Diagnostic Imaging Services Market Trends, Industry | 2031

Report Description

The global diagnostic imaging services market size was USD 589.7 Billion in 2022 and is likely to reach USD 934.6 Billion by 2031, expanding at a CAGR of 5.5% during 2023–2031. The market is driven by the increasing demand for advanced medical imaging solutions and the rising prevalence of various chronic diseases.

The advancements in medical technology and imaging systems are key factors leading to the market expansion of diagnostic imaging services. In addition, the rising prevalence of chronic conditions such as high blood pressure, cancer, diabetes, and heart disease largely contributes to propelling the growth of the diagnostic imaging services market. Diagnostic imaging devices are used for scanning and detecting everything from brain tumors to lung congestion. As a result, the use of these devices has been increasing in diagnostic centers owing to substantial growth in visits for diagnosis purposes.

• As per the report published by the National Institute of Health in 2022, the demand for all diagnostic procedures has been constantly increasing for the past five years, from even before the pandemic. An increment of 4%-5% per annum has been reported in ultrasound, endoscopy, and dual-energy X-ray absorptiometry (DEXA), while a 7% or higher growth was seen for magnetic resonance imaging (MRI), and positron emission tomography (PET) - CT.

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Diagnostic imaging helps to gather detailed information about symptoms and changes related to diseases. Different imaging techniques are in high demand to scan the human body for diagnostics purposes, including nuclear medicine, X-rays, magnetic resonance, and ultrasound. This enables physicians to look inside the body and identify the problem while also confirming a diagnosis. Additionally, doctors use diagnostic imaging to monitor a patient's health progress. The diagnosis centers facilitate effective diagnosis of health problems in time, which is often life-saving. These factors increase the demand for diagnostic imaging services and therefore, propel the market.

The research report finds that the COVID-19 pandemic boosted the global diagnostic imaging services market, owing to increased requirements for diagnostic services. The COVID-19 virus generated extreme chest congestion among the patients, causing life-threatening situations. The use of diagnostic services for numerous tests and CT scans helped doctors and healthcare professionals determine the degree of severity of the disease and start the right treatment in time. This resulted in a sharp increase in demand for diagnostic services, propelling the market.

Global Diagnostic Imaging Services Market Dynamics

Major Drivers

Increase in demand for advanced diagnostic tools in the emergency departments of hospitals is anticipated to drive the market during the forecast period. The diagnostic devices help doctors and healthcare professionals make accurate health diagnoses and quick decisions in critical situations. With the advancement of healthcare infrastructure, the use of diagnostic services is growing constantly and is expected to continue expanding, due to the rising healthcare standards and the development of better imaging techniques.

Rise in the global geriatric population is expected to boost the market, owing to the diagnostic requirements for ailments associated with old age. The risk of getting diagnosed with various diseases increases in proportion to age, due to certain deficiencies and decreased immunity. There has been a growth in age-related diseases including arthritis, dementia, Parkinson’s disease, Alzheimer’s disease, and even cancer. Consequently, the rise in the geriatric population raises the requirement for diagnostic imaging services and is therefore projected to drive the market.

• As per the research published by the National Institute of Health in 2022, the global geriatric population is expected to increase from 10% to 16% between the period of 2022 – 2050. By then, it is estimated that people aged 65 and above are likely to be twice the number of children that are under five years of age and almost equal to the number of children that are 12 years or under.

Existing Restraints

Limitations of diagnostic systems are anticipated to hinder the market during the projected period. There are several technical limitations associated with the standalone type of imaging devices that often discourage researchers and healthcare facilities from buying them. For instance, ultrasound imaging systems heavily depend on the operator for functioning and have limited tissue penetration, even though the body is in direct contact with the probe. Similarly, MRIs take a long time to scan large body volumes and provide high-resolution images, while PET scan takes less time but has a low spatial resolution.

Emerging Opportunities

Growing demand for diagnostic imaging services in developing countries is projected to provide significant growth opportunities for the market. Developing countries such as Brazil, Turkey, India, and China have rapidly enhanced healthcare infrastructure, which leads to the rise in the purchase of medical equipment and diagnostic devices with the latest technology. Furthermore, factors such as the rise in disposable income, increasing healthcare awareness, and government reimbursement policies encourage healthcare facilities in availing advanced diagnostic imaging services, thereby boosting the market.

• As per the report published by the National Institute of Health in April 2023, several developing nations are going through an economic transition, with better healthcare knowledge, elevated living standards, and access to technologically advanced medical devices and treatments. In addition, the use of training programs and the deployment of additional resources is further expected to increase the adoption of advanced diagnostic devices.

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Scope of the Global Diagnostic Imaging Services Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Diagnostic Imaging Services Market Segment Insights

Type Segment Analysis

Based on type, the global diagnostic imaging services market is divided into X-ray, MRI, ultrasound, CT scan, and nuclear imaging. The ultrasound segment is projected to hold the major share of the market during the projection period, owing to the increasing number of ultrasound applications. The use of advanced technologies such as ultrasound transducers has expanded the usage potentials of ultrasound devices in cardiovascular and biomedical imaging.

The development of portable ultrasound devices is anticipated to boost the market, due to their extensive demand in ambulatory services and emergency departments. Furthermore, the integration of artificial intelligence (AI) with ultrasound systems, automates the entire process of image selection and quantification, reducing the chances of human error and further contributing to the growth of the market.

• According to the National Institute of Health, the use of ultrasound, as a part of standard care procedures for pregnancy, has increased over the years. The applications of ultrasound systems have also significantly increased in all forms of medical setups, ranging from routine monitoring to physical traumas.

The CT scan segment is anticipated to expand at a significant pace in the market, due to its major demand and high precision. The CT scan services were extensively used during the COVID-19 pandemic, as they were the primary diagnostic tool. The development of CT scanners with advanced visualization and integration with technologies, such as machine learning and artificial intelligence, is expected to propel the segment.

• In October 2019, Canon, one of the prominent market players got approval from the FDA in the United States, for their Advanced Intelligent Clear-IQ Engine (AiCE). It is an artificial intelligence-based technology, developed for integration with its Aquilion Precision scanner.

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Technology Segment Analysis

On the basis of technology, the global market is segregated into 2D and 3D/4D. The 2D segment is projected to register a high CAGR during the forecast period, as it is the most widely used technology owing to its efficiency and cost-effectiveness.

Most of the standard reports from various scans need to have a hard copy and using paper to print the hard copies is the most cost-effective means. As a result, while there is a rise in the development of 3D/4D imaging technology, 2D remains the dominant technology and is expected to continue growing over the forecast period.

Application Segment Analysis

On the basis of application, the global diagnostic imaging services market is segmented into oncology, cardiology, neurology, orthopedics, and gastroenterology. The oncology segment is anticipated to register a robust growth rate during the forecast period, due to the increasing prevalence of cancer.

Diagnostic imaging services help in the detection of different types of cancers and in identifying the spread of cancer within the body. Procedures such as CT scan help in detecting abnormal cell growth and devising a treatment plan accordingly, making diagnostic imaging services a primary requirement for the treatment.

• As per the World Health Organization (WHO), cancer is one of the primary causes of death globally. Around 70% of deaths that occur due to cancer are mostly from low- to mid-income countries. The further development of healthcare infrastructure coupled with the growing availability of advanced diagnostics imaging services in developing countries is expected to contribute to lowering the number of cancer casualties.

The neurology segment is projected to register a considerable CAGR during the forecast period, owing to the rising prevalence of neurological diseases throughout the world. Various government and non-government organizations are making heavy investments in therapeutics and diagnostics for the treatment of several neurological ailments. Such developments, along with numerous programs aimed at spreading awareness regarding neurological disorders, are anticipated to provide significant growth in the segment.

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End-user Segment Analysis

Based on end-user, the global diagnostic imaging services market is divided into hospitals, diagnostic centers, and research institutes. The hospitals segment is expected to generate a major revenue share of the market, due to the availability of complete treatment facilities for various diseases. The accessibility of diagnostic imaging services within the premises of the hospital ensures quick diagnosis, which helps in starting the treatment early. The increasing prevalence of various diseases such as cancer and cardiac & neurological disorders has led to a rise in the number of patients visiting hospitals for treatment, thereby leading to the segment’s growth.

The diagnostic centers segment is expected to expand at a significant growth rate, as they provide various types of diagnostic imaging services in one place. These services range from X-ray & CT-scan to MRI, which facilitate easier scanning for all types of ailments and traumas that require diagnostic report analysis before treatment. Furthermore, several private diagnostic centers use reimbursement schemes and awareness programs to encourage people for regular medical checkups and scans, thus further promoting their diagnostic imaging services.

Regional Outlook

In terms of region, the global diagnostic imaging services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, due to the availability of advanced healthcare analytics, and extensive research and development of diagnostic imaging devices. Moreover, numerous key players in the market are present in this region, which increases the accessibility and awareness of advanced medical facilities, further leading to the growth of the market in North America.

Asia Pacific is projected to have considerable growth during the projection period, owing to factors such as advancing healthcare facilities, rapidly growing economies, and increasing disposable income. The rise in the geriatric population elevates the need for the availability of diagnostic imaging services as a part of geriatric healthcare planning. In addition, the increase in traumatic events such as road accidents and other physical injuries also boost the market.

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