Menu ×


Medical Physics Market Analysis by Modality {Diagnostics (Radiographic X-Ray Systems, Computed Tomography, Ultrasound, SPECT, PET and Others) and Therapeutics (LINAC, Brachytherapy and Others)}; by Service (Physics Testing, Radiation Dose Monitoring, Safety Surveys, Performance Testing and Others); and by End User (Hospitals, Ambulatory Surgical Centers, Diagnostic Imaging Centers and Academic & Research Institutes) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

  • Text Size:

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.

Request Insights

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

Read More


  • West Physics Consulting, LLC, a market leader in providing integrative medicine and health physics services, today announced the successful acquisition of Radiological Physics Consultants ("RPC"), a regional medical physics company. This acquisition will combine the resources of the two companies to strengthen West Physics and RPC's customer base in the Southeast.
  • Apex Physics Partners, a leading medical physics business services support organization, today announced a new partnership with INphysics, Indiana's market leader for therapeutic medical physics. This partnership will strengthen the Apex Physics Partners’ diagnostic medical physics portfolio.

Global Medical Physics Market Size, Forecast, and Trends Highlights Over 2022 - 2031


The global medical physics market is estimated to garner a revenue of ~USD 8 billion by the end of 2031 by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 4 billion in the year 2021. The market is estimated to grow on the back of increasing investments in research and development in the healthcare sector along with greater focus on improving human health. According to statistics, in 2020, the total investment in medical and health research and development (R&D) in the United States was approximately USD 243 billion.


Get more information on this report: Request Sample PDF

The global medical physics market is also estimated to witness growth on account of increasing prevalence of chronic diseases globally. In 2019, approximately 1,752,735 new cancer cases were diagnosed and approximately 599,589 citizens died of cancer in the United States, according to data from the Centers for Disease Control and Disease Prevention.  In addition, according to data from the World Health Organization (WHO), around 10 million people died of cancer in 2020, making cancer a leading cause of death globally. Moreover, the adoption of telemedicine in healthcare industry is also anticipated to contribute to the growth of the global medical physics market in the coming years.

Global Medical Physics Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Growth of Medical Tourism Industry –  As per data, around 695,000 foreign tourists visited India to seek medical care.
  • Increased Research & Development Expenditure – As per data by the World Bank, global research and development expenditure in proportion with gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.
  • Rising Number of Medical Physicist Globally – According to recent statistics, there were over 10,000 medical physicists in the United States.
  • Increasing Adoption of Nuclear Medicine Procedures – According to statistics, about 18 million citizens of the United States each year benefit from nuclear medicine methods, which are widely used to diagnose and treat various diseases.
  • Benefits of Healthcare OutsourcingAccording to statistics, companies can save up to 25-65% on costs by outsourcing healthcare services


  • Dearth of Skilled Professionals
  • Absence of Developed Healthcare Infrastructure
  • Continuous Technical Challenges

The global medical physics market is segmented and analyzed for demand and supply by end user into hospitals, ambulatory surgical centers, diagnostic imaging centers and academic & research institutes. Out of these segments, the hospital segment is anticipated to garner the largest market share by the end of 2031, owing to the presence of increasing number of hospitals globally. As per data, there were around 6,000 hospitals in United States in 2020.  Further, increasing government support through various policies along with rising investment in the hospital industry is expected to boost the growth of this segment in the coming years.

Major Macro-Economic Indicators Impacting the Market Growth


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 Medical Physics Market Regional Synopsis

Regionally, the global medical physics market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to hold the largest market share by the end of 2031. This can be accredited to the presence of vast healthcare industry in the region. According to statistics, in 2020, the total health expenditure of the United States was approximately USD 3.5 trillion, which is projected to reach ~USD 6 trillion by the end of 2028. Moreover, the presence of leading medical physics service providers is also contributing to the growth of the market in this region.

Further, the market in Europe is estimated to gain significant growth during the forecast period, owing to the rising popularity of telemedicine in the region. Moreover, the market for medical physics is also anticipated to be driven by increasing investments in the healthcare industry. Hence such factors are expected to drive the growth of the global medical physics market in the region during the forecast period.


The global medical physics 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 medical physics market includes the following segments:

By Modality

  • Diagnostics
  • Radiographic X-Ray Systems
  • Fluoroscopic X-Ray Systems
  • Dental X-Ray Systems
  • Mammography X-Ray Systems
  • Computed Tomography
  • Magnetic Resonance Imaging
  • Ultrasound
  • PET
  • Others
  • Therapeutics
  • Brachytherapy
  • Others

By Service

  • Accreditation Assistance
  • Performance Testing
  • Physics Testing
  • Radiation Dose Monitoring
  • Radiation Safety Training
  • Treatment Commissioning Services
  • Safety Surveys
  • Regulatory & Auditing Services
  • Others

By End User

  • Hospitals
  • Ambulatory Surgical Centers
  • Diagnostic Imaging Centers
  • Academic & Research Institutes

Top Featured Companies Dominating the Global Medical Physics Market

  • MPSi Medical Physics Services Intl., Limited
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Medical Physics Consultants, Inc.
  • Krueger-Gilbert Health Physics, Inc.
  • Radiation Safety & Control Services, Inc
  • Alyzen Medical Physics
  • Versant Medical Physics & Radiation Safety
  • Alliance Medical Physics LLC
  • West Physics Consulting, LLC
  • Radiation Services, Inc.
  • Jaeger Corporation
  • Apex Physics Partners



Related Reports

Disclaimer | Privacy Policy | Terms & Conditions | LOB

Copyright © 2022 Research Nester. All Rights Reserved