Wilmington, Delaware, United States, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Recent insights on the diagnostic imaging services market indicate that the need for increased accuracy of diagnosis of various medical conditions has led medtech companies to make continuous technological advancements in medical imaging equipment. Commercialization of computed tomography (CT) modalities has boosted sales of diagnostic imaging services market. The market value of the diagnostic imaging services is forecast to cross US$ 544.7 Bn by the end of 2031.
Medical device companies in diagnostic imaging services market are increasingly integrating advanced technologies such as artificial intelligence and 3D imaging in new product developments to bolster the comfort and diagnostic accuracy. Stridently, advancements in computer vision systems and increasing trend of hardware miniaturization in imaging devices have unlocked new revenue streams. Cutting-edge technologies that increase the reliability of measurements particularly in oncology will drive expansion of the diagnostic imaging services market in next few years.
Most players apart from launching new technologies are also leaning on making them affordable to patients at large. Diagnostic centers are expected to rapidly adopt diagnostic radiography over the next few years. Rise in demand for multi-modal diagnostics imaging devices is catalyzing the growth prospects of the segment.
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Key Findings of Diagnostic Imaging Services Market Study
- Abundant Demand in Hospitals: The TMR study found that hospitals held a major market share for diagnostic imaging services in 2021. This can be attributed to the availability of wide range of equipment in hospital settings, and substantially growing number of patient visits. Moreover, new entrants have been getting into service agreements with hospitals to get a foothold in the diagnostic imaging services market.
- R&D in Diagnostic Imaging Equipment Expanding Avenues, Particularly in CT: Diagnostic imaging that utilize a range of computed tomography (CT) technologies have risen in adoption in various healthcare settings. Rapid technological advancements in CT have spurred the demand, thus boosting the lucrativeness of the segment. Rise in demand for CT modality in diagnosis, characterization, and staging of various cancer types is likely to generate enormous revenue streams. Of note, of the various applications, the oncology segment held the leading share of the diagnostic imaging services market in 2021.
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Diagnostic Imaging Services Market: Key Drivers
- Worldwide demand for medical imaging for the diagnosis and treatment of diseases is a key driver of the diagnostic imaging services market. Growing spending by government and global health agencies on improving the access and affordability of medical imaging is spurring the market growth.
- Growing need for diagnostic imaging in elderly population underpins a lucrative demand. Of particular relevance is enormous demand for diagnostic imaging services emanating from the rising incidence of cancer and the prevalence of cardiovascular ailments in geriatrics.
Diagnostic Imaging Services Market: Regional Growth Dynamics
- North America held a major share of the global diagnostic imaging services market in 2021. Prevalence of chronic diseases and continuous technological advancements in the equipment have created profitable avenues in the regional market. The U.S. is a lucrative market. Of note, substantial uptake of low-dose automated CT scanners in various medical settings is generating massive revenue streams.
- Revenues in Asia Pacific diagnostic imaging services market are expected to grow at the most attractive pace during the forecast period of 2022-2031. The region is hub to the manufacturing of numerous diagnostic imaging equipment. Furthermore, strides being made by medical tourism is reinforcing the prospects of the regional market. India, China, and Japan are lucrative markets.
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Diagnostic Imaging Services Market: Key Players
The TMR study finds that the competition landscape is highly consolidated with only few service providers holding significant stakes in the market. Top players are leaning on launching cutting-edge diagnostic imaging modalities to grow their shares and consolidate their positions. Stridently, firms are keenly undertaking partnerships and joint ventures to grow their patient base.
Some of the key players in diagnostic imaging services market are Dignity Health, Shimadzu Corporation, GE Healthcare, Koninklijke Philips N.V., Carestream Health, Hitachi, Ltd., Siemens Healthineers, Siemens Healthineers, Center for Diagnostic Imaging (CDI), and RadNet, Inc.
Diagnostic Imaging Services Market Segmentation
- By Imaging Modality
- X-ray
- Magnetic Resonance Imaging (MRI)
- Ultrasound
- Computed Tomography (CT)
- Nuclear Imaging
- Others
- By Application
- Cardiology
- Gynecology/Obs
- Oncology
- Orthopedics & Musculoskeletal
- Neurology & Spine
- General Imaging
- By End-user
- Hospitals
- Ambulatory Surgical Centers
- Diagnostic Centers
- Others
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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