(I-BusinessNews.Com, August 11, 2020 ) According to the new market research report “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) – Global Forecast to 2024″, published by MarketsandMarketsÂ, 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.
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The major factors driving the growth of this market include the rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases and growing awareness about early disease detection and the widening scope of clinical applications. On the other hand, factors such as the high cost of diagnostic imaging systems and the low reimbursement structure for outpatient imaging facilities are likely to restrain the growth of the Diagnostic Imaging Services Market to a certain extent in the coming years.
Based on modality, the X-ray segment accounted for the largest share of the Diagnostic Imaging Services Market in 2018.
On the basis of modality, the 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.
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The hospitals segment held the largest share of the Diagnostic Imaging Services Market in 2018.
On the basis of end user, the market is segmented into hospitals, diagnostic centers, ambulatory care centers, and research & academia. 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.
North America accounted for the largest share of the Diagnostic Imaging Services Market in 2018
Based on region, the market is segmented into North America, Europe, the Asia Pacific, and RoW. North America accounted for the largest share of the market in 2018. The growth of the NorthAmerican market is primarily driven by the increasing geriatric population, high incidence/prevalence of various diseases, the large number of diagnostic imaging centers/procedures, increasing awareness about the benefits of early diagnosis of diseases, and the rapid adoption of technologically advanced imaging systems in this region.
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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), and Healthcare Imaging Services Pty Ltd. (Australia), among others.
RadNet (US) dominated the diagnostic imaging services 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.
Mr. Aashish Mehra