Rising Burden of Cancer And Chronic Diseases Is Driving The Global Diagnostic Imaging Services Market

calendar_today 18 October, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study by Growth+ Reports, the global Diagnostic Imaging Services market was pegged at ~US$ 638.2 billion in 2021 and expected to witness a CAGR of ~4.9% from 2022 to 2030.   The primary application of diagnostic imaging services are the detection of internal injuries from trauma or accident, locating cancer and stage, size of a tumor, diagnosing infections, visualizing internal organs, diagnosing conditions of the lungs and heart, and identifying vague abdominal problems. 

A heart scan, also known as a coronary calcium scan, is a specialized X-ray test that provides images of the heart that can enable doctors to identify potential coronary artery disease caused by calcium-containing plaque, which blocks blood flow to the heart muscles and induces various cardiac diseases such as heart attack, stroke, arrhythmia, etc. According to the Centers for Disease Control and Prevention, in 2020, approximately 697,000 people in the United States will die from heart disease. The United States spent about US$ 229 billion on heart disease management. Coronary artery disease is the most common heart disease. Nearly 382,820 people died because of coronary artery disease, and 20.1 million people were diagnosed with coronary artery disease. The increasing prevalence of coronary heart diseases is increasing awareness about the need for the early diagnosis of cardiac conditions, which contributes to the global growth of the diagnostic imaging services market

Cancer can be detected by Positron Emission Tomography and Computed Tomography (PET-CT) Scans, Magnetic resonance imaging (MRI), and mammography. According to the National Cancer Institute (U.S.), in 2020, nearly 1,806,590 new cancer cases were reported, while 606,520 people died from cancer. Breast cancer, lung and bronchus cancer, prostate cancer, colon and rectum cancer, melanoma of the skin, and bladder cancer were the most common cancers in 2020. Prostate, lung, and colorectal cancers are expected to be 43 percent of all cancers diagnosed in men in 2020. Breast, lung, and colorectal cancers are women's three most common cancers, accounting for an estimated 50% of all new cancer diagnoses in women in 2020. Early cancer screening can significantly improve the probability of a successful treatment, less expensive treatment, and less complicated than later-stage disease treatments, fueling the global diagnostic imaging services market. For instance, In January 2022, leading diagnostic imaging services provider RadNet acquired Aidance Holding B.V. and Quantib B.V. to expand its portfolio in Lung and Prostate Cancer Diagnosis and Screening with Artificial Intelligence.

The hospital diagnostic imaging services market is growing as the number of chronic diseases, cancer cases, and contagious diseases increase, increasing patient rush hour in hospitals for diagnosis and treatment. Furthermore, the availability of a wide range of health services in one location for better patient assessment, such as diagnostic imaging services (computed tomography, Mammogram, and X-ray, among others), diagnostic laboratories, and medical pharmacy, is helping to drive the growth of the hospital diagnostic imaging services market. Furthermore, hospitals' access to sophisticated imaging equipment and high return on investment is becoming more affordable because of increased patient traffic.

However, low reimbursement policies for diagnostic services, expensive machines and equipment, high maintenance costs, and limited adoption rate for novel and innovative products due to their high price are holding back the growth of the global diagnostic imaging services market. The cost of the diagnostic imaging device is very high due to its technology which is not affordable for everyone; hence most underdeveloped countries import refurbished or used diagnostic imaging machines. 

North America dominated the global diagnostic imaging services market. The large share of North America in the global market can be attributed to the presence of key players, the high adoption of novel diagnostic imaging devices, and increasing investment. Also, developed infrastructure, an advanced healthcare system, and a high healthcare budget contribute to the market of North American diagnostic imaging services. Asia Pacific is also expected to show exponential growth owing to rapidly developing healthcare infrastructure, a large population base, an increasing prevalence of chronic diseases, and rising cancer cases.

Some of the prominent players operating in the global diagnostic imaging services market are Alliance Medical, Rayus Radiology, Concord Medical Services Holdings Limited, Dignity Health, Global Diagnostics, Healthcare Imaging Services Pty Ltd., InHealth Group, Medica Group, Novant Health, RadNet, Inc., and Sonic Healthcare among others.


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