Widening Scope of Clinical Applications to Create Growth Opportunities Worth $693.4 billion in Diagnostic Imaging Services Market

Diagnostic Imaging Services Market by Procedure (MRI, Ultrasound, X-RAY, CT, Nuclear Imaging (SPECT, PET), Mammography), Application (OB/Gyn, Orthopedics, Oncology, Vascular, Neurology), End User (Hospitals, Imaging Centers)

[157 Pages Report] The diagnostic imaging services market is projected to reach USD 693.4 billion by 2024 from USD 539.7 billion in 2019, at a CAGR of 5.1% from 2019 to 2024.

Market Dynamics: Growth Drivers

1. Rapidly Growing Geriatric Population
2. Subsequent Increase in the Prevalence of Associated Diseases
3. Growing Awareness About Early Disease Detection
4. Widening Scope of Clinical Applications
5. Adoption of Artificial Intelligence and Blockchain

Industry Trends:

1. Growing Preference for Outpatient Imaging Centers
2. Growing Adoption of Refurbished Diagnostic Imaging Systems
3. Increasing Adoption of Teleradiology

Objective of Study:

1. To define, describe, and segment the global market by product & service, technology, application, end user and region.

2. To provide detailed information about factors influencing market growth (drivers, restraints, and opportunities).

3. To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the global industry

4. To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.

5. To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).

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In-Depth Market Segmentation and Analysis:

Procedure:

On the basis of modality, the diagnostic imaging services market is segmented into magnetic resonance imaging (MRI), ultrasound, computed tomography (CT), X-ray, nuclear imaging, and mammography. In 2018, the x-ray segment accounted for the largest share of the market. The key factors driving the growth of this market include 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.

End Users:

The hospitals segment held the largest share of the market in 2018. The large share of this segment can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, increasing adoption of minimally invasive procedures in hospitals to improve the quality of patient care, and rising adoption of advanced imaging modalities to improve patient workflow efficiency in hospitals.

Geographic Growth Analysis:

Detailed analysis of market in European countries such as the UK, Germany, France, Italy, Spain, and others.

Detailed analysis of industry in Asia Pacific countries such as China, Japan, India, and others.

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 during the forecast period primarily due to the improving healthcare infrastructure, rising investments in diagnostic imaging, improving reimbursement scenario, and the growing insurance coverage in several APAC countries.

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Key Players:

Prominent players in the diagnostic imaging services market include RadNet, Inc (US), Sonic Healthcare (Australia), Dignity Health (US), Novant Health (US), Alliance Medical (UK), InHealth Group (UK), Medica Group (UK), Global Diagnostics (Australia), Healthcare Imaging Services Pty Ltd. (Australia), Concord Medical Services Holdings Limited (China), and Center for Diagnostic Imaging, Inc. (CDI) (US), among others.

RadNet (US) dominated the 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. The company also offers a wide range of imaging services. To enhance its presence in this market, the company concentrates on partnerships and acquisitions & joint ventures.

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