The global diagnostic imaging services market will expand at a moderate 4.2% CAGR during the period of forecasting between 2020 and 2025. As per the Fact.MR study, chest x-rays are being used widely to diagnose Covid-19 cases. Portable radiology devices are rapidly gaining demand owing to the high rate of contagiousness of the virus, and the need for isolating patients from the uninfected populations. The demand for diagnostic imaging services will continue to grow steadily for other ailments, even once the pandemic comes to an end.
“Tech advancements in addition to government funding and favorable policies, particularly in emerging economies with large populations including China and India will contribute to the growth of the diagnostic imaging services market throughout the pandemic period,” says the FACT.MR report.
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Diagnostic Imaging Services Market- Key Takeaways
- Ultrasound imaging is a very popular diagnostic imaging process, owing to widespread application for multiple ailments.
- Hospitals are the primary end users of diagnostic imaging services, aided by the integration of surgical facilities, and higher demand for advanced imaging modalities.
- North America is a major diagnostic imaging services market, driven by the presence of numerous market players and frequent product launches. Asia Pacific is rapidly catching up owing to higher incidences of chronic disease, and demand for new diagnostic tech.
Imaging Services Market- Driving Factors
- Rapidly expanding geriatric population demographic in many countries is a key growth factor.
- Demand for early diagnosis of chronic ailment cases, coupled with growth of government funding aids market growth.
- Demand for advanced imaging tools in healthcare facilities and medical training centers will bolster adoption.
Diagnostic Imaging Services Market- Major Restraints
- High costs of modern diagnostic imaging tools hinder new entrants in the field.
- Shortage of adequately trained medical professionals to operate imaging tools hampers market growth.
COVID-19 Impact on Diagnostic imaging services Market
The high infection rates associated with the coronavirus crisis, and success in diagnostic imaging for identifying COVID-19 patients is increasing demand for these services. High demand for testing and quarantining infected people is contributing to a surge in market growth for the short term. The market is expected to continue gaining ground following the end of the pandemic, for the diagnosis of other chronic ailments.
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Diagnostic imaging services market players are seeking product improvements in addition to mergers, acquisitions, and collaborations. For instance, Imbio has announced its collaboration with Nuance AI Marketplace to distribute its diagnostic imaging services and products. Sonic Healthcare, RadNet Inc., I-MED Radiology Network, and Alliance Healthcare Services Inc., are some of the top diagnostic imaging service providers in the global market.
About the Report
This study offers readers a comprehensive market forecast of the diagnostic imaging services market. Global, regional and country-level analysis of the top industry trends impacting the diagnostic imaging services market is covered in this FACT.MR study. The report offers insights on the diagnostic imaging services market on the basis of service type (diagnostic radiology, ultrasound, computed tomography, magnetic resonance imaging, nuclear imaging, and others), and service provider (hospitals, diagnostic imaging centers, ambulatory surgical centers, and others), across five regions (North America, Latin America, Europe, Asia Pacific, and MEA).