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.
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.
The US Imaging Services Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
Modalities (CT Scans, X-rays, Nuclear Medicine Scans, Ultrasound, MRI Scans, and Mammography) and End-users (Hospitals, Diagnostic Imaging Centers, and Others)
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.
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.
The US imaging services market has been segmented on the basis of
- CT Scans
- Nuclear Medicine Scans
- MRI Scans
- Diagnostic Imaging Centers
- 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.
- Center for Diagnostic Imaging, Inc.
- Alliance HealthCare Services, Inc.
- Unilabs Healius Ltd.
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.