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HEALTHCARE & PHARMACEUTICAL

Diagnostic Imaging Services Market Analysis by Product (MRI, SPECT, PET, X-RAY, Ultrasound, Tomography, and Nuclear Imaging); by Application (Gynecology, Oncology, Orthopedics, Neurology, Cardiology, and Others); and by End-User (Imaging Centers and Hospitals) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Shimadzu Corporation to launch LuminousQuester NI near-infrared imaging system. This imaging system is developed to make a contribution to drug discovery research by generating near-infrared light.
  • Siemens Healthcare GmbH to introduce mobile 3D imaging system with Endoluminal System, Cios Spin. The system is capable of sending updates to a certain location of the lesion via an automated 3D image technology.

Global Diagnostic Imaging Services Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~6%

The global diagnostic imaging services market is estimated to garner robust revenue by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated impressive revenue in the year 2022. The growth of the market can primarily be attributed to the increasing geriatric population across the globe with severe diseases and disorders. According to the World Bank’s statistics, the global geriatric population hit 747,238,580 in 2021.

Diagnostic-Imaging-Services-Market

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Global diagnostic imaging services market trends such as, higher penetration of neurological disorders and constantly increasing R&D spending on medical imaging technology are projected to influence the growth of the market positively over the forecast period. Pan American Health Organization (PAHO) published a report stating that nearly 533,172 men and 320,043 women lost their lives owing to some sort of neurological condition. Moreover, skyrocketing utilization of diagnostic imaging services in the diagnosis and treatment of cancer and booming demand in the cardiology segment are further expected to hike the growth of the market over the forecast period. As of 2018, about 15 million new cases of cancer were diagnosed while approximately 9 million people died due to cancer in a similar year. Therefore, all these factors are projected to push the growth of the market over the forecast period.

Global Diagnostic Imaging Services Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Inclination Toward Medical Imaging Technology

As of 2022, the total worth of diagnostic imaging devices was estimated to be approximately USD 45 billion.

In the recent decade, drastic growth has been observed in medical imaging technology on the back of the launch of several new technologies. Moreover, medical imaging technology plays a vital role in the treatment and diagnosis of various diseases. Some of the major technologies used are nuclear medicine, ultrasonography, computed tomography, X-RAYs, mammography, MRI, and others. Hence such a higher penetration of associated applications is estimated to flourish the market over the forecast period.

  • Higher Utilization of MRI across the Globe

In 2019, the total number of MRI (Magnetic Resonance Imaging) units owned by multiple countries across the globe was estimated to be as given: USA (~USD 40 million), Korea (~USD 30 million), Japan (~USD 50 million), France (~USD 15 million), and others.

  • Increasing Number of Computed Tomography Scanner Density

For instance, the highest number of CT scanners is estimated to be owned by Japan which is approximately 100 CT scanners per million people while in the USA, the number of CT scanners per million individuals was projected to be around 40.

  • Rising Penetration of Bone Fracture in the Global Population

It is observed that nearly 6 million cases of bone fracture occur every year in the United States summing up to around 2 per 100 individuals.

  • Noteworthy Increment in the Global Healthcare Expenditure 

According to the World Bank, in 2019, the global health expenditure reached USD 1,121.9 per capita.

Challenges

  • Remarkably Expensive Imaging Diagnostic Procedures
  • Requirement for Higher Initial Investment
  • Lack of Requisite Equipment and Medical Workforce.

The global diagnostic imaging services market is segmented and analyzed for demand and supply by product into MRI, SPECT, PET, X-RAY, ultrasound, tomography, and nuclear imaging, out of which, the X-RAY segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the mounting number of medical examinations across the globe due to the higher prevalence of multiple diseases and disorders in the modern population. Based on the data provided by the World Health Organization (WHO), it was stated that nearly 3.6 billion medical examinations are performed every year via X-RAY across the globe

Major Macro-Economic Indicators Impacting the Market Growth

Global-Healthcare-Expenditure

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Diagnostic Imaging Services Market Regional Synopsis

Regionally, the global diagnostic imaging services market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share by the end of 2033. The growth of the market in the region can primarily be attributed to the growing awareness of the early diagnosis of disease and the rising geriatric population. World Bank stated that the number of geriatrics reached 56,545,938 in 2021 solely in the USA. Moreover, other factors such as, ongoing advancement in the diagnostic imaging systems owing to technological improvement and the presence of well-structured healthcare infrastructure are anticipated to propel the growth of the market in the region over the forecast period.

Diagnostic-Imaging-Services-Market-Size

The global diagnostic imaging services market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global diagnostic imaging services market includes the following segments

By Product

  • MRI
  • SPECT
  • PET
  • X-RAY
  • Ultrasound
  • Tomography
  • Nuclear Imaging

By Application

  • Gynecology
  • Oncology
  • Orthopedics
  • Neurology
  • Cardiology
  • Others

By End-User

  • Imaging Centers
  • Hospitals

Top Featured Companies Dominating the Global Diagnostic Imaging Services Market

  • Fonar Corporation 
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Siemens Healthcare GmbH 
  • Shimadzu Corporation
  • General Electric Company
  • Samsung Medison Co., Ltd.
  • Koninklijke Philips N.V.
  • Hologic, Inc.
  • Canon Medical Systems Corporation
  • Hitachi Healthcare Americas Corporation
  • Carestream Health

 

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