Albany NY, United States -- (SBWIRE) -- 02/13/2020 -- Transparency Market Research (TMR) has published a new report on the diagnostic imaging services market for the forecast period of 2019–2027. According to the report, the global diagnostic imaging services market was valued at ~ US$ 329 Bn in 2018, and is projected to expand at a CAGR of ~ 4% from 2019 to 2027. Significant awareness among people about the early diagnosis of chronic diseases, rise in the demand for diagnostic imaging services among the geriatric population, and availability of reimbursements for diagnostic imaging services in major markets contribute to the growth of the global diagnostic imaging services market.
Technological Advancements Leading to Expansion of Diagnostic Imaging Services
Changing attitude toward the early detection of underlying diseases, which can be identified through diagnostic imaging, contributes to the growth of the diagnostic imaging services market. The global diagnostic imaging services market is expected to expand at a CAGR of ~ 4% from 2019 to 2027.
A number of trends have been observed in the diagnostic imaging services market. Increase in the geriatric population, rise in the prevalence of chronic diseases, favorable reimbursements for diagnostic imaging services, and introduction of remote and integrated diagnostic imaging systems & services contribute to the growth of the global diagnostic imaging services market.
Significant acquisitions and strategic collaborations & partnerships, focus of market players on offering value-added service assistance, which includes mobile value-added services, are boosting the growth of the global diagnostic imaging services market.
However, shortage of radiologists for performing diagnostic imaging procedures and continued usage of obsolete systems in many regions are likely to hamper the growth of the global diagnostic imaging services market.
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Asia Pacific Market to Expand at a Rapid Pace
North America held a major share of the global diagnostic imaging services market in terms of revenue in 2018, and is projected to sustain its market share during the forecast period. The rapid adoption of modern imaging technologies and the presence of a large number of diagnostic imaging service providers are anticipated to boost the growth of the diagnostic imaging services market in the near future. High disposable income and well-developed healthcare infrastructure also contributed to North America's large market share.
Europe is projected to be the second-largest diagnostic imaging services market in terms of share and revenue during the forecast period. Increasing incidences of cardiovascular diseases in countries in Europe and rise in the number of CT and MRI diagnostic imaging procedures performed in the region are boosting the growth of the diagnostic imaging services market in the region.
The diagnostic imaging services market in Asia Pacific is anticipated to expand at a high CAGR of ~ 5% during the forecast period. Strong growth of the diagnostic imaging services market in the region is attributed to the significant patient pool and rapid adoption of technological advancements in Japan and China. According to OECD data, Japan has the highest density of CT scanners and MRI machines per million population.
Siemens Healthineers, General Electric, and Philips are Leading Manufacturers of Diagnostic Imaging Equipment
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, and Dignity Health (CommonSpirit Health).
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Radnet, Inc. is one of the leading diagnostic imaging services provider in the U.S. It offers a comprehensive set of imaging services including MRI, CT, PET, nuclear medicine, X-ray, ultrasound, mammography, fluoroscopy, and other related procedures. It performs over 7 million outpatient diagnostic imaging procedures each year.
Siemens Healthineers is one of the leading diagnostic imaging equipment manufacturers engaged in the development, manufacture, and marketing of imaging, diagnostic, and advanced therapy products and services to health care providers. The imaging segment offers products and services in computed tomography, magnetic resonance, ultrasound, X-ray systems, and molecular imaging.
Inorganic growth and partnerships are the key strategies employed by leading players to enhance market presence. This is anticipated to fuel the growth of the global diagnostic imaging services market.