by The diagnostic imaging services market involves medical imaging procedures that are performed by radiologists. Some common diagnostic imaging technologies include X-rays, ultrasounds, MRIs, CAT scans and nuclear imaging. These types of medical tests are used to help diagnose medical conditions, diseases and injuries. The global diagnostic imaging services market is estimated to be valued at US$ 533.99 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.
Diagnostic imaging services help physicians to non-invasively visualize the inside of the body and provide anatomical details that assist in accurate diagnosis. The demand for these services is rising globally due to the increasing prevalence of chronic illnesses like cancer, cardiovascular diseases and neurological disorders. Diagnostic imaging modalities provide critical information required for effective treatment planning and help reduce invasive diagnostic procedures.
Key Takeaways
Key players operating in the diagnostic imaging services market are RadNet, Inc., Akumin Inc., Novant Health, RAYUS Radiology, MedQuest Associates, Concordmedical, Lucid Medical Diagnostics, Radiology Partners, Envision Radiology, Capitol Imaging Services, Statim Healthcare, InHealth Group, Global Diagnostic Imaging, and ADM Diagnostics, Inc.
The key opportunities in the market include rising investments by hospitals and diagnostic centers towards advanced technologies, growing awareness regarding early disease detection, and increasing public-private partnerships for improving diagnostic imaging infrastructure in developing regions.
Globally, the diagnostic imaging services market size is expanding rapidly with investments towards extending services to rural areas. Market players are focusing on geographical expansion strategies and entering into collaborations to strengthen their presence across regions.
Market Drivers
Diagnostic Imaging Services Market Size and Trends increasing geriatric population is a major market driver as age-related chronic diseases drive up demand for diagnostic imaging tests. According to estimates, over 67% of the US population will be over 65 years of age by 2030. Rising healthcare expenditure per capita globally to improve access to advanced treatments is also expected to boost market growth during the forecast period.
PEST Analysis
Political: Healthcare policies influence the diagnostic imaging services market. Policies related to insurance coverage and reimbursement play a key role.
Economic: Economic factors like disposable income, healthcare spending influence demand for diagnostic imaging services. Affordability affects market growth.
Social: An aging population drives demand. Growing public awareness boosts preventative care and early diagnosis, fueling market expansion.
Technological: Advancements in imaging technologies like MRI, CT, ultrasound fuel the market. New techniques improve diagnosis. Artificial intelligence assists radiologists in analysis.
Geographical Regions of Concentration
North America accounts for the largest market share due to higher healthcare spending and insurance coverage. Presence of leading players and advanced infrastructure supports market growth. Asia Pacific is growing rapidly due to rising medical tourism, healthcare reforms and economic growth in China and India.
Fastest Growing Region
Asia Pacific region is poised to grow at the fastest rate due to increasing healthcare expenditure, larger patient pool, rising awareness and expanding medical insurance coverage in developing countries. Growing geriatric population suffering from chronic diseases supports diagnostic imaging services demand. Investments to strengthen healthcare infrastructure enhance regional market growth.
Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
