Diagnostic Imaging Services Market, By Procedure (Computed Tomography, MRI, and X-ray), By Application (Neurology, Oncology, and Cardiology), By Service Provider (Diagnostic Centres, Hospitals, Ambulatory Surgical Centers, and Others), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Diagnostic Imaging Services market size was estimated at USD 610 billion in 2023 and is projected to reach USD 872.7 billion in 2030 at a CAGR of 5.25% during the forecast period 2023-2030.
Diagnostic imaging is an important part of many healthcare sectors around the world. Imaging services are used to diagnose and treat many chronic and infectious diseases. Diagnostic imaging services include diagnosing and creating images of different body parts to better understand a patient's condition. CT scans, X-rays, MRIs, ultrasounds and endoscopy are just a few of the diagnostic imaging services available. The visual representation of a detailed representation of human body parts greatly improved overall care and success rates. As a result, the diagnostic imaging services market will grow at a faster rate during the forecast period, as public awareness about the importance of early detection of health problems increases.
The growth of the Diagnostic Imaging Services market is steadily increasing as the geriatric population grows each year. Elderly people are two to three times more likely to undergo diagnostic imaging than younger people. Diagnostic imaging is crucial for detecting life-threatening diseases such as cancer. In addition, diagnostic imaging can detect life-threatening infectious diseases, such as the newly discovered corona virus. New models of treatment and diagnosis are being developed to obtain accurate results, facilitate the detection of diseases and reduce the cost of treating these diseases. People's opportunities to use imaging techniques for early disease detection increased as disposable incomes increased.
On the other hand, high cost of diagnostic imaging equipment may hamper the market growth to some extent.
The COVID-19 pandemic has affected the diagnostic imaging market worldwide, both positively and negatively. One of the most serious consequences was that hospitals and imaging centers reduced the number of procedures performed. In addition, due to the COVID-19 epidemic, the estimated cost of these procedures has increased since 2020. In the past, however, this decrease has had a short-term negative impact on the imaging service market. The long-term fundamentals that influence the demand for diagnostic equipment in the market will change little or not at all. These factors reduced the number of procedures performed worldwide, resulting in negative growth in diagnostic imaging services.
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The proliferation of diagnostic imaging is driving the global market for diagnostic imaging services. CT scanning is a widely used method in the diagnosis of various chronic diseases. The integration of advanced technologies in medical imaging greatly increases the efficiency of diagnosis. The most important technologies are artificial intelligence (AI), 3D imaging, portable diagnostic devices and remote reading solutions. Al in diagnostic imaging helps speed up scanning and provides life-changing insights into various diseases. The combined capabilities of hardware miniaturization, Al, and computer vision enabled the diagnostic image to move. Companies operating in the global diagnostic imaging services market are focusing on reducing diagnostic costs to increase their market share. These factors have led to the expansion of the market and increased demand for Diagnostic Imaging Services solutions.
North America to Dominate the Market