Diagnostic Imaging Services Market to hit $787.55 billion, Globally, by 2031 at 5.7% CAGR, says Coherent Market Insights

The diagnostic imaging services market is estimated to be valued at US$ 533.99 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights. Companies covered: RadNet, Inc., Akumin Inc., Novant Health, RAYUS Radiology, MedQuest Associates, Concordmedical, Lucid Medical Diagnostics, Radiology Partners, Envision Radiology, Capitol Imaging Services, Statim Healthcare, InHealth Group, Global Diagnostic Imaging, an dADM Diagnostics, Inc.

/EIN News/ -- Burlingame, Aug. 26, 2024 (GLOBE NEWSWIRE) -- The global Diagnostic Imaging Services Market is on a robust growth trajectory, with projections estimating it to reach USD 533.99 billion by 2024. The market is expected to maintain an exceptional Compound Annual Growth Rate (CAGR) of 5.7% from 2024 to 2031, ultimately surging to USD 787.55 billion by 2031, as highlighted in a new report published by Coherent Market Insights. Diagnostic imaging services include procedures such as X-rays, ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET), and fluoroscopy. These techniques help in visualization and characterization of internal body parts to aid in the diagnosis of medical conditions.

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Market Dynamics:

The diagnostic imaging services market is primarily driven by the rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders. According to the World Health Organization (WHO), cancer is the second leading cause of death globally, and is responsible for an estimated 9.6 million deaths in 2018. Likewise, cardiovascular diseases are the leading cause of deaths worldwide, accounting for over 17.9 million deaths in 2019. Additionally, technical advancements in diagnostic imaging modalities coupled with their wide applications in the detection and diagnosis of diseases is also boosting market growth. For instance, advanced modalities such as PET/CT, CT, MRI, and echocardiography are widely used in disease diagnosis and monitoring treatment response.

Diagnostic Imaging Services Market Report Coverage

Report Coverage	Details
Market Revenue in 2024	$533.99 billion
Estimated Value by 2031	$787.55 billion
Growth Rate	Poised to grow at a CAGR of 5.7%
Historical Data	2019–2023
Forecast Period	2024–2031
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Type, By Application, By End User:
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Growth Drivers	• Rising Prevalence of Chronic Diseases • Rising Healthcare Expenditures and Availability of Favorable Reimbursements
Restraints & Challenges	• Rising Healthcare Costs and Declining Reimbursement Rates • Stringent Regulations for Diagnostic Imaging Modalities

Market Trends:

The increasing adoption of Artificial Intelligence (AI) and cloud-based solutions in diagnostic imaging modalities is a key trend gaining significant traction in the market. AI can improve workflow efficiency and diagnostic accuracy by automating routine tasks such as prioritizing exams, detection of incidental findings and providing quantitative measurements. Moreover, cloud-based platforms enable remote access to imaging data and interpretation reports from anywhere, which is expected to lower operational costs and improve healthcare delivery in remote areas. Another major trend witnessed across developed nations is growing popularity of value-based reimbursement plans wherein payments are linked with improved patient outcomes instead of fee-for-service. This encourages radiology practices and hospitals to adopt advanced technologies and promote efficient use of diagnostic imaging resources.

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X-ray imaging continues to be the most widely used diagnostic imaging technique. It accounted for over 35% share of the global diagnostic imaging market in 2023. X-rays provide high resolution pictures of bones and internal organs located deep inside the body. Being non-invasive and relatively inexpensive, x-rays remain the preferred first line diagnostic tool for conditions such as fractures, lung/chest infections and abdominal abnormalities. However, with advancements in other modalities such as CT and MRI, x-ray's market share is anticipated to decline marginally over the forecast period.

Ancestry testing which involves using diagnostic tools to determine genetic lineage and family history dominated the global diagnostic imaging services market in 2023. Continuous drops in whole genome sequencing costs and growing popularity of at-home health and ancestry kits are encouraging more people to undergo ancestry tests. According to industry estimates, over 30% of the global diagnostic imaging market revenues came from ancestry testing applications in 2023. Areas like disease risk assessment and diet & nutrition related applications are also gaining ground.

Key Market Takeaways:

The diagnostic imaging services market is anticipated to witness a CAGR of 5.7% during the forecast period 2024-2031, owing to rising elderly population coupled with growing incidence of chronic and lifestyle diseases. On the basis of type, X-ray segment is expected to hold a dominant position, accounting for over 30% market share owing to benefits like low radiation dose and cost.

On the basis of application, ancestry testing segment is expected to hold a dominant position over the forecast period, supported by factors like reduced genome sequencing costs and tech driven direct-to-customer business models.

By end user, the hospitals segment holds the largest share of the market, due to availability of advanced diagnostic facilities and trained healthcare professionals.

Regionally, North America is expected to hold a dominant position over the forecast period, driven by factors like availability of advanced healthcare facilities, fast adoption of new diagnostic technologies and favorable reimbursement policies.

Key players operating in the diagnostic imaging services market include RadNet Inc., Akumin Inc., Novant Health, RAYUS Radiology, MedQuest Associates, Concordmedical, Lucid Medical Diagnostics, Radiology Partners, Envision Radiology, Capitol Imaging Services, Statim Healthcare, InHealth Group, Global Diagnostic Imaging, and AD Diagnostics, Inc. Strategic acquisitions and global expansion are key strategies adopted by the players to strengthen their market positions.

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Recent Developments:

In April 2023, Digital Health Intelligence launched a dedicated new services focused on clinical imaging market opportunities. The new clinical imaging intelligence services enables clients to understand and target commercial opportunities across the National health Services clinical imaging landscape, including X-ray, Ultrasound, CT, MRI, fluoroscopy, mammography, and nuclear modalities.

In January 2023, MedQuest Associates announced a partnership with Novant Health Enterprises to expand the company’s diagnostics imaging in the US.

Detailed Segmentation-

By Type:

• X-ray
• CT scans
• MRI scans
• Ultrasound
• Others
  

By Application:

• Cardiology
• Neurology
• Oncology
• Orthopedics
• Others
  

By End User:

• Hospitals
• Diagnostic Centers
• Others  
  

By Region:

North America:

• U.S.
• Canada

Latin America:

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Europe:

• Germany
• U.K.
• Spain
• France
• Italy
• Russia
• Rest of Europe
  

Asia Pacific:

• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific
  

Middle East:

• GCC Countries
• Israel
• Rest of Middle East
  

Africa:

• South Africa
• North Africa
• Central Africa
  

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Author Bio:

Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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