DUBLIN--(BUSINESS WIRE)--The "Global Diagnostic Imaging Services Market by Procedure (MRI, Ultrasound, CT, X-RAY, Nuclear Imaging, Mammography), Application (OB/Gyn, Pelvic/Abdomen, Cardiology, Oncology, Neurology), Technology, User (Hospitals, Diagnostic Centers) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The diagnostic imaging services market is projected to reach USD 702.6 billion by 2027 from USD 549.0 billion in 2022, at a CAGR of 5.1% during the forecast period. Major factors driving the growth of the market includes rising global incidence of various chronic diseases, growing awareness about the different imaging modalities, and growing expansion of outpatient imaging centers.
However, the high cost associated with diagnostic imaging equipment; reducing the adoption of new imaging technology among lower economic countries and the shortage of skilled workforce is anticipated to restrain the growth of the market.
X-ray accounted for the largest share of the global diagnostic imaging services market in 2021
Based on Modality, the market is segmented into X-ray, computed tomography, ultrasound, MRI, nuclear imaging, and mammography. In 2021, the x-ray segment accounted for the largest share of the diagnostic imaging services market. This is attributed to the increased usage of digital X-ray imaging modality among hospitals & diagnostic centers across the globe. Additionally, ongoing technological upgradation in X-ray scan such as Hierarchical Phase-Contrast Tomography (HiP-CT), offering 3D images of whole body scans with a resolution 10 times greater than CT scanner, are anticipated to support the growth of the segment in the near future.
The neurology segment accounted for the largest share of the MRI imaging services market in 2021
Based on application, the MRI services market is segmented into neurology, orthopedics, cardiovascular, pelvic & abdomen, and oncology. The neurology segment accounted for the largest share of the MRI services market in 2021. This is attributed to the increasingly aged population and growing incidences of neurodegenerative disorders, traumatic brain injuries, advancements in MRI imaging technology and the growing number of players introducing new MRI technology for the prediction of various neurological disorders.
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period
The diagnostic imaging services market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, Latin America and Middle East & Africa. In 2021, North America commanded the largest share of the global diagnostic imaging service market. However, the Asia Pacific market is estimated to grow at the highest CAGR of 6.1% during the forecast period primarily due to the improving healthcare infrastructure, rising investments in diagnostic imaging, improving reimbursement scenario, rising medical tourism, and the growing insurance coverage in several APAC countries. Furthermore, the establishment of new diagnostic centers and hospitals in Asian Countries is expected to propel the growth of the market in the Asia Pacific during the forecast period.
Market Dynamics
Drivers
- Rising Geriatric Population and Subsequent Increase in Age-Related Diseases
- Growing Awareness of Early Disease Detection and Broad Scope of Clinical Applications
- Technological Advancements in Diagnostic Imaging
- Growing Preference for Outpatient Imaging Centers
Restraints
- High Cost of Diagnostic Imaging Systems
- Low Reimbursement for Outpatient Imaging Facilities
Opportunities
- Adoption of AI and Blockchain
- High Growth Opportunities in Emerging Countries
Challenges
- Shortage of Skilled Radiologists
- Hospital Budget Cuts
- Pricing Analysis
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Diagnostic Imaging Services Market, by Modality
7 Diagnostic Imaging Services Market, by Application
8 Diagnostic Imaging Services Market, by Technology
9 Diagnostic Imaging Services Market, by End-user
10 Diagnostic Imaging Services Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Appendix
Companies Mentioned
- Alliance Medical (A Part of Dubai International Capital)
- Canada Diagnostic Centres
- Center for Diagnostic Imaging, Inc.
- Concord Medical Services Holdings Limited
- Dignity Health
- Global Diagnostics
- Healius Limited
- Healthcare Imaging Services Pty Ltd.
- Inhealth Group
- Medica Group
- Novant Health
- Radnet, Inc.
- Simonmed Imaging
- Sonic Healthcare
- Unilabs
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