The rising geriatric population across the world, growing prevalence of multiple disorders and growing awareness about early disease diagnosis are key factors expected to anticipate the market growth.
The Global Diagnostic Imaging Services Market is expected to be valued at USD 749.09 Billion in 2027 from USD 509.52 Billion in 2019, registering a CAGR of 4.9% through the forecast period. Â Diagnostic imaging is basically a diagnostic technique involves the electromagnetic radiation use, producing several internal structures' images, facilitating accurate diagnosis.
Medical imaging, especially ultrasonography and X-ray based diagnosis, is important in different processes of medical examination. The growing incidence of different types of diseases, like cancer and cardiovascular disease, is majorly accelerating the market's growth. The rapidly increasing geriatric population worldwide is also responsible for fueling the industry growth, as this population is extremely susceptible to various chronic diseases.
Furthermore, the growing awareness regarding the early diagnosis of disease for better treatment and several initiatives taken by healthcare institutions for spreading awareness regarding the diagnostic test services are contributing to the sector's further growth. However, the excessive cost of various diagnostic services and reduced reimbursement policy for outpatients are obstructing the industry's growth.
North America contributed to the highest share in the industry, owing to the rising diagnostic centers, and the increasing incidence of various types of diseases because of unhealthy lifestyles. Additionally, Asia Pacific is predicted to rise at a fast pace due to the presence of considerable geriatric population.
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At the time of the pandemic, the most important priorities were providing patient care and delivering the services in medical imaging to the patients. In several treatment processes, medical imaging has become critical for assessing the severity of COVID-19 infection among patients.
Further key findings from the report suggest
- Mergers and acquisitions are propelling the industry as numerous market players have collaborated for developing innovative products. For example, a leading firm named RadNet merged with another company---Emblem Health for expanding the company's services in medical imaging in the U.S.
- Kern Medical Group is another leading company based in California, having total five well-established medical centers in the states of U.S like California, Baskerfield.
- A joint agreement of two renowned firms named Shields Health Solutions and Dignity Health is introduced, providing several specialty medical services for patients such as diagnosis of complex diseases.
- Leading companies in the sector are Alliance Medical, RadNet, Inc, Global Diagnostics, Sonic Healthcare, Concord Medical Services Holdings Limited, InHealth Group, Novant Health, MedQuest Associates, Inc., Center for Diagnostic Imaging, Inc., and Siemens Healthineers.
Diagnostic Imaging Services Market Share, Growth & Analysis, By Type, By Technology, By Application And By Region Forecasts To 2027, To identify the key trends in the industry, click on the link below: Â https://www.reportsanddata.com/report-detail/diagnostic-imaging-services-market
For the purpose of this report, Reports and Data has segmented the Diagnostic Imaging Services Market on the basis of type, technology, application and region:
Type Outlook (Revenue in USD Million; 2017--2027)
- X-ray Imaging
- Magnetic Resonance Imaging (MRI)
- Computed Tomography (CT)
- Ultrasound
- Nuclear Imaging
- Mammography
