Diagnostic Imaging Services Market to Witness High Growth owing to Rising Geriatric Population

Diagnostic Imaging Services Market to Witness High Growth owing to Rising Geriatric Population

Diagnostic imaging services involve the use of medical imaging to visualize internal body structures and organs to enable disease diagnosis and inform medical treatment decisions. This growing market's advantages include non-invasive diagnostic procedures that are pain-free, accurate, and timesaving. With a growing geriatric population globally, demand for diagnostic imaging services continues to rise due to the higher prevalence of health conditions amongst the aged. The global diagnostic imaging market encompasses imaging modalities like X-rays, ultrasound, MRI, CT scans, and nuclear medicine imaging tests like PET scans. The global diagnostic imaging services market is estimated to be valued at US$ 533.99 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period of 2024 to 2031.

Key Takeaways

Key players operating in the diagnostic imaging services are RadNet, Inc., Akumin Inc., Novant Health, RAYUS Radiology, MedQuest Associates, Concordmedical, Lucid Medical Diagnostics, Radiology Partners, Envision Radiology, Capitol Imaging Services, Statim Healthcare, InHealth Group, Global Diagnostic Imaging, and ADM Diagnostics, Inc. RadNet and Akumin have been consolidating smaller practices through acquisitions to expand their geographic reach across the United States.

The key opportunities in the diagnostic imaging services market size include the development and adoption of artificial intelligence for improved diagnostics. AI tools are being developed to automate reporting and diagnostic assistance for radiologists. There is also demand for point-of-care and portable imaging devices for use in home healthcare, which enables early disease detection.

Globally, diagnostic imaging services providers are expanding into emerging markets through partnerships, management contracts and greenfield investments. Countries in Asia, Latin America, Middle East and Africa offer significant opportunities for market players due to the growing demand for quality healthcare and rising medical tourism. Partnerships with local hospitals help global players to establish diagnostic centers and spread awareness about the benefits of preventive health screenings.

Market Drivers and Restrains

Diagnostic Imaging Services Market Size and Trends is driven by the rising geriatric population worldwide that is more prone to developing various chronic illnesses. As per the United Nations, the number of people aged 65 years and above is projected to reach over 1.5 billion by 2050. This is anticipated to significantly drive the demand for various diagnostic tests and procedures. Another key driver is increasing healthcare expenditure globally which is improving access to advanced diagnostic technologies even in developing nations. However, the high cost of certain diagnostic imaging equipment and procedures restrains market growth to some extent by limiting adoption in resource-constrained settings. Stringent regulations pertaining to radiation exposure from specific medical imaging modalities also inhibits greater use of radiology for diagnostics in some countries.

Segment Analysis
Computed Tomography (CT) scans sub segment dominates the Diagnostic Imaging Services Market. CT scans provide high quality images of the inside of the body and can often diagnose medical conditions that may not be identified with other test methods. CT scans are commonly used for cancer screening and detecting conditions in organs, blood vessels, bones, and soft tissues. It accounts for over 30% of the market share due to advances in CT technology, increasing applications of CT scans, and rise in prevalence of chronic diseases that require CT scans for diagnosis and treatment monitoring.

Global Analysis
North America region accounted for the largest share in the Diagnostic Imaging Services Market in 2024 due to factors such as adoption of advanced technologies, presence of major players, and rising healthcare expenditure. However, Asia Pacific region is expected to witness the fastest growth during the forecast period owing to growing medical tourism, increasing awareness about diagnostic imaging, rise in healthcare expenditure, and expansion efforts by key players in emerging countries.

View More Insights @ Diagnostic Imaging Services Market