Diagnostic Imaging Services Market Overview 2024: Size, Growth Drivers, and Major Segments
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What is the Expected Growth Rate of the Diagnostic Imaging Services Market for the Period 2024 to 2033?
In recent years, the diagnostic imaging services market has seen significant expansion. The market, which was valued at $508.76 billion in 2023, is predicted to rise to $538.26 billion in 2024, exhibiting a Compound Annual Growth Rate (CAGR) of 5.8%. The growth in this historic period can be credited to factors such as an aging population, the development of healthcare infrastructure, medical tourism, disease prevalence, and research and development.
With a robust growth trajectory anticipated in the future, the diagnostic imaging services market is projected to escalate to $674.09 billion by 2028, expanding at a Compound Annual Growth Rate (CAGR) of 5.8%. The surge in this predicted period is a result of the mounting demand for remote diagnostics, customized medication, the integration of telemedicine, adoption of results-driven reimbursement models, and the preference for environmental-friendly practices. The impending trends for this projected period encompass the utilization of blockchain in healthcare, the application of augmented reality (AR) in imaging, the outsourcing of diagnostic services, holistic imaging, and ceaseless innovation in imaging.
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What Factors Are Responsible for the Growth of the diagnostic imaging services Market?
Globally, the surge in chronic illnesses is projected to stimulate the expansion of the diagnostic imaging services market. Diagnostic imaging services such as ultrasound, fluoroscopy or nuclear medicine, radiographs, and CT scans are crucial for viewing the body internally to detect various non-communicable or chronic ailments. For instance, the World Health Organization indicated in February 2022 that cancer was a primary cause of death worldwide, accounting for one in six deaths, which equates to nearly 10 million deaths. In the United States, a person perishes from a cardiovascular disease every 34 seconds. The World Health Organization estimates cardiovascular disease to result in about 17.9 million deaths each year worldwide. Therefore, the escalating prevalence of chronic diseases like cancer, cardiovascular diseases, stroke, diabetes, and arthritis is likely to amplify the demand for the diagnostic imaging services market.
Which Segments Are Important for Insight into the Diagnostic Imaging Services Market?
1) By Type: X-Ray Imaging, Ultrasound, Magnetic Resource Imaging, Computed Tomography, Nuclear Imaging, Mammography
2) By Application: Cardiology, Gynecology/OBS, Orthopedics And Musculoskeletal, Oncology, Neurology And Spine, General Imaging
3) By End User: Hospitals, Diagnostic Imaging Centers, Ambulatory Imaging Centers, Other End Users
What Are the Significant Trends Reshaping the Diagnostic Imaging Services Sector?
A key trend observed in the diagnostic imaging services market is the incorporation of artificial intelligence (AI), which is being prioritized by market players. They are attempting to reshape diagnostic imaging by integrating AI and exploiting blockchain technology. AI is the replication of human intelligence by machines, specifically designed to carry out tasks that would typically require human intervention. Firms in this sector are leveraging AI to elevate the quality of diagnostic imaging. As a case in point, in November 2021, Royal Philips, a US healthcare technology firm, introduced new AI-enabled advances in MR imaging. The newly unveiled intelligent solutions by Philips aim to simplify workflows, accelerate MR examinations, encourage sustainability and productivity in radiology procedures, and enhance diagnostic quality. Sequentially, in December 2021, Medo, a Canadian company that utilizes AI, collaborated with Medical Imaging Consultants (MIC), another Canadian-based radiology firm, to refine diagnostic imaging services.
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Which Regions Are Essential for the Growth of the Diagnostic Imaging Services Market?
North America was the largest region in the diagnostic imaging services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the diagnostic imaging services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Diagnostic Imaging Services Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the diagnostic imaging services market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Diagnostic Imaging Services Market Include
1. Diagnostic Imaging Services Market Executive Summary
2. Diagnostic Imaging Services Market Segments
3. Diagnostic Imaging Services Market Size And Template Market Growth Rate
4. Key Diagnostic Imaging Services Market Trends
5. Major Diagnostic Imaging Services Market Drivers
……
25. Key Mergers And Acquisitions In The Diagnostic Imaging Services Market
26. Top Diagnostic Imaging Services Companies
27. Diagnostic Imaging Services Market Opportunities And Strategies
28. Diagnostic Imaging Services Market, Conclusions And Recommendations
29. Appendix
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