Increasing Adoption of New Technology to Help Diagnostic Imaging Services Market Reach Valuation Worth ~US$465 Bn by 2027: Transparency Market Research
- Medical imaging is very important part of the overall healthcare continuum. Naturally, with the technological advancements and commitment towards superior patient care, diagnostic imaging services market will experience rapid growth
- The market is moving in the right direction with emphasis on satisfying demands from end-user segments and integrating newer technologies with time
ALBANY, New York, Feb. 20, 2020 /PRNewswire/ -- Transparency Market Research has been closely monitoring the developments happening in the global Diagnostic Imaging Services Market. TMR has recently published a new report that discusses the factors that are influencing the overall growth of the global market. According to the research report, the market was valued at US$329 bn in the year 2018. The market is expected to exhibit a modest CAGR of ~4% for the course of the given forecast period ranging from 2019 to 2027. With this given rate of growth, the valuation of the market by the end of the forecast period will be around US$465 bn.
"With the increasing opportunities of growth traced across the global diagnostic imaging services market, it is moving in the right direction of development. Consistent technological advancements are fittingly contributing to the overall development of the global market. Moreover, the objective of making diagnostic tests cost effective is also a key factor that will help in driving the market growth", states TMR analyst.
Key Findings in the Research Report:
Global diagnostic imaging services market can be broadly divided in terms of modality, application, end user, and region.
Based on end-user segment, hospitals is expected to have a significant rate of growth. Hospitals generally have a wide range of diagnostic imaging equipment for patient care. In coming years, the demand from the hospital segment is expected to rise and the segment will continue to dominate the global market.
Based on application, the global market is further segmented into general imaging, neurology & spine, orthopedics & musculoskeletal, oncology, gynecology/Obs, and cardiology. Of these, the sub-segments of cardiology and oncology are projected to have a highly promising rate of growth. With increasing prevalence of cancer and cardiovascular diseases, these segments are projected to experience a higher demand.
In terms of modality, the global diagnostic imaging services market is further classified into nuclear imaging, computed tomography (CT), ultrasound, magnetic resonance imaging (MRI), X-ray, and others.
Explore a 237 pages report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Diagnostic Imaging Services Market by Imaging Modality: X-ray, Magnetic Resonance Imaging (MRI), Ultrasound, Computed Tomography (CT), Nuclear Imaging, and Others; Application: Cardiology, Gynecology/Obs, Orthopedics & Musculoskeletal, Oncology, Neurology & Spine, and General Imaging; End User: Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, and Others. Read Detailed TOC of the Report - https://www.transparencymarketresearch.com/report-toc/35717
Global Diagnostic Imaging Services – Prominent Growth Drivers
There is a range of factors that is helping to drive up the growth of the global diagnostic imaging services market. Some of the key driving factors are mentioned below:
One of the most prominent growth factors for the market growth has been the increasing prevalence of chronic diseases across the globe. People are suffering from variety of diseases and disorders ranging from cardiovascular to orthopedic to muscular degeneration. Diagnostic imaging services plays an important role in determining the approach towards the treatment of any disorder. And thus, with increasing patient pool, the growth of the market is also likely to be on the rise.
Another important growth factor for the global market has been the introduction of favorable reimbursement policies with these tests. This has had a significant impact on the number of people availing these diagnostic imaging services. Due to favorable policies, the number of preemptive diagnostic tests have increased. This has also helped in overall market growth.
Some of the other prominent factors for the development of the global diagnostic imaging services market are growing geriatric population, increasing awareness among people about healthcare and related technologies, and launch of integrated and remote diagnostic imaging services & systems.
Global Diagnostic Imaging Services Market – Prominent Growth Restrainers
Even though the market is moving towards a considerable new valuation, there are a couple of factors that might impede its growth and prevent it from reaching its full potential. Some of the key restraining factors are mentioned below:
One of the biggest restraining factor for the market growth is the lack of skilled personnel to perform these diagnostic imaging operations.
Another important market growth restrainer is several regions and end-user are still employing age old and obsolete systems.
Global Diagnostic Imaging Services Market – Geographical Outlook
In 2018, majority share of the global diagnostic imaging services market was accounted by North America. The regional segment is expected to continue leading the market over the course of the given forecast period. Increasing adoption of new and modern technologies and presence of large number of notable brands are fueling the growth of the regional market.
The regional segment of Europe is the second largest market for diagnostic imaging services. The region will continue to contribute in terms of share and revenue over the course of the forecast period.
The regional segment of Asia Pacific is expected to show a promising growth rate in the near future. TMR report projects the regional segment will exhibit ~5% CAGR from 2019 to 2027. Rising patient pool and increasing adoption of new technologies are some of the key factors driving its market growth.
Analyze Diagnostic Imaging Services market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Diagnostic Imaging Services Market – Notable Companies
Some of the key companies in the global diagnostic imaging services market are Radnet, Inc., Center for Diagnostic Imaging, MedQuest Associates, Inc., Siemens Healthineers, Hitachi, Ltd., Carestream Health, Koninklijke Philips N.V., GE Healthcare, Shimadzu Corporation, and Dignity Health (CommonSpirit Health)
The global diagnostic imaging services market has been segmented as follows:
Global Diagnostic Imaging Services Market by Imaging Modality
Magnetic Resonance Imaging (MRI)
Computed Tomography (CT)
Global Diagnostic Imaging Services Market by Application
Orthopedics & Musculoskeletal
Neurology & Spine
Global Diagnostic Services Market by End User
Ambulatory Surgical Centers
Global Diagnostic Imaging Services Market by Region
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Healthcare industry:
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Cancer Diagnostics Market - The major factors expected to drive the market for cancer diagnosis is the demand for cancer diagnosis mainly from colorectal cancer, lung cancer, and breast cancer patients. The consumption of tobacco products in emerging economies especially in BRICS nations is also adding to the growth and prevalence of lung cancer worldwide. Similarly, breast cancer diagnosis rate is seen to be higher in the Asia Pacific region as compared to the other regions of the world.
Medical Imaging Market - The demand within the global market for medical imaging has been rising on account of advancements in the field of medicine and healthcare. The cumulative impact of these two industries has been commendable, and has helped in finding cures and treatment mechanisms for a variety of diseases. Medical imaging is one such imaging technology that has played a major role in enhancing the performance of the medical and healthcare industries. Medical imaging helps doctors and medical practitioners in getting a better idea about the internal functioning of human organs and the disease at hand.
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