Imaging Services Market

US Imaging Services Market

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Author:

Raksha Sharma

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Editor:

Shreyas Tandon

US Imaging Services Market Outlook 2031:

The US imaging services market size was valued at USD 139.6 Billion in 2022 and is projected to reach USD 201.81 Billion by 2031, expanding at a CAGR of 4.18% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing prevalence of chronic diseases, growing adoption of technologically advanced medical imaging, and rising geriatric population.

Imaging services aid in the diagnosis, treatment, and monitoring of a wide range of disorders and ailments. Nuclear medicine, ultrasound, computed tomography (CT), radiography (x-ray), magnetic resonance imaging (MRI), and positron emission tomography are examples of diagnostic imaging services (PET). Specialized equipment and the professional involvement of a radiologist are used to provide these services.

Imaging Services Market Outlook

Moreover, new therapeutic and diagnostic models are being created that deliver exact results, aid in early disease identification, and reduce the cost of treating certain diseases. According to GLOBOCAN, around 19.3 million new cancer cases were recorded worldwide in 2020, with this figure anticipated to rise to 30.2 million by 2040.

The COVID–19 pandemic impacted the imaging services market positively as various imaging technique are widely used in the diagnostic of COVID patients. As hospitals were packed with COVID-19 patients and demand for advanced diagnostic methods were rapidly increasingly during the pandemic, the market registered a substantial growth rate during the high peak of the COVID pandemic.

Imaging Services Market Trends, Drivers, Restraints, and Opportunities

  • Growing geriatric population is fueling the cases of various disorders and infections, as large number of this section comes under the age of 50 to 60 years are broadly caused by cancers and vascular disease. This is expected to boost the market expansion.
  • Increasing demand for advanced imaging technology by medical institutes and high approval of new laboratory methods are expected to boost the market growth in the coming future.
  • Rising healthcare spending and high cost investment in the manufacturing process are likely to hamper the market growth.
  • Less skilled technician and delaying in new diagnosis approvals from regulatory bodies in some developed countries are the main challenges hampering the market growth.
  • Increasing demand for companion diagnostics is growing as these services assist the specialists to make informed decisions for patient-based treatment using appropriate therapy. This is projected to boost the market growth.

Scope of Imaging Services Market Report

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

Attributes

Details

Report Title

The US Imaging Services Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Modalities (CT Scans, X-rays, Nuclear Medicine Scans, Ultrasound, MRI Scans, and Mammography) and End-users (Hospitals, Diagnostic Imaging Centers, and Others)

Country Scope

The US

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Alliance Medical; Radnet, Inc.; InHealth Group; Dignity Health; Sonic Healthcare Ltd.; Medica Group; Novant Health; Concord Medical Services Holdings Ltd.; Healthcare Imaging Services Pvt. Ltd.; Simonmed.; Center for Diagnostic Imaging, Inc.; Alliance HealthCare Services, Inc.; and Unilabs Healius Ltd.

Imaging Services Market Segment Insights

Computed tomography scans segment is expected to grow at a rapid pace

Based on modalities, the US imaging services market is segregated as CT scans, X-rays, nuclear medicine scans, ultrasound, MRI scans, and mammography. The CT scans segment is expected to grow at a rapid pace during the forecast period.

In order to keep up with the increased demand for scanners all around the world, companies have adopted a number of concrete steps. For example, Samsung NeuroLogica increased production of their 32-slice CT scanner, "mobile BodyTom," in February 2020, in response to the fast expanding COVID-19 instances.

Furthermore, due to the inner protected construction, it permits screening of COVID-19 patients at the point of care while minimizing viral exposure. As a result of such occurrences, the market is likely to grow with the advent of COVID-19.

Moreover, in comparison to low-range CT scanners, mid-range CT scanners are superior for angiography. Some of the major features such as high speed and sensitivity, enable healthcare practitioners to examine artery walls for plaque formation present a key driver of the segment growth. Furthermore, it helps in monitoring the tiniest of veins and arterial branches, making it ideal for cardiac research.

Imaging Services Market Modalities

Hospital segment is estimated to expand at a considerable CAGR

On the basis of end-users, the market is segmented into hospitals, diagnostic imaging centers, and others. The hospital segment is estimated to expand at a considerable CAGR during the forecast period due to the rising prevalence of various conditions such as cardiac disorders and cancer disease, availability of multiple imaging modalities in single facility, and favorable reimbursement policies for the imaging procedures.

Advanced diagnostic imaging services such as CT, MRI, PET/CT, and nuclear procedures, are impacted by policies enacted by Congress and the Centers for Medicare & Medicaid Services (CMS). The Hospital Outpatient Prospective Payment System (HOPPS), Physician Fee Schedule (PFS), and Inpatient Prospective Payment System are all payment schemes used by Medicare to cover imaging services. Thus, aforementioned factors are fueling the segment growth in the market.

However, the diagnostic imaging centers segment is expected to register a considerable market growth rate in the coming years. According to the United States Census Bureau, there were 6,598 out-patient diagnostic imaging centers in the US in 2015. Furthermore, more experienced radiologists have built diagnostic imaging facilities to give more efficient imaging and diagnosis to the patient population.

Imaging Services Market End User

Segments

The US imaging services market has been segmented on the basis of

Modalities

  • CT Scans
  • X-rays
  • Nuclear Medicine Scans
  • Ultrasound
  • MRI Scans
  • Mammography

End-users

  • Hospitals
  • Diagnostic Imaging Centers
  • Others

Country

  • The US

Key Players

  • Alliance Medical
  • Radnet, Inc.
  • InHealth Group
  • Dignity Health
  • Sonic Healthcare Ltd.
  • Medica Group
  • Novant Health
  • Concord Medical Services Holdings Ltd.
  • Healthcare Imaging Services Pvt. Ltd.
  • Simonmed
  • Center for Diagnostic Imaging, Inc.
  • Alliance HealthCare Services, Inc.
  • Unilabs Healius Ltd.

Competitive Landscape

Some of the key players competing in the US imaging services market are Alliance Medical; Radnet, Inc.; InHealth Group; Dignity Health; Sonic Healthcare Ltd.; Medica Group; Novant Health; Concord Medical Services Holdings Ltd.; Healthcare Imaging Services Pvt. Ltd.; Simonmed; Center for Diagnostic Imaging, Inc.; Alliance HealthCare Services, Inc.; and Unilabs Healius Ltd.

These major players are implementing various marketing strategies such as capital investments, merger & acquisitions, and new product development to secure their industry position in the market. For example, Alliance HealthCare Services, Inc. has teamed up with Northeast Radiology in August 2018 to provide radiology solutions to health systems, hospitals, and physician groups that provide patient care. Alliance HealthCare Services aimed to provide low-cost imaging services with higher clinical and quality standards as a result of this collaboration.

For instance, Allengers has partnered with Canon Medical Systems Corporation and released the “ACUTOM 32,” a 32-slice computed tomography scanner with a 2.0MHU X-ray tube and a rotation time of 0.75 seconds in January 2020.

Imaging Services Market Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Imaging Services Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Imaging Services Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Imaging Services Market - Supply Chain
  4.5. Global Imaging Services Market Forecast
     4.5.1. Imaging Services Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Imaging Services Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Imaging Services Market Absolute $ Opportunity
5. Global Imaging Services Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Imaging Services Market Size and Volume Forecast by End Users
     5.3.1. Hospitals
     5.3.2. Diagnostic Imaging Centers
     5.3.3. Others
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Imaging Services Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Imaging Services Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Imaging Services Demand Share Forecast, 2019-2026
7. North America Imaging Services Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Imaging Services Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Imaging Services Market Size and Volume Forecast by End Users
     7.4.1. Hospitals
     7.4.2. Diagnostic Imaging Centers
     7.4.3. Others
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Imaging Services Demand Share Forecast, 2019-2026
8. Latin America Imaging Services Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Imaging Services Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Imaging Services Market Size and Volume Forecast by End Users
     8.4.1. Hospitals
     8.4.2. Diagnostic Imaging Centers
     8.4.3. Others
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Imaging Services Demand Share Forecast, 2019-2026
9. Europe Imaging Services Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Imaging Services Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Imaging Services Market Size and Volume Forecast by End Users
     9.4.1. Hospitals
     9.4.2. Diagnostic Imaging Centers
     9.4.3. Others
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Imaging Services Demand Share Forecast, 2019-2026
10. Asia Pacific Imaging Services Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Imaging Services Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Imaging Services Market Size and Volume Forecast by End Users
     10.4.1. Hospitals
     10.4.2. Diagnostic Imaging Centers
     10.4.3. Others
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Imaging Services Demand Share Forecast, 2019-2026
11. Middle East & Africa Imaging Services Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Imaging Services Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Imaging Services Market Size and Volume Forecast by End Users
     11.4.1. Hospitals
     11.4.2. Diagnostic Imaging Centers
     11.4.3. Others
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Imaging Services Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Imaging Services Market: Market Share Analysis
  12.2. Imaging Services Distributors and Customers
  12.3. Imaging Services Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Alliance Medical Radnet, Inc. InHealth Group Dignity Health Sonic Healthcare Ltd. Medica Group  

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