however, imaging equipment have large switching costs.
Threat of new substitutes: Low as there are limited alternative diagnostic modalities that can replace medical imaging.
Competitive rivalry: High due to presence of fragmented industry with large number of players offering similar services on regional and local level.
Key Takeaways
The global U.S. Imaging Services Market is expected to witness high growth. The market size for 2023 is estimated to be US$ 154.77 Bn growing at a CAGR of 3.2% during the forecast period of 2023 to 2030.
Regional analysis – The North America region holds the largest share of the U.S. Imaging Services Market share owing to high healthcare spending and established healthcare infrastructure. Factors such as adoption of advanced diagnostic imaging modalities and presence of key market players in the region are propelling market growth.
Key players – Key players operating in the U.S. Imaging Services Market are SGS Group, Bureau Veritas SA, TUV Rheinland Group, Intertek Group PLC, ALS Limited, DNV GL, MISTRAS, Lloyd€TMs Register Group Limited, Underwriters Laboratories Inc., ABS Group, and ASTM International. Players are focusing on strategic partnerships, mergers and acquisitions to gain more market share.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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