Global Diagnostic Imaging Services Market: Need for Personalized Diagnostics & Advanced Technological Support to Propel Growth
Medical imaging is an essential aspect of the entire healthcare continuum, from wellness and screening, to prompt diagnosis, therapeutic selection, and follow-up. Emphasis on chronic disease and acute care, image-guided medical interventions, and enhanced treatment planning are being integrated into regular medical practices across all subspecialties. Commitment to better patient care is further strengthening the overall medical and diagnostic imaging industry, thus fortifying the services business.
The growing sophistication of cross-sectional imaging with the integration and rapid development of interventional radiology into clinical grounds has positively impacted modern patient care. Advances in imaging driven by the digital data and technology have revolutionized the imaging field. Transparency Market Research (TMR), in its recent publication, analyzes the key milestones in the diagnostic imaging services business from the inception of medical imaging to the latest developments in diagnostic imaging, with reflections regarding the future directions of the market.
Identify the key factors that will drive your company’s growth. Request a brochure of this report here
Diagnostic Imaging Services: Tracing the Evolutionary Timeline
From Wilhelm Conrad Roentgen’s initial experiment with a Crookes cathode ray tube that spawned X-rays back in 1895 to today’s technology-driven medical imaging, the path of evolution continues to broaden. Roentgen’s finding witnessed widespread acceptance within days, and the new technology was received by amateurs and medical establishments alike. Moreover, as radiography became a vital aspect of clinical diagnosis, newer uses and data regarding disease representation quickly assembled. The following decades marked further developments in medical imaging, banking on researchers’ growing interest and the unquenchable desire to improve diagnosis and therapeutics.
The development of computed tomography (CT) was witnessed after more than seven decades of the inception of medical imaging, followed by the development of magnetic resonance imaging (MRI), which became essential in oncology. With continued research efforts, techniques such as ultrasound and nuclear imaging have changed the face of diagnostic care. Vital success has been witnessed in the last few decades, on account of the digital revolution and key technological advancements. According to TMR’s study, the diagnostic imaging services market was valued at ~ US$ 329 Bn in 2018, and is anticipated to grow at a CAGR of ~ 4% during 2019-2027. Market growth is driven by the expanding application of diagnostic imaging, rising acceptance of imaging services, and growing demand on the wake of increasing incidents of chronic diseases.
Want to know more such detailed insights of “Diagnostic Imaging Services Market”? Request a PDF sample here
Key Trends Shaping the Diagnostic Imaging Services Market
Technological Developments to Enable Advanced Imaging
Technological advancements have been accelerating the healthcare sector with noteworthy advancements in terms of capabilities to achieve greater precision and accuracy in medical imaging. Key technologies include artificial intelligence (AI), 3D imaging, diagnostic wearables, and remote reading solutions that ensure dependable imaging while radiologists work remotely. Amongst all, AI, a game changer in diagnostics, is shifting diagnostic imaging capabilities to achieve quicker scans and provide life-changing insights regarding diseases. Moreover, hardware miniaturization, AI, and computer vision would allow diagnostic imaging to be mobile.
Shift towards Subspecialty Practice
Growing consumer demand for specialized clinical care services and changing reimbursement scenario highlight the growing focus on subspecialty practice, and consequently, the workflow of image acquisition. Healthcare establishments seek to leverage new technologies that enable greater accuracy in diagnosis, and improve clinical outcomes, thereby deriving greater value from diagnostic imaging service lines.
Leveraging the Healthcare Consumerism Trend
Radical change in the present set of consumer expectations is creating the need for consumerism in healthcare as a trend, which needs to be incorporated in modern business models. Contemporary, technologically-aware consumers treat imaging as another purchase decision, which relies more on reviews, convenience, and pricing. As a result of this, diagnostic service providers are embracing superior approaches to suffice the need of consumerism when it comes to diagnostic patient care.
The continued use of obsolete instruments in several countries that do not provide accurate reports is expected to hamper the growth of the market in the near future. Rise in the percentage of installed imaging equipment, aged over 10 years, which is rendered obsolete, poses a risk to the health and safety of patients and medical staff, thereby impacting the diagnostic imaging services market.
Expanding operations in future? To get the perfect launch ask for a custom report here
Diagnostic Imaging Services Market: Scanning Success Strategies of Stakeholders
Expansion of Personalized Diagnostics Portfolio
Quick-paced developments in healthcare, with the growing emphasis on specialized patient care, are resulting in therapeutics becoming more individualized, in a bid to offer personalized treatments and medication. As the march towards personalized healthcare quickens, advanced diagnostic tools are becoming the need of the hour. This has concentrated the efforts of stakeholders in the diagnostics imaging services market towards expanding their personalized diagnostics portfolios.
Partnerships to Support AI-enabled Diagnostic Imaging
As AI is disrupting healthcare on the diagnostics front, various strategies are focused at the seamless incorporation of AI in diagnostic imaging systems and services. Collaborations and partnerships remain the key tactics of service providers to develop artificial intelligence software solutions that support cancer diagnostics and care by using MRI and CT imaging. Diagnostic imaging service providers are considering the capabilities of AI to quantify and track different abnormalities in patients, so as to offer personalized treatment.
Emphasize Reimbursements for Diagnostic Imaging Services
Diagnostic imaging services market competitors are laying emphasis on reimbursement of the cost of services, as diagnostic imaging plays a vital role in the prevention and early diagnosis of diseases. Healthcare systems across the world continue to allocate substantial budgets for these reimbursements, bringing the reimbursement strategy in the limelight for diagnostics imaging services market contributors. Reimbursement for diagnostic imaging service cost is offered in various developed and developing countries, increasing the demand for diagnostic imaging services.
Diagnostic Imaging Services Market: Scrutinizing the Competitive Landscape
In Feb, 2019, RadNet, Inc. a leading provider of high-quality, cost-effective, and outpatient diagnostic imaging services signed an agreement for acquiring Kern Radiology Medical Group, Inc.’s outpatient radiology practice, a company that owns five imaging centers in Bakersfield, California.
In March, 2019, Dignity Health and Shields Health Solutions announced a joint venture that would bring specialty pharmacy services to patients, thereby improving health outcomes and reduce the cost of care. Moreover, the Dignity Health Specialty Pharmacy program, along with Shields’ expertise and knowledge, would offer high-touch personalized patient support for people suffering from complex chronic diseases.
In November 2018, Akumin Inc. acquired four outpatient diagnostic imaging centers in Broward County from Diagnostic Professionals, Inc., and a single imaging center in Kissimmee, Florida. The acquisition of these five centers added to its geographic density in mid and south Florida, enduring its strategic objective of growth in its core markets.
The global diagnostic imaging services market is consolidated in nature with the presence of a limited number of service providers. Companies extending diagnostic imaging services focus on facility acquisition and formation of joint ventures to expand their geographic presence, particularly in North American countries. Partnerships allow services providers to collaborate with exceptional radiologists who have been providing patient-centered care in specific regions, enabling them to serve a larger volume of patients. Moreover, focus remains on establishing newer diagnostic centers with high-end diagnostic imaging modalities, for addressing the growing demand.
Analysts’ Perspective on the Market
With growing opportunities traced across the diagnostic imaging services market, TMR analysts have a positive perspective of the market. Constant support of technological developments are adding to the development of advanced diagnostic imaging systems, garnering the attention of providers of diagnostic imaging services. Another aspect in the focus of service providers is the reduction of the cost of diagnosis to entice tech-savvy consumers, for whom, cost is one of the key factors impacting their spending decisions.
Hospitals have a diverse range of diagnostic imaging equipment for their patients, owing to which, they witness a significant inflow of patients. Hospitals are the leading end users for diagnostic imaging services, making them a vital prospect for service providers. New entrants must focus on collaborations and service agreements with hospitals to gain initial business growth. North America remains a lucrative market for diagnostic imaging services, wherein, the U.S. showcases dominance on account of increasing technological advancements, growing prevalence of chronic diseases, and surging adoption of diagnostic imaging services by the medical industry. Services providers aiming at regional expansion can consider investments in the U.S. as a prospective avenue.
Diagnostic imaging service is a process of employing non-invasive imaging procedures to visualize and create representations of the interior of a patient’s body for clinical analysis and medical intervention. Diagnostic imaging service procedures employ low dosage of radiations for the creation of highly detailed images of the body interiors. The different types of diagnostic imaging service procedures are X-ray imaging procedures, MRI scans, CT scans, ultrasounds, and nuclear imaging.
Strategic Acquisitions and Partnerships to Drive Diagnostic Imaging Services Market
- The global diagnostic imaging services market was valued at ~ US$ 329 Bn in 2018, and is anticipated to reach ~ US$ 465 Bn by 2027, expanding at a CAGR of ~ 4% from 2019 to 2027.
- Strategic acquisitions by diagnostic imaging service providers have enabled them to enhance their market position, increase service offerings, and strengthen their customer base. For instance, in October 2018, Radnet acquired Medical Arts Radiology, the owner of 10 imaging centers in Long Island, New York. This acquisition will enhance RadNet’s presence in the U.S. and expand its customer base in the diagnostic imaging services market.
- Similarly, Alliance Healthcare Services entered into a merger agreement with Tahoe Investment Group in April 2017. Upon completion of the transaction, Alliance became an indirect wholly-owned subsidiary of Tahoe. This transaction enabled Alliance to expand its healthcare services in China.
- Joint ventures and partnerships have enabled the diagnostic imaging service providers to expand their geographic presence. For instance, in September 2017, the University of Maryland Charles Regional Medical Center, the University of Maryland Diagnostic Imaging Specialists, PA, and MedQuest Associates entered into a joint venture for the development and operation of a full-modality outpatient diagnostic imaging center in Maryland.
Technological Advances in CT Scans to Propel Market
- In terms of imaging modality, the computed tomography (CT) segment is anticipated to grow at a rapid pace in the diagnostic imaging services market during the forecast period. CT is a technique that employs computerized X-ray imaging to produce cross-sectional images of the body, providing doctors a highly detailed view of different parts of the body.
- Technologically-advanced scanners with multi-slice capabilities of 80, 128, 256, 320, and 640-slice systems and higher speeds have been introduced in the market. This is likely to fuel the growth of the segment in the diagnostic imaging services market.
Rise in Prevalence of Cancer Increasing Screenings for Early Detection
- According to the WHO, cancer is one of the leading causes of morbidity and mortality across the world. Cancer rates could increase by 50% to 15 million new cases by 2020. Approximately 70% of deaths due to cancer occur in low- and middle-income countries.
- The oncology segment dominated the diagnostic imaging services market in 2018, and the trend is likely to continue during the forecast period. Diagnostic imaging procedures aid in the early detection of cancers, identification of the stage of cancer, assessing the effectiveness of the treatment, and identifying the spread of the disease to other organs.
- Diagnostic imaging procedures, primarily CT scan procedures, find application in the detection of abnormal cell growth, identification of stages of cancer, and planning the treatment.
North America a Prominent Diagnostic Imaging Services Market
- The diagnostic imaging services market report offers detailed segmentation of the global diagnostic imaging services market based on imaging modality, application, end user, and region. In terms of imaging modality, the global diagnostic imaging services market has been classified into X-ray, ultrasound, magnetic resonance imaging, computed tomography, nuclear imaging, and others.
- Based on application, the global diagnostic imaging services market has been categorized into cardiology, gynecology/obs, orthopedics & musculoskeletal, oncology, neurology & spine, and general imaging. In terms of end user, the global diagnostic imaging services market has been divided into hospitals, ambulatory surgical centers, diagnostic centers, and others.
- Geographically, the global diagnostic imaging services market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Companies Profiled in the Global Diagnostic Imaging Services Market Report
The report provides profiles of leading players operating in the global diagnostic imaging services market. These include
- Radnet, Inc.
- Center for Diagnostic Imaging
- MedQuest Associates, Inc.
- Siemens Healthineers
- Hitachi, Ltd.
- Carestream Health
- Koninklijke Philips N.V.
- GE Healthcare
- Shimadzu Corporation
- Dignity Health (CommonSpirit Health).
TMR’s recent publication on the diagnostic imaging services market offers readers an overall market overview with the help of extensive analysis of the global market. The TMR study on the diagnostic imaging services market analyzes the market with respect to the historical and current market scenario, and provides a forecast for the period of 2019-2027. Report readers are able to make long-term business decisions with the help of key findings and exclusive diagnostic imaging services market insights included in the report.
TMR’s study also provides an assessment of the key diagnostic imaging services market dynamics that are likely to impact the market in the coming years. The report also provides a detailed understanding of the key industry trends and developments made by leading diagnostic imaging services market players. The TMR report is divided into vital sections that allow readers to gain an individual understanding of the market.
Key Questions Answered in the Diagnostic Imaging Services Market Report
- Which imaging modality is gaining major applicability among diagnostic imaging centers?
- How much revenue will the diagnostic imaging services market generate in the coming five years?
- What are the key developments made by diagnostic imaging services market players?
- What are the key trends that are likely to shape the diagnostic imaging services market in the near future?
- Which regions offer lucrative opportunities for investment for diagnostic imaging services market stakeholders?
The first chapter in the study on the diagnostic imaging services market includes a preface that offers a brief market overview, including the definition and scope of the market. This section discusses the key research objectives and highlights that allow readers to gain a concise market understanding. Following this section is the executive summary, which sheds light on the diagnostic imaging services market aspects covered in the report. The next chapter in the diagnostic imaging services market report is the market overview that offers a glance into the market in terms of key diagnostic imaging services market dynamics such as drivers, opportunistic avenues, and restraining factors.
The next section provides an outlook of the global diagnostic imaging services market analysis and forecast in terms of both, volume and value. Following this outlook is the unique pricing analysis to help readers gain added value. The next section evaluates the key segments in the diagnostic imaging services market. The analysis includes bifurcation on the basis of imaging modality, end user, application, and region. The evaluation of key segments in the diagnostic imaging services market and inclusion of year-on-year growth projection, along with basis point share analysis, further helps clients identify lucrative avenues.
TMR’s study on the diagnostic imaging services market offers an evaluation of the regional landscape of the market. The regional assessment allows stakeholders to make key strategic decisions pertaining to geographical expansion and future investments. The segment-wise and country-level evaluation of individual regions helps the audience of the diagnostic imaging services market study to anticipate the potential of the market. Backed by year-on-year growth projections, and global value and volume share, this section is a significant part of the report on the diagnostic imaging services market.
The report on the diagnostic imaging services market offers a holistic competitive evaluation covering the details of leading market contributors. This sections highlights the nature of the diagnostic imaging services market with the help of the market share held by players. The unique dashboard view of the players in the diagnostic imaging services market allows the report audience to understand the key strategies implemented by players and their performance in the market featuring their focus areas in the diagnostic imaging services market. Additionally, the competitive structure of prominent players in the diagnostic imaging services market is also discussed in the publication.
The TMR analysis on the diagnostic imaging services market is based on a detailed assessment of the market, with the help of comprehensive primary and secondary research. The in-depth assessment of the diagnostic imaging services market in terms of competitive landscape is supported by the individual-level analysis of various aspects pertaining to the market. An analysis of the historical and current market for diagnostic imaging services, focusing on key market segments, major regions, and growth drivers, along with other qualitative inputs, help TMR analysts derive crucial market predictions and forecast analysis for the diagnostic imaging services market. Readers can access the diagnostic imaging services market report to gain a forecasted market assessment for the period of 2019 to 2027.
Global Diagnostic Imaging Services Market: Taxonomy
Magnetic Resonance Imaging (MRI)
Computed Tomography (CT)
Orthopedics & Musculoskeletal
Neurology and Spine
Diagnostic Imaging Centers
Ambulatory Imaging Centers
Middle East & Africa