Diagnostic Imaging Services Market (Imaging Modality: X-ray, Magnetic Resonance Imaging [MRI], Ultrasound, Computed Tomography [CT], Nuclear Imaging, and Others) - Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Diagnostic Imaging Services market size is expected to hit around USD 545.7 billion by 2030 from valued at USD 364.2 billion in 2022 and growing at a CAGR of 5.10% from 2022 to 2030.

Diagnostic imaging services are used to monitor and diagnose any medical condition. Different types of diagnostic imaging services include X-ray imaging procedures, MRI scans, CT scans, ultrasounds, and nuclear imaging. Diagnostic radiology and digital mammography are used in diagnostic imaging centers for cancer diagnostics.

Diagnostic radiology is employed to capture pictures of bones and anatomy within the body during diagnosis. X-rays, ultrasound, CT and MRI scans, and nuclear medicine scans are some examples of diagnostic radiology. Digital mammography records the radiographic image electronically in a digital format using computer-based electronic conductors. It is used in the early screening and diagnosing of breast diseases.

Report Scope of the Diagnostic Imaging Services Market

Report Coverage	Details
Market Size	USD 545.7 Billion by 2030
Growth Rate	CAGR of 5.10% from 2022 to 2030
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2021
Forecast Period	2022 to 2030
Segments Covered	Imaging Modality, Application, End-user, and Region,
Companies Mentioned	RadNet, Inc., Center for Diagnostic Imaging (CDI), MedQuest Associates, Inc., Siemens Healthineers, Hitachi, Ltd., Carestream Health, Koninklijke Philips N.V., GE Healthcare, Shimadzu Corporation, and Dignity Health (CommonSpirit Health).

High Prevalence of Chronic Diseases Augmenting Global Diagnostic Imaging Services Market

Medical imaging plays a critical role in identification of chronic disorders. Sedentary lifestyle and aging population have resulted in various chronic diseases such as cancer, cardiovascular disease, obesity, and diabetes. Significant decline in fertility and improving longevity are prominent factors that lead to an aging population. According to the United Nations’ 2017 report, the geriatric population is expected to reach 2.1 billion by 2050 from 962 million in 2017. Similarly, the number of elderly people in the U.S. is estimated to increase by 6.3% between 2017 and 2050 to reach 108.4 million by 2050. Furthermore, the population of baby boomers is rising significantly. This age group is susceptible to a wide range of chronic disorders such as cancer, kidney diseases, spinal disorders, and cardiovascular diseases. Demand for diagnostic imaging increases as a person ages. According to the National Institutes of Health, patients above 65 years undergo diagnostic imaging two or more times the rate of younger people. This is boosting the demand for diagnostic imaging services.

Availability of Reimbursement for Diagnostic Imaging Services

Diagnostic imaging performs a key role in the prevention and early diagnosis/treatment of diseases. Governments across the globe allocate substantial annual budgets for reimbursement of these services. Reimbursement for diagnostic imaging services is available in major markets such as the U.S., Western Europe, Japan, Australia, and China. Reimbursement for diagnostic imaging services varies across regions. The Centers for Medicare & Medicaid Services (CMS) covers radiology and other diagnostic services in the U.S., which are billed under Medicare Part B to Medicare carriers. More than 400 million imaging services are provided to Medicare beneficiaries annually in the U.S. According to CMS regulatory update 2019, interventional radiology services are likely to witness a 2% increase in payment by Medicare under the Medicare Physician Fee Schedule (MPFS). Similarly, the Government of China has taken initiatives to provide some form of insurance to nearly 95% of the population in the country. Thus, favorable reimbursement conditions are expected to fuel the global diagnostic imaging services market size during the forecast period.

Technological Advancements Driving Computed Tomography Segment

In terms of imaging modality, the global diagnostic imaging services market has been segmented into X-ray, Magnetic Resonance Imaging (MRI), ultrasound, Computed Tomography (CT), nuclear imaging, and others. The Computed Tomography (CT) segment is anticipated to grow at a rapid pace during the forecast period due to technological advancements and rise in clinical applications across the globe. CT is a technique that employs computerized X-ray imaging to produce cross-sectional images of the body, providing doctors with a highly detailed view of different parts of the body. Technologically-advanced scanners with multi-slice capabilities of 80, 128, 256, 320, and 640-slice systems and higher speeds have been introduced in the market.

Rise in Prevalence of Cancer Fueling Oncology Segment

Based on application, the oncology segment dominated the diagnostic imaging services market in 2021. This trend is likely to continue during the forecast period. Growth of the segment can be ascribed to the increase in prevalence of cancer and the subsequent high adoption of diagnostic imaging procedures for the detection of various types of cancers, identification of the stage of cancer, assessment of the effectiveness of the treatment, and identification of the spread of the disease to other organs. Diagnostic imaging procedures, primarily CT scan procedures, are used to detect abnormal cell growth, identify various stages of cancer, and plan the treatment. According to the World Health Organization (WHO), cancer is one of the leading causes of morbidity and mortality across the world. Cancer rates are likely to increase by 50% to 15 million new cases by 2020. Approximately 70% of deaths due to cancer occur in low- and middle-income countries.

Hospitals Witnessing High Demand for Diagnostic Imaging Services

Based on end-user, the global diagnostic imaging services market has been classified into hospitals, ambulatory surgical centers, diagnostic centers, and others. Hospitals are the leading end-users of diagnostic imaging services, making them a vital prospect for service providers. Hospitals have a diverse range of diagnostic imaging equipment for patients; therefore, they witness a significant inflow of patients. The hospitals segment held the largest share of the market in 2021 due to the increase in recommendation of diagnostic imaging tests for quick and accurate diagnosis of medical issues in patients.

The diagnostic centers segment is expected to grow significantly during the forecast period. Market players are focusing on adopting various strategies such as joint ventures and acquisitions to increase the number of diagnostic centers that offer one-stop-shop services under one roof for all imaging needs.

Regional Outlook of Diagnostic Imaging Services Market

According to the diagnostic imaging services market analysis, North America is a lucrative market, wherein the U.S. showcases dominance owing to the increase in technological advancements, growth in prevalence of chronic diseases, and surge in adoption of diagnostic imaging services in the medical industry in the country. North America accounted for the largest share of around 40% of the market in terms of revenue in 2021. Growth of the market in the region can be ascribed to the rise in adoption of low-dose automated CT scanners. The U.S. is expected to dominate the market in North America in the near future due to the high prevalence of chronic diseases in the country. According to a recent research by the Centers for Disease Control and Prevention, more than 80% of older individuals in the U.S. suffer from at least one chronic condition.

Europe held around 27% share of the global market in 2021. The market in the region is expected to grow at a CAGR of 4.9% during the forecast period. Asia Pacific is the fastest-growing region of the global diagnostic imaging services market. Japan, India, and China account for significant market share in the region. Expansion of manufacturing plants for diagnostic imaging tools and equipment, significant growth in healthcare and medical tourism industries, and increase in adoption of new diagnostic imaging services are fueling the diagnostic imaging services market in Asia Pacific.

Analysis of Key Players in Diagnostic Imaging Services Market

The global diagnostic imaging services market is consolidated, with the presence of a limited number of service providers. Key players are establishing newer diagnostic centers with high-end diagnostic imaging modalities to meet the rising demand. New entrants must focus on collaborations and service agreements with hospitals to gain initial business growth. Players operating in the market include RadNet, Inc., Center for Diagnostic Imaging (CDI), MedQuest Associates, Inc., Siemens Healthineers, Hitachi, Ltd., Carestream Health, Koninklijke Philips N.V., GE Healthcare, Shimadzu Corporation, and Dignity Health (CommonSpirit Health).

Companies providing diagnostic imaging services are focusing on facility acquisition and formation of joint ventures to increase their geographic presence, particularly in North America. Partnerships and joint ventures allow service providers to collaborate with exceptional radiologists who have been providing patient-centered care in specific regions, enabling them to serve a larger volume of patients. In February 2019, RadNet Inc. signed a definitive agreement to acquire the outpatient radiology practice of Kern Radiology Medical Group, Inc. The firm owns five imaging centers based in California, providing multimodal offerings including MRI, CT, nuclear medicine, ultrasound and bone density, and interventional procedures. The strategy enabled the company to expand its presence in the existing market and broaden its customer base in the U.S.

Some of the prominent players in the Diagnostic Imaging Services Market include:

• RadNet, Inc.
• Center for Diagnostic Imaging (CDI)
• MedQuest Associates, Inc.
• Siemens Healthineers
• Hitachi, Ltd.
• Carestream Health
• Koninklijke Philips N.V.
• GE Healthcare
• Shimadzu Corporation
• Dignity Health (CommonSpirit Health)

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Diagnostic Imaging Services market

• By Imaging Modality
• X-ray
• Magnetic Resonance Imaging (MRI)
• Ultrasound
• Computed Tomography (CT)
• Nuclear Imaging
• Others
• By Application
• Cardiology
• Gynecology/Obs
• Oncology
• Orthopedics & Musculoskeletal
• Neurology & Spine
• General Imaging
• By End-user
• Hospitals
• Ambulatory Surgical Centers
• Diagnostic Centers
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Diagnostic Imaging Services industry analysis from 2022 to 2030 to identify the prevailing Diagnostic Imaging Services industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Diagnostic Imaging Services industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Diagnostic Imaging Services industry trends, key players, market segments, application areas, and market growth strategies.