Diagnostic Imaging Services Market Soars High to Reach US$501.1 Bn by 2030, Projects Fairfield Market Research in a New Report
Findings of a Recent Report of Fairfield Market Research Indicate that MRI Claims Dominance in Diagnostic Imaging Services Market with its Non-Invasive Nature, Versatility, and High-Quality Imaging Capabilities. While Hospitals Lead the End User Category, Asia Pacific will Exhibit the Fastest CAGR by 2030.
London, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The global *diagnostic imaging services market* is on the brink of unprecedented growth, poised to reach a staggering *US$501.1 Bn by 2030,* backed by a sustained *CAGR of 4.6%.* This surge, according to a newly published report of *Fairfield Market Research*, is fuelled by an escalating demand from the healthcare sector and the rising prevalence of diseases necessitating advanced diagnostic technologies.The unprecedented growth of the diagnostic imaging services market is a result of a confluence of factors, including technological advancements, increasing healthcare investments, and an expanding ageing population.
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*REPORT SCOPE*
Report Attributes Details
Base Year 2022
Forecast Year 2023 – 2030
Market Size in 2022 US$365.8 Bn
Estimated Market Size in 2030 US$501.1 Bn
CAGR 4.6%
Growth Drivers · Increasing Technology Intervention in Diagnostics
· Rising Healthcare Spending
· Exploding Geriatric Population
· Mounting Chronic Disease Burden
Segmentation · By Modality (Magnetic Resonance Imaging (MRI), Ultrasound, Computed Tomography (CT), X-Ray, Nuclear Imaging (SPECT/PET), Mammography)
· By End User (Hospitals, Diagnostic Imaging Centres, Diagnostic Centres, Research and Academia)
Regional Coverage · North America (US, Canada)
· Europe (Germany, UK, France, Italy, Turkey, Russia, Rest of Europe)
· Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
· Latin America (Brazil, Mexico, Rest of Latin America)
· Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa)
Key Players Radiology Associates, Inc., Sonic Healthcare Limited, Alliance Medical Group, Alliance Healthcare Services, Inc., Center for Diagnostic Imaging (CDI), InHealth Group, Envision Healthcare Corporation, Zwanger-Pesiri Radiology Group, National Imaging Associates (NIA), Mednax, Inc., Touchstone Medical Imaging, Insight Imaging
The key growth drivers for this market include a surge in demand for advanced diagnostic technologies, ongoing technological innovations, and an expanding healthcare infrastructure, particularly in emerging markets. The market is further propelled by the increasing geriatric population requiring frequent diagnostic imaging for early disease detection and treatment.
“*The market's shift towards portable imaging, cloud-based solutions, and telemedicine integration reflects a broader trend of enhancing accessibility and efficiency in healthcare,” **says the analyst, adding further, **“And the providers embracing these trends are well-positioned to capitalise on the evolving landscape, meeting the rising demand for diagnostic services across diverse demographics and geographic regions*”.
*Key Research Insights*
· Stringent regulatory compliance poses challenges ahead of the market, impacting operational costs for providers.
· Magnetic resonance imaging (MRI) dominates the market, driven by its non-invasive nature and versatile diagnostic capabilities.
· Hospitals lead in market share, offering comprehensive healthcare services under one roof.
*Insights into Segmentation Analysis*
*MRI Stands out*
The diagnostic imaging services market showcases distinct trends within its segments. Magnetic resonance imaging (MRI) stands out as the dominant modality, securing the largest market share due to its non-invasive nature and unparalleled imaging capabilities across various medical conditions.
Continuous technological advancements, such as higher field strengths and functional MRI, further enhance its diagnostic capabilities, propelling MRI to the forefront of diagnostic imaging services.
*CT Emerges the Most Lucrative*
Computed tomography (CT) emerges with the highest CAGR, driven by factors such as rapid imaging with exceptional detail, making it valuable for diagnosing a broad spectrum of medical conditions, from trauma to cancer.
Continuous advancements, including multi-slice and cone-beam CT, enhance speed and image quality. CT plays a crucial role in emergency medicine and oncology, further boosting its growth in the market.
*Hospitals Lead Demand Generation*
Hospitals command the largest market share, serving as comprehensive healthcare hubs providing a wide range of diagnostic services under one roof. Their investment in advanced imaging equipment and facilities positions them as a preferred choice for both patients and referring physicians.
*Diagnostic Imaging Centres Reflect Ample Opportunity*
In contrast, diagnostic imaging centres experience the fastest CAGR, offering specialised expertise, state-of-the-art equipment, and shorter wait times. The trend towards outpatient care and the increasing emphasis on cost-effective healthcare solutions contribute to their growth.
Diagnostic imaging centres often have a dedicated focus on imaging services, allowing them to stay at the forefront of technology and offer a wide array of specialised imaging modalities, further driving their market expansion.
*Key Report Highlights*
North America commands the largest market share, backed by robust healthcare infrastructure and a high prevalence of chronic diseases.
The Asia Pacific region awaits the fastest CAGR through 2030, fueled by a growing population, increased healthcare investments, and rising awareness of preventive healthcare.
Key trends include the adoption of portable imaging, cloud-based solutions, and the integration of diagnostic imaging into telehealth platforms.
*Insights into Regional Analysis*
*North America’s Leadership Position Intact*
North America leads the global diagnostic imaging services market, capturing the largest market share. This dominance is attributed to its robust healthcare infrastructure, high healthcare expenditure, stringent regulatory standards, a growing ageing population, and a high prevalence of chronic diseases.
The well-established regulatory framework ensures quality, safety, and data privacy, instilling confidence in patients and healthcare providers. Moreover, North America has a strong focus on R&D, along with the presence of leading healthcare institutions and innovative companies, continually driving technological advancements and market growth.
*Asia Pacific to Demonstrate the Fastest Growth*
The Asia Pacific region emerges as the fastest-growing market in the diagnostic imaging services sector. Several factors contribute to this rapid growth, including the expanding population, increasing healthcare investments, rising disposable incomes, improving healthcare infrastructure, and a growing awareness of preventive healthcare.
The prevalence of chronic diseases in the region necessitates frequent imaging for diagnosis and management, further boosting the demand for diagnostic imaging services.
*Key Competitors in Global Diagnostic Imaging Services Market*
· Radiology Associates, Inc
· RadNet, Inc.
· Alliance Healthcare Services, Inc.
· Sonic Healthcare Limited
· Envision Healthcare Corporation
· Alliance Medical Group
· InHealth Group
· Center for Diagnostic Imaging (CDI)
· SimonMed Imaging
· National Imaging Associates (NIA)
· Mednax, Inc.
· Akumin Inc.
· Zwanger-Pesiri Radiology Group
· Touchstone Medical Imaging and
· Insight Imaging
are some of the leading entities in the worldwide market for diagnostic imaging services.
*Browse Global Diagnostic Imaging Services Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Modality Coverage, By End User Coverage, By Geographic Coverage and By Company): **https://www.fairfieldmarketresearch.com/report/diagnostic-imaging-services-market*
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