How Will The Diagnostic Imaging Services Market Globally Expand In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s diagnostic imaging services market report forecasts the diagnostic imaging services market size to grow to $646.73 Billion by 2027, with a CAGR (compound annual growth rate) of more than 5%.
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Diagnostic Imaging Services Market Size Forecast
The global diagnostic imaging services market is expected to grow from $494.30 billion in 2022 to $517.63 billion in 2023 at a compound annual growth rate (CAGR) of 4.72%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The diagnostic imaging services market size is expected to reach $646.73 billion in 2027 at a CAGR of 5.72%.
North America held the largest diagnostic imaging services market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Diagnostic Imaging Services Market Driver – Rise In Incidents Of Chronic Illness Across The Globe
For example, according to WHO, in 2020, cancer was a leading cause of death worldwide, resulting in nearly one in six deaths or almost 10 million deaths. In the USA, one person dies every 34 seconds from cardiovascular disease. According to WHO, the cardiovascular disease leads to estimated 17.9 deaths every year in the world. Thus, the increase in prevalence of chronic diseases such as cancer, cardiovascular disease, stroke, diabetes, and arthritis will increase the demand for diagnostic imaging services market.
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Key Diagnostic Imaging Services Market Trend – Adopting Artificial Intelligence
The players in the diagnostic imaging services market are focusing on the adoption of artificial intelligence and the use of blockchain technology to revolutionize diagnostic imaging. Artificial intelligence, or AI, is the emulation of human intelligence by machines to perform tasks that call for humans specifically. Companies in the market are using artificial intelligence to improve diagnostic imaging services. For example, in November 2021, Royal Philips, a US-based company engaged in health technology, launched new AI-enabled innovations in MR imaging. Philips’ new MR portfolio of intelligent integrated solutions is designed to streamline workflows, speed up MR exams, help ensure the sustainability and efficiency of radiology operations and optimize diagnostic quality. Similarly, in December 2021, Medo, a Canada-based company engaged in using artificial intelligence (AI), entered into a partnership with Medical Imaging Consultants (MIC), a Canada-based radiology company, to improve diagnostic imaging services.
Diagnostic Imaging Services Market Segment
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
Diagnostic Imaging Services Market Major Players and Strategies
Major players in the diagnostic imaging services market are RadNet Inc., Alliance Healthcare Services Inc., Sonic Healthcare, Novant Health (MedQuest Associates Inc.), Dignity Health, In Health Group, the Center for Diagnostic Imaging, Shields MRI, I-MED Radiology Network (Permira), Sonic Healthcare, MedQuest Associates Inc./Novant Health, Koninklijke Philips N.V., Shimadzu Corporation, RAYUS Radiology, and Hitachi Ltd.
In October 2021, RAYUS Radiology, a US-based diagnostic and interventional radiology service provider, acquired Diagnostic Centers of America (DCA) for undisclosed amounts. With this acquisition, RAYUS Radiology aims to improve its service offering in a cost-effective manner. Diagnostic Centers of America (DCA) is a US-based company engaged in providing radiology services.
The Diagnostic Imaging Services Global Market Report 2023 covers regional data on diagnostic imaging services market size, diagnostic imaging services market trends and drivers, opportunities, strategies, and diagnostic imaging services market competitor analysis. The countries covered in the diagnostic imaging services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Diagnostic imaging services are used to peer into the body to help identify the underlying causes of an illness or damage and to validate a diagnosis. Diagnostic imaging services include the provision of easy, noninvasive, and painless diagnostic techniques that can create pictures of the structures and activities inside your body.
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