US Diagnostic Imaging Services Market Size to Surpass USD 206.84 billion by 2030, exhibiting a CAGR of 6.8%

Pune, India, June 28, 2023 (GLOBE NEWSWIRE) — The global US Diagnostic Imaging Services Market size was valued at USD 122.41 billion in 2022. The market is projected to grow from USD 130.38 billion in 2023 to USD 206.84 billion by 2030, exhibiting a CAGR of 6.8% over the study period. The surge is driven by the increasing application of MRI and soaring technological advancements in the medical sector. An additional aspect propelling industry expansion is the prevalence of age-related disorders such as dementia, arthritis, Parkinson’s disease, and Alzheimer’s disease.

Fortune Business Insights™ provides this information in its research report, titled “US Diagnostic Imaging Services Market, 2023-2030”.

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Key Industry Development:

October 2020 – RadNet, Inc., announced the expansion of its operations into Arizona through the establishment of its third outpatient radiology joint venture with CommonSpirit Health.

Key Takeaways:

• According to the Centers for Disease Control and Prevention (CDC), a minimum of 80.0% of older individuals in the United States are afflicted with at least one chronic disease.
• Over 34 billion Americans are affected by diabetes, and approximately 88 billion adults have prediabetes.
• Categorically, the market can be segmented into CT, MRI, X-Ray, ultrasound, and other procedures.
• The market is primarily driven by factors such as the rising prevalence of chronic diseases, a high demand for imaging procedures.

Discover the Leading Players Featured in the Report:

RadNet, Inc. (US),Akumin, Inc. (US),Rayus Radiology (US),MedQuest Associates (US),LucidHealth, Inc. (US),US Radiology Specialists (US),Radiology Partners (US),Envision Radiology (US),Capitol Imaging Services (US)

Report Scope & Segmentation

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Driving factor:

Market Value to Escalate Due to Soaring Prevalence of Chronic Diseases

The US has recorded an escalated prevalence of chronic diseases such as cancer and cardiovascular diseases. Besides, the country has registered an increase in geriatric population and sedentary lifestyle. As per data provided by the CDC (Centers for Disease Control and Prevention), one of the key causes of death in the US is heart disease. These factors are poised to propel the US diagnostic imaging services market growth over the study period.

Segments:

CT Segment to Hold Dominant Share Driven by an Upsurge in the Number of CT scan Procedures

On the basis of procedure, the market is fragmented into MRI, CT, X-ray, ultrasound, and others. The CT (computed tomography) segment accounted for the largest share in 2022 and is estimated to grow at a commendable rate over the forecast period. The expansion is impelled by an upsurge in the number of CT scan procedures. 

Neurology Segment to Register Substantial Upsurge Owing to Rising Prevalence of Alzheimer’s and Parkinson’s Diseases

By application, the market for diagnostic imaging services is subdivided into oncology, cardiology, gynecology, orthopedics, neurology, and others. The neurology segment is poised to register lucrative growth throughout the study period. The growth is propelled by an increase in neurological disorder cases.

Private Health Insurance/Out-of-Pocket Segment to Gain Traction Impelled by Increasing Product Adoption

Based on payor, the market is segmented into private health insurance/out-of-pocket and public health insurance. The private health insurance/out-of-pocket segment held a dominating share in the market and is expected to register appreciable expansion over the forecast period.

Hospitals to Lead Considering the Strong Volume of Procedures

On the basis of setting, the market for diagnostic imaging services is subdivided into imaging centers, hospitals, and others. The hospital segment is slated to dominate the market, exhibiting an appreciable CAGR over the analysis period. The surge is driven by the growing provision of diagnostic services to patients suffering from cancers and cardiovascular diseases.

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Market Segmentation:

By Procedure

• CT
• MRI
• X-ray
• Ultrasound
• Others

By Application

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

By Payor

• Public Health Insurance
• Private Health Insurance/Out-of-pocket

By Setting

• Hospitals
• Imaging Centers
• Others

Report Coverage:

The report offers a comprehensive analysis of the major trends propelling the expansion of the US diagnostic imaging services market share over the study period. It also provides an insight into the key factors impelling the global business scenario over the forthcoming years. Additional aspects include an account of the pivotal steps undertaken by leading companies for the consolidation of their market positions.

Competitive Landscape

Leading Companies Ink Collaborative Agreements to Strengthen Industry Foothold

Major market players are entering partnerships, collaborative agreements, and other initiatives for consolidating their industry positions. These steps are being undertaken for increasing their geographical footprint and expanding their product reach. Additional aspects include an increase in R&D activities.

FAQs

How big is the US Diagnostic Imaging Services Market?

The global US Diagnostic Imaging Services Market size was valued USD 130.38 billion in 2023.

What is the US Diagnostic Imaging Services Market growth?

The global US Diagnostic Imaging Services Market size is projected to reach USD 206.84 billion in 2030, at a CAGR of 6.8% during the forecast period.

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