The U.S. Imaging Services Market is Estimated to Witness High Growth Owing to Increasing Demand for Early Disease Detection

Purvaja Jadhao

posted on 8 months ago — updated on 1 second ago

80
views

The U.S. Imaging Services Market is Estimated to Witness High Growth Owing to Increasing Demand for Early Disease Detection

The global U.S. Imaging Services Market is estimated to be valued at US$ 154.77 Bn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Imaging services involve the use of medical imaging technology like X-rays, CT scans, MRI, ultrasound and nuclear medicine to generate visual representations of the internal body for clinical analysis and medical intervention. These services are widely used in hospitals and imaging centers for diagnostic purposes to detect diseases early as well as to guide interventional procedures. The global U.S. Imaging Services Market is estimated to be valued at US$ 154.77 Bn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers for the high growth of the U.S. imaging services market is the increasing demand for early disease detection. Medical imaging allows clinicians to detect diseases, disorders and abnormalities inside the body before physical symptoms appear. This helps in the diagnosis of conditions at earlier, potentially more treatable stages. Early detection and diagnosis of diseases like cancer, cardiovascular diseases, neurological conditions and musculoskeletal disorders enables timely intervention and improved health outcomes. According to a report by the National Cancer Institute, the five-year survival rate for cancers detected at early, localized stages is around 90%. Therefore, the ability of imaging services to identify diseases pre-symptomatically is fueling their increased adoption across the country.

Additionally, the growing geriatric population also contributes to the growth of this market. Older adults are more prone to various chronic diseases that require regular medical imaging for diagnosis and monitoring. As per the United States Census Bureau, there were approximately 56 million people aged 65 years and older in the U.S. in 2019, comprising 16.5% of the total population. The elderly population is projected to reach 94 million by 2060. The rising aging demographics will propel the demand for preventive healthcare services including imaging, thereby driving the market growth over the forecast period.

SWOT Analysis

Strength: The U.S. Imaging Services Market has strong expertise in their service offering with highly skilled radiographers and technicians. They leverage advanced imaging technologies like X-rays, CT scans, MRI, mammography and others which help provide accurate diagnostic information. Their national presence allows seamless service delivery to clients across different locations.

Weakness: Pricing pressure from other emerging players may pose challenges. Staff retention due to poaching by competitors can be an issue. Dependence on reimbursement policies of insurance companies impacts revenue streams.

Opportunity: Rising elderly population drives increased demand for diagnostic imaging services. Growth in prevalence of chronic diseases like cancer will boost market growth. Adoption of artificial intelligence and analytics provides opportunities to enhance diagnostics.

Threats: Stringent regulations surrounding licensing, certifications and safety can increase compliance costs. Economic slowdowns may negatively impact discretionary healthcare spending. Substitution threat from point-of-care ultrasound systems.

Key Takeaways

The global U.S. Imaging Services Market is expected to witness high growth. The market size for 2023 is US$ 154.77 Bn and is forecast to reach US$ 184.32 Bn by 2030 at a CAGR of 3.2% during the forecast period from 2023 to 2030.

The Western region dominates the market currently with highest number of diagnostic centers. It is also the fastest growing region projected to account for around 45% market share by 2030 owing to increased incidence of diseases and growing focus on early detection.

Key players operating in the U.S. Imaging Services Market are SGS Group, Bureau Veritas SA, TUV Rheinland Group, Intertek Group PLC, ALS Limited, DNV GL, MISTRAS, Lloyd€TMs Register Group Limited, Underwriters Laboratories Inc., ABS Group, and ASTM International. They are focusing on strategic partnerships and service expansions to enhance market presence.