by The 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 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The U.S. imaging services market involves providing diagnostic services through various imaging modalities such as X-ray, ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), nuclear imaging (PET and SPECT), and mammography. These services help in early diagnosis of various chronic and infectious diseases. Key players in this market offer services through standalone centers, hospitals, and ambulatory surgical centers to serve the imaging needs of patients and physicians.
Market Dynamics:
Rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders is a key driver of the U.S. imaging services market. For instance, according to American Cancer Society, around 1.9 million new cancer cases are expected to be diagnosed in 2023 in the U.S. Early diagnosis is crucial for effective treatment of these chronic diseases. Imaging helps clinicians to visualize the internal structure of the body and diagnose diseases at an early stage. Furthermore, increasing geriatric population in the U.S. also fuels the market growth. As per Population Reference Bureau, the U.S. elderly population aged 65 years or older was projected to nearly double from 52 million in 2018 to 95 million by 2060. Elderly people are more prone to chronic illnesses, thus boosting demand for diagnostic imaging services in the country.
Segment Analysis:
The US imaging services market is dominated by the diagnostic imaging segment due to increasing prevalence of chronic diseases such as cancer, cardiovascular diseases and others. Diagnostic imaging helps in early detection of diseases by providing high quality images of internal organs and tissues and thus holds the largest market share as compared to other segments such as interventional imaging and radiation oncology.
PEST Analysis:
- Political: The government is taking several initiatives to increase accessibility and affordability of quality healthcare services by investing heavily in modernizing imaging infrastructure and drive innovation.
- Economic: Rising healthcare expenditure, growing disposable income, aging population and increasing incidence of diseases are fueling demand for advanced medical imaging services in the country.
- Social: Rising awareness about early diagnosis and availability of medical insurance are encouraging people to opt for routine medical checkups involving diagnostic imaging tests.
- Technological: Adoption of artificial intelligence, robotics and digital platforms are helping drive efficiency and improving diagnostic accuracy in medical imaging.
Key Takeaways:
The Us Imaging Services Market Demand is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing prevalence of chronic diseases, rising geriatric population and rapid technological advancements.
The North Central region currently dominates the US imaging services market owing to presence of advanced healthcare facilities and high healthcare expenditure. However, the Western region is expected to exhibit highest growth during the forecast period backed by growing medical tourism and significant funding in the region.
Key players operating in the US imaging services market are Medica Group Plc., Dignity Health, InHealth Group, Alliance Medical, RadNet, Inc., Sonic Healthcare Limited, and Global Diagnostic Imaging, among others. Players are focusing on inorganic growth strategies like mergers and acquisitions to expand service portfolio and geographical footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
