Image: Attractive Opportunities in the Diagnostic Imaging Services Market (Photo courtesy of MarketsandMarkets)
The global diagnostic imaging services market is projected to grow at a CAGR of 5.1% from USD 539.7 billion in 2019 to USD 693.4 billion by 2024, driven mainly by the rapidly rising geriatric population and subsequent increase in the prevalence of associated diseases, growing awareness about early disease detection and the widening scope of clinical applications. However, the high cost of diagnostic imaging systems and low reimbursement structure for outpatient imaging facilities are likely to restrain the market growth to some extent in the coming years.
These are the latest findings of MarketsandMarkets (Maharashtra, India), a market research and management consulting firm.
Based on modality, the X-ray segment accounted for the largest share of the global diagnostic imaging services market in 2018, led by the rising geriatric population, lower cost of X-rays as compared to other imaging modalities, favorable returns on investments, and technological advancements in X-ray imaging systems. On the basis of end-user, the hospitals segment held the largest share of the global diagnostic imaging services market in 2018, on the back of increasing number of diagnostic imaging procedures performed in hospitals, growing adoption of minimally invasive procedures in hospitals for improving the quality of patient care, and rising adoption of advanced imaging modalities to improve patient workflow efficiency in hospitals.
Geographically, North America held the largest share of the global diagnostic imaging service market in 2018, although Asia Pacific is estimated to record the highest CAGR during the forecast period, driven by improving healthcare infrastructure, rising investments in diagnostic imaging, improving reimbursement scenario, and growing insurance coverage in several countries in the region.
The market players have adopted several growth strategies, such as partnerships & agreements, joint ventures, and strategic acquisitions, to strengthen their service portfolios and maintain a competitive position in the market. RadNet (US) dominated the global diagnostic imaging service market in 2018. The company offers advanced imaging solutions, such as magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), nuclear medicine, mammography, ultrasound, diagnostic radiology (X-ray), fluoroscopy, and other related procedures. RadNet focues on partnerships and acquisitions & joint ventures to enhance its presence in the market. For instance, in 2018, RadNet partnered with EmblemHealth (US) to expand its diagnostic imaging services in the New York metropolitan region. In the past three years, RadNet has acquired various players in the market and entered into a number of joint ventures to further strengthen its position in the market.