Diagnostic Imaging Services Market Set to Grow at 4.1% CAGR, Reaching USD 544.7 Bn by 2031 | Insights from TMR Study

Utilization of diagnostic imaging services is anticipated to increase as a result of incorporation of sophisticated technologies in medical imaging, which is increasing diagnosis efficiency. High incidence of chronic illnesses is driving diagnostic imaging services industry growth.

Wilmington, Delaware, United States, June 07, 2023 (GLOBE NEWSWIRE) -- The global diagnostic imaging services market size stood at USD 363.6 Bn in 2021 and is likely to surpass USD 544.7 Bn by 2031, expanding at a CAGR of 4.1% between 2022 and 2031.

The global market is driven by increase in diagnostic imaging usage. CT scan is a widely used technique for the diagnosis of several chronic disorders. Diagnostic accuracy has been markedly improved with the use of cutting-edge technology in medical imaging.

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The most significant technologies in diagnostic imaging nowadays include diagnostic wearables, remote reading solutions, 3D imaging, and artificial intelligence (AI). AI in diagnostic imaging facilitates faster scans and offers profound understanding of diverse disorders. Diagnostic imaging has become mobile owing to integration of computer vision, hardware downsizing, and AI. Companies in the global diagnostic imaging services market are focusing on lowering the cost of diagnosis in order to gain market share.

During diagnosis, diagnostic radiography is used to take images of the body's bones and anatomical structures. Diagnostic radiology includes procedures including CT and MRI scans, ultrasounds, nuclear medicine tests, and X-rays. When performing a digital mammogram, electronic conductors powered by computers are used to digitally record the radiographic picture. It aids in the detection and early diagnosis of breast-related ailments.

Global Diagnostic Imaging Services Market: Key Players

  • Shimadzu Corporation
  • Center for Diagnostic Imaging (CDI)
  • Koninklijke Philips N.V.
  • Dignity Health (CommonSpirit Health)
  • MedQuest Associates, Inc.
  • GE Healthcare

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Key Findings of Market Report

  • Based on imaging modality, the computed tomography (CT) segment is expected to grow at a rapid pace from 2022 to 2031. Global rise of CT technology in clinical applications and improvements in technology are expected to drive expansion of the segment.
  • In terms of application, the oncology segment is likely to lead the market in 2021 and the trend is expected to continue during the forecast period. Rise in cancer prevalence and consequent widespread implementation of diagnostic imaging techniques for identification of different types of cancer can be attributed to the segment's growth. It aids in the diagnosis of the cancer's stage, evaluation of the success of the therapy, and detection of the disease's metastasis to other organs.
  • Based on end-user, hospitals are among the largest consumers of diagnostic imaging services, which makes them an important market for service providers. Hospitals experience a big influx of patients since they have a wide variety of diagnostic imaging tools available. The hospitals sector held significant market share in 2021 due to increase in recommendations of diagnostic imaging tests for speedy and precise diagnosis of patient medical conditions.

Global Diagnostic Imaging Services Market: Growth Drivers

  • Medical imaging is extremely important for the purpose of identifying chronic diseases. Numerous chronic illnesses, including diabetes, cardiovascular disease, cancer, and obesity, are the outcome of an aging population and sedentary lifestyle. Substantial drop in fertility and increasing lifespan are important factors in the aging of the population. Moreover, considerable growth is seen in the baby boomer demographic. This age group is predisposed to a variety of chronic illnesses, including renal disease, cancer, spinal abnormalities, and cardiovascular illnesses.

  • A vital part in illness prevention and early detection and therapy is played by diagnostic imaging. Globally, governments allot sizable annual funds for making reimbursement of these types of services. Major markets including Australia, Europe, the US, China, and Japan  offer reimbursement for diagnostic imaging services. However, regional differences exist in the payment for diagnostic imaging services. Beneficial reimbursement terms are anticipated to drive the growth of the global diagnostic imaging services market in the near future.

Global Diagnostic Imaging Services Market: Regional Landscape

  • North America is a major market for diagnostic imaging services, and the U.S. dominates the region as a result of rise in prevalence of chronic illness, technical improvements, and rapid uptake of diagnostic imaging services by the nation's medical sector. North America accounted for leading share of 40% of the global market.

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Global 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


  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

About Transparency Market Research

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