Diagnostic Imaging Services Market Analysis

Global Diagnostic Imaging Services Market Overview

Diagnostic Imaging Services Market Size was valued at USD 598.4 billion in 2022 and is projected to grow from USD 630.11 Billion in 2023 to USD 34.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.6% during the forecast period (2024 - 2032). The rising demand for diagnostic imaging services and the rising prevalence of various diseases are anticipated to act as market drivers.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

In November 2023, Lake Medical Imaging (LMI), a leading provider of radiology services, successfully implemented an innovative Radiology Information System (RIS) through a collaboration with AbbaDox. This development represents a significant stride towards the modernization of patient care. This accomplishment represents a substantial milestone in LMI's dedication to delivering exceptional medical imaging services, with the ability to accommodate over 350,000 studies per year across its six locations. The joint leadership effectively oversaw the transition from labor-intensive, manual processes to the advanced automated workflow solutions provided by AbbaDox. Through the utilization of the visit companion and user-friendly patient portal, patient engagement has increased substantially and scheduling backlogs for patients have been reduced considerably. AbbaDox's exceptional proficiency and unwavering commitment played a pivotal role in promoting the seamless advancement of this transition, specifically the complex data migration from the Merge system.

A global authority in health technology, Royal Philips, has integrated Philips HealthSuite Imaging into Amazon Web Services (AWS) as of April 2023. Moreover, by leveraging the Amazon Bedrock and Foundation Models, Philips and AWS will expedite the advancement of cloud-based generative AI applications. These applications will assist in clinical decision support, streamline administrative tasks, and enable more accurate diagnoses. Consequently, this collaboration will contribute to the seamless integration of AI within the healthcare sector. The recent introduction of Philips HealthSuite Imaging on AWS, an expansion of the company's robust enterprise informatics portfolio, grants radiologists and clinicians access to faster image access, improved data orchestration, and enhanced reliability across the entire imaging workflow. This includes diagnostics, therapy selection, treatment, and follow-up. Clinicians will have the ability to access the latest developments regardless of their location, whereas healthcare organizations can reduce costs associated with maintaining on-premises infrastructure or data centers to host their image management platform.

Diagnostic Imaging Services Market Trends

• Growing prevalence of various diseases to propel diagnostic imaging service market growth

Chronic diseases are the most common and expensive health issues. According to research studies, roughly half, or 45%, or 133 million—suffer from one or more chronic diseases. Chronic conditions like cancer, high blood pressure, stroke, heart disease, respiratory illnesses, rheumatoid arthritis, and obesity can result in hospitalization, long-term disabilities, lower quality of life, and even death. According to the World Health Organization, In 2020, cancer was anticipated to be the primary cause of death for nearly 10 million people worldwide. Early cancer detection and appropriate cancer treatment and patient care can lessen the disease's burden. If detected early and treated effectively, many cancers have a high chance of recovery. Thus the growing prevalence is boosting the need for diagnostic testing that can be used for the diagnosis and prevention of these diseases. Thus, this factor is driving the market CAGR.

Figure 1: Healthcare expenditure as a % share of GDP, 2018

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Chronic illnesses have also had a significant impact on workforce patterns, including absenteeism, as well as health care costs. The Centers for Disease Control estimate that chronic diseases in the United States account for approximately 75% of healthcare spending or USD 5300 per person annually. Thus, if society is to provide citizens with better healthcare and raise their standard of living generally, it is crucial that we understand, manage, and prevent chronic diseases. Thus, it is anticipated that this aspect will accelerate Diagnostic Imaging Services market revenue globally.

These days, disease diagnosis and management depend heavily on medical imaging. The X-ray machine, invented by Roentgen in 1895, was the first type of diagnostic medical imaging. Since then, radiographic imaging has advanced significantly, and computed tomography (CT), which combines the strength of computer processing with X-ray imaging, is quickly replacing conventional X-rays. CT scanners use three different planes to take images. Over time, CT technology itself has been improved. The arrival of the spiral CT and the reduction in slice thickness have significantly sped up image acquisition. Over the years, medical imaging technology has advanced substantially. Further, several manufacturers have successfully integrated AI into imaging systems, but none are yet accessible for commercial use. Viz is an illustration of AI-integrated medical imaging software, which accelerates the detection and time to treatment for patients with significant vessel obstructions (LVOs). Such technological advancements are anticipated to fuel market growth during the forecast period.

Diagnostic Imaging Services Market Segment Insights

Diagnostic Imaging Services Procedure Insights

The Market segments of Diagnostic Imaging Services, based on Procedure, includes Computed Tomography, MRI, and X-ray. The X-ray segment held the majority share in 2022 in the Diagnostic Imaging Services Market data. X-rays are one of the imaging techniques that radiologists use the most frequently to detect fractures, infections, the severity of an injury, and abnormal bone growth. Such increasing use and low cost of imaging is contributing to the growth of the segment. The computed Tomography segment is anticipated to be the faster-growing segment during the forecast period. This imaging modality has the major benefit of enabling simultaneous detailed imaging of bone, blood vessels, and soft tissues. In addition, this service is more time-efficient than other options and is available at reasonable prices.

November 2021: Siemens Healthineers introduced Naeotom Alpha the first photon-counting CT scanner in the world. The system has been approved for clinical use in the U.S. and Europe.

Figure 2: Diagnostic Imaging Services Market, by Procedure, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Diagnostic Imaging Services Application Insights

The Diagnostic Imaging Services Market segmentation, based on Application, includes neurology, oncology, and cardiology. The neurology segment dominated the market growth in 2022. Government and non-government organizations are investing heavily in the development of diagnostics and therapeutics for the treatment of neurological diseases due to their rising prevalence throughout the world. They are also increasing funding and awareness programs for different neurological disorders, which may accelerate the market's growth. The oncology segment is projected to be the faster-growing segment during the forecast period, 2022-2030. Growing incidences of cancer and the rising need for early detection can help in treating cancer before it becomes life-threatening.

January 2021 Life Sciences Partners (LSP) raised the EUR 150 million LSP Dementia Fund that was dedicated to fight neurodegenerative diseases. This fund will concentrate on all phases of the development of medical technology and dementia drugs to treat patients' neurological diseases.

Diagnostic Imaging Services Service Provider Insights

The Market data of Diagnostic Imaging Services, based on the service provider, includes diagnostic centers, hospitals, ambulatory surgical centers, and others. The hospital’s segment dominated the Diagnostic Imaging Services market revenue in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The availability of multiple imaging modalities in a single facility, reimbursement policies for imaging procedures, and the rising prevalence of various conditions like cancer and cardiac disorders are also anticipated to have an impact on the overall market growth.

Diagnostic Imaging Services Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The  North America Diagnostic Imaging Services market accounted for USD 274.1 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. In the upcoming years, it is anticipated that the development of various technologies for improving diagnostic imaging services will accelerate industry growth. Moreover, the demand for diagnostic imaging services is anticipated to increase with the growing prevalence of cardiovascular diseases and cancer. Additionally, the market is anticipated to expand over the course of the forecast period as a result of the existence of well-established healthcare facilities and the growing demand for cutting-edge healthcare systems among the ageing population.

Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: DIAGNOSTIC IMAGING SERVICES MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Diagnostic Imaging Services market accounts for the second-largest market share. The market is anticipated to grow due to rising affordability rates among the population, an increase in the number of diagnostic procedures performed annually, rising diagnostic procedure numbers, and rising product launches. Moreover, the UK market of Diagnostic Imaging Services held the largest market share, and the Germany market of Diagnostic Imaging Services was the fastest-growing market in the region.

Asia Pacific Diagnostic Imaging Services Market is expected to grow at the fastest CAGR from 2022 to 2030. The rising incidence of cancer and cardiovascular disease, as well as the expansion of players in the diagnostic imaging system market, are driving the overall growth of the diagnostic imaging services market. Moreover, growing awareness regarding early diagnosis is also aiding the market growth. Further, the China market of Diagnostic Imaging Services held the largest market share, and the India market of Diagnostic Imaging Services was the fastest-growing market in the region.

Diagnostic Imaging Services Key Market Players & Competitive Insights

Major market players are investing in the development of advanced imaging devices, which will help the Diagnostic Imaging Services market in the coming years. Companies in the market are also adopting key market development strategies such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other companies. Competitors in the Diagnostic Imaging Services industry must offer advanced solutions that will create ease in diagnosis and will be able to provide the results faster.

New players are raising funds and entering the global Diagnostic Imaging Services industry to meet the rising demand for the service. The Diagnostic Imaging Services market major player such as RadNet, Sonic Healthcare (Australia), Dignity Health (US), Novant Health (US), Alliance Medical (UK), InHealth Group (UK), and Medica Group (UK) are providing services to patients such that they are affordable and highly accurate.

RadNet, Inc. is the US's top national supplier of independent, permanent diagnostic imaging services. Three hundred thirty-two outpatient imaging facilities are owned and operated by RadNet. In Oct 2020, RadNet, Inc. completed the acquisition of the multimodality radiology practice AZ Tech MRI & Radiology, which has eight locations, and the formation of its third outpatient radiology joint venture with CommonSpirit Health. The project in Phoenix, Arizona, broadens RadNet and Dignity Health's current commitment to offering top-notch imaging services to specific patient populations and medical communities. Dignity Health is a division of CommonSpirit Health.

Sonic Healthcare is one of the top providers of medical diagnostics and has a reputation for excellence in laboratory medicine/pathology, radiology, and primary care medical services. It has operations in Australasia, Europe, and North America. In July 2022, Sonic Healthcare and harrison.ai officially launched 'franklin.ai', a joint venture to improve patient care by incorporating digital pathology tools into routine clinical practice.

Key Companies in the market of Diagnostic Imaging Services include

• RadNet


• Sonic Healthcare (Australia)


• Dignity Health (US)


• Novant Health (US)


• Alliance Medical (UK)


• InHealth Group (UK)


• Medica Group (UK), among others

Diagnostic Imaging Services Industry Developments

November 2023: RadNet, Inc., one of the largest providers of diagnostic imaging services in the United States, announces that it has acquired Telerad, a leading provider of telemedicine and teleradiology services. The acquisition expands RadNet's reach into the telemedicine market and gives it access to Telerad's expertise in artificial intelligence (AI) and machine learning. RadNet, Inc. logoOpens in a new windowSonic Healthcare, a leading global provider of diagnostic imaging services, announces that it is investing in HeartFlow, a company that develops AI-powered software to help doctors diagnose and treat heart disease. The investment will help Sonic Healthcare to expand its offerings in the cardiovascular space and to improve patient care. Sonic Healthcare logoOpens in a new windowAkumin Inc., a provider of radiology services to hospitals and clinics, announces that it has partnered with Google Cloud to develop AI-powered solutions for diagnostic imaging. The partnership will focus on developing new tools to help radiologists read images more accurately and efficiently.

November 2022: Mission Radiology India (MRI) was introduced with a customised "My Stamp" of Mission Radiology India by General (Dr) V. K. Singh (Retd), Minister of State for Road Transport & Highways and Civil Aviation, Government of India. The Mission Radiology India (MRI) project aims to offer cutting-edge diagnostic imaging services at significantly reduced costs. The Sundeep Sharma Foundation will pay half of the expenses to set up the diagnostic centre. Both the MRI central command centre and the ancillary unit will be built in Delhi and Patna, respectively.

Diagnostic Imaging Services Market Segmentation

Diagnostic Imaging Services Procedure Outlook (USD Billion, 2018-2030)

• Computed Tomography


• MRI


• X-ray

Diagnostic Imaging Services Application Outlook (USD Billion, 2018-2030)

• Neurology


• Oncology


• Cardiology

Diagnostic Imaging Services Service ProviderOutlook (USD Billion, 2018-2030)

• Diagnostic Centres


• Hospitals


• Ambulatory Surgical Centers

• Others

Diagnostic Imaging Services Regional Outlook (USD Billion, 2018-2030)

• 
  

  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• 
  

  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• 
  

  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  

  Rest of the World

  
  
  
  
  • 
    

    Middle East

    
    
  
  
  • 
    

    Africa

    
    
  
  
  • 
    

    Latin America