Diagnostic Imaging Services Market by Imaging Modality and Application by 2027 -

Imaging service plays crucial role in medical field. It is used for prompt diagnosis of any medical condition, monitoring medical condition at the time of treatment, and also as a part of preventive measures. Rising awareness among consumers regarding early detection of disease is providing lucrative growth opportunities.

Numerous applications of imaging services are anticipated to fuel diagnostic imaging services market in coming years.

Further, the market is anticipated to grow at a significant rate due to growing geriatric population and subsequent rise in number of associated diseases.

On the other hand, high cost of diagnostic imaging services and unfavorable reimbursement policies may hamper growth of the market in coming years. Also, few imaging diagnostic services involving used of rays tend to have adverse effects on health of the patients. Hence, medical professionals do not recommend them more often. This is likely to limit growth Avenue of the diagnostic services market.

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However, ongoing innovations are likely to maintain the growth trajectory.

There are various diagnostic imaging models such as ultrasound, X-ray, magnetic resonance imaging (MRI), computed tomography (CT), mammography, and nuclear imaging. Among all the models, X-ray accounted for major share in the market. The prominence of the model is attributed to low cost, rising geriatric population, technological advancements in the imaging model, and high return on investment.

Apart from diagnostic centers, diagnostic imaging services are also available at hospitals, research and academia and ambulatory care centers. The hospital segment is anticipated to hold maximum share in the diagnostic imaging services market. This is due to rising number of procedures being performed in hospitals to enhance the quality of patient care.

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Global Diagnostic Imaging Services Market: Need for Personalized Diagnostics & Advanced Technological Support to Propel Growth

Medical imaging is an essential aspect of the entire healthcare continuum, from wellness and screening, to prompt diagnosis, therapeutic selection, and follow-up. Emphasis on chronic disease and acute care, image-guided medical interventions, and enhanced treatment planning are being integrated into regular medical practices across all subspecialties. Commitment to better patient care is further strengthening the overall medical and diagnostic imaging industry, thus fortifying the services business.

The growing sophistication of cross-sectional imaging with the integration and rapid development of interventional radiology into clinical grounds has positively impacted modern patient care. Advances in imaging driven by the digital data and technology have revolutionized the imaging field. Transparency Market Research (TMR), in its recent publication, analyzes the key milestones in the diagnostic imaging services business from the inception of medical imaging to the latest developments in diagnostic imaging, with reflections regarding the future directions of the market.

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Diagnostic Imaging Services: Tracing the Evolutionary Timeline

From Wilhelm Conrad Roentgen’s initial experiment with a Crookes cathode ray tube that spawned X-rays back in 1895 to today’s technology-driven medical imaging, the path of evolution continues to broaden. Roentgen’s finding witnessed widespread acceptance within days, and the new technology was received by amateurs and medical establishments alike. Moreover, as radiography became a vital aspect of clinical diagnosis, newer uses and data regarding disease representation quickly assembled. The following decades marked further developments in medical imaging, banking on researchers’ growing interest and the unquenchable desire to improve diagnosis and therapeutics.

The development of computed tomography (CT) was witnessed after more than seven decades of the inception of medical imaging, followed by the development of magnetic resonance imaging (MRI), which became essential in oncology. With continued research efforts, techniques such as ultrasound and nuclear imaging have changed the face of diagnostic care. Vital success has been witnessed in the last few decades, on account of the digital revolution and key technological advancements. According to TMR’s study, the diagnostic imaging services market was valued at ~ US$ 329 Bn in 2018, and is anticipated to grow at a CAGR of ~ 4% during 2019-2027. Market growth is driven by the expanding application of diagnostic imaging, rising acceptance of imaging services, and growing demand on the wake of increasing incidents of chronic diseases.

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Key Trends Shaping the Diagnostic Imaging Services Market

Technological Developments to Enable Advanced Imaging

Technological advancements have been accelerating the healthcare sector with noteworthy advancements in terms of capabilities to achieve greater precision and accuracy in medical imaging. Key technologies include artificial intelligence (AI), 3D imaging, diagnostic wearables, and remote reading solutions that ensure dependable imaging while radiologists work remotely. Amongst all, AI, a game changer in diagnostics, is shifting diagnostic imaging capabilities to achieve quicker scans and provide life-changing insights regarding diseases. Moreover, hardware miniaturization, AI, and computer vision would allow diagnostic imaging to be mobile.

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Shift towards Subspecialty Practice

Growing consumer demand for specialized clinical care services and changing reimbursement scenario highlight the growing focus on subspecialty practice, and consequently, the workflow of image acquisition. Healthcare establishments seek to leverage new technologies that enable greater accuracy in diagnosis, and improve clinical outcomes, thereby deriving greater value from diagnostic imaging service lines.

Leveraging the Healthcare Consumerism Trend

Radical change in the present set of consumer expectations is creating the need for consumerism in healthcare as a trend, which needs to be incorporated in modern business models. Contemporary, technologically-aware consumers treat imaging as another purchase decision, which relies more on reviews, convenience, and pricing. As a result of this, diagnostic service providers are embracing superior approaches to suffice the need of consumerism when it comes to diagnostic patient care.

The continued use of obsolete instruments in several countries that do not provide accurate reports is expected to hamper the growth of the market in the near future. Rise in the percentage of installed imaging equipment, aged over 10 years, which is rendered obsolete, poses a risk to the health and safety of patients and medical staff, thereby impacting the diagnostic imaging services market.

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About This Author

monali Joined: April 13th, 2018