The diagnostic imaging services market is projected to reach USD 702.6 billion by 2027 from USD 549.0 billion in 2022, at a CAGR of 5.1% during the forecast period. The major factors driving the growth of this market the increasing rise in chronic diseases globally, demand for early diagnosis of diseases, ongoing advancements in diagnostic imaging technology. Moreover, increase in the age related disorders and growing expaniosn of diagnostic center are likely to play important role in driving the growth of market.
On the other hand, diagnostic imaging system are priced at a premium and requires high investments for installation, thus increasing the overall cost of diagnostic imaging procedures. This impacts the adoption rate of new imaging systems, especially in lower-income countries , making it difficult for the most diagnostic imaging centers to afford these high-priced instruments due to limited bugets. Additionally, shortage of skilled radiologist and unfavorable reimbusment structure of out patient imaging facilities in emerging nations are anticipated to restrain the growth of market.
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Some of the prominent players in the diagnostic imaging services market include RadNet, Inc. (US), Sonic Healthcare (Australia), Akumin Inc. (US), Healius Limited (Australia), RAYUS Radiology (US), Dignity Health (US), Novant Health (US), Alliance Medical (UK), InHealth Group (UK), Apex Radiology (Australia), Concord Medical Services Holdings Limited (China), Unilabs (Switzerland), Affidea (Netherlands), I-MED Radiology Network (Australia), Capitol Imaging Services (US), SimonMed (US), among others.
An analysis of market developments between 2019 and 2022 revealed that several growth strategies such as partnerships & agreements, joint ventures, and strategic acquisitions were adopted by market players to strengthen their service portfolios and maintain a competitive position in the diagnostic imaging services market.
RadNet (US) one of the leading player operating in diagnostic imaging services market. The company offers various combinations of MRI, CT, PET, nuclear medicine, ultrasound, X-ray, fluoroscopy services and other related procedures. The company operates directly or indirectly through the joint ventures with hospitals, 347 imaging centers located in Arizona, California, Delaware, Florida,Maryland, New Jersey, and New York. To maintain its brand presence in this market, the company strongly focuses on partnerships and acquisitions & joint ventures. Additionally, RadNet has strong focus on developing A.I. solutions for the radiology industry. In January 20222, RadNet acquired radiology AI company Aidence Holding B.V. and Quantib B.V., to cancer screening portfolio for breast prostate and lug cancer. Through its multimodality imaging service strategy and strong concentration on establishment of new outpatient imaging centers are expected to enhance RadNet’s customer base in diagnostic imaging services market
Akumin Inc. (US) is one of the key players in the global diagnostic imaging services market. The company primarily focuses on acquisitions and partnerships with medical imaging service providers. Through the acquisition of Alliance health in June 2021, the company offers a full suite of outsourced outpatient solutions to hospitals, health systems, and physician group partners across the US. With the presence of 134 Centers, the company has a strong presence in regional markets within Florida and Texas, Pennsylvania, Delaware, Georgia, Illinois, and Kansas. Moreover, to strengthen its diagnostic imaging service line, the company is collaborating with well-established players in the diagnostic imaging industry, like Philips intending to install innovative imaging equipment in its diagnostic imaging centers.
Sonic Healthcare (Australia) Sonic healthcare is one of the world’s leading providers of medical diagnostic services. sonic provides highly specialised pathology/clinical laboratory and diagnostic imaging services to clinicians hospitals, community health services, and their patients across Australia & New Zealand, US, Germany, Belgium, UK and Switzerland. The company has more than 1,600 pathologists, and more than 14,000 medical scientists, radiographers, sonographers. With an aim to maintain its market share in diagnotic imaging services , the company is focusing on inorganic strategies such as acquisitions to expand its diagnostic imaging services offerings and increase its revenue in this market.
Diagnostic Imaging Services Market by Procedure (MRI, Ultrasound, CT, X-RAY, Nuclear Imaging, Mammography), Application (OB/Gyn, Pelvic/Abdomen, Cardiology, Oncology, Neurology), Technology, User (Hospitals, Diagnostic Centers) - Global Forecast to 2027
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