Diagnostic Imaging Services Market Overview and Introduction

The global market is estimated to reflect a CAGR of 7.9% from 2019 to 2030.The global market is segmented based on modality, end user and region.

Diagnostic imaging is a field of medicine that uses non-invasive imaging to diagnose a patient by various imaging procedures. These services include different types of technologies, techniques, and equipment’s that are used to monitor, diagnose, screen, and treat medical conditions and deliver appropriate medical interventions. Diagnostic imaging has improved the ability of doctor’s to treat, diagnose, and detect an injury or disease precisely at an initial stage. Additionally, diagnostic imaging services are can be used to provide relevant information associated with a targeted area of the body that needs to be treated or studied. Sometime the equipment used can involve low doses of radiation to create highly detailed images of an area. Diagnostic imaging services are used to identify a wide range of problems. Furthermore, to identifying problems, physicians can use diagnostic imaging to observe how your body is responding to an existing treatment. Diagnostic imaging also enables the doctors to make a rapid and accurate assessment of a patient’s condition, empowering them with data that enables them to dispense the right treatment, which can then be delivered swiftly and effectively.

The advent of innovative diagnostic imaging technology such as 4D and 5D ultrasound medical devices, 7T MRI equipment, innovations in digital X-ray technologies and high-slice CT scanners are factors that are expected to be pivotal in the growth of this market. Multiple advancements in diagnostic imaging techniques in the sphere of modern medicine have enabled the acquisition of information related to the human body for timely clinical interventions. Moreover, advancement in imaging provides the doctors with novel tools to improve patient care in innovative ways. In an effort to diagnose, prevent or arrest the progression of diseases, patients and doctors alike are seeking diagnostic imaging service capabilities. Early diagnosis via use of imaging technology can qualify some of the medical issues to be resolved much more quickly, allowing for improved prognosis. These are some of the factors that are anticipated to fuel this market growth. For a large number of such patients, accessing diagnostic imaging services is a continuing process, however they find the cost unaffordable and choose to entirely skip or use the imaging services sparingly. Moreover, there are a number of diagnostic imaging services which are not covered by the health insurance or government reimbursements. This results in patients bearing the full cost of the imaging service without any rebate. The addition of non-rebateable diagnostic imaging services is an added deterrent to already vulnerable patients who are having a tough choice of choosing between sufficient healthcare and financial hardship. This is expected to hinder the growth of this market.

Diagnostic Imaging Services Market by Modality and End Users

On basis of modality, this market is segmented into Diagnostic Radiology, Ultrasound, Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Nuclear Imaging, Others. In terms of volume the Ultrasound and Diagnostic Radiology segment is expected to have a substantial market share. However the CT and MRI contribute more towards the revenue of diagnostic imaging services as they are more expensive.

On the basis of end user, the market is segmented into Diagnostic Imaging Centre’s, Hospital & Clinics and Others. The hospital segment is anticipated to hold the maximum market share during the forecast period owing to factors such as ability to handle a high patient volume and better access to updated and technological advanced equipment.

Diagnostic Imaging Services Market by Region

On the basis of region, the global diagnostic imaging market has been segmented into North America, Europe, Asia Pacific, and Rest of World (ROW). North America holds the major share of the global market. The market in this region is expected to be fuelled by factors such as rising prevalence of chronic diseases, awareness regarding preventative diagnostic imaging and mergers and acquisitions of key service providers of diagnostic imaging coupled with growing number of diagnostic imaging centers. Asia Pacific region is expected to witness the highest CAGR in the forecast period.

Diagnostic Imaging Services Market Prominent Players

The prominent players in the global diagnostic imaging services market are RadNet, Inc,MedQuest Associates, Inc., Center for Diagnostic Imaging (CDI),Sonic Healthcare, Concord Medical Services Holdings Limited, Alliance Medical, Simon Med/Dignity Health, Touchstone Imaging, Consensys Imaging Service, Inc., and InHealth Group, among others.