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Global Market For Diagnostic Imaging Services Market To Generate Lucrative Revenue Prospects For Manufacturers : Fact.MR

The importance of imaging in diagnosing health conditions cannot be underestimated. Diagnostic imaging has paved way for effective treatment of various chronic and infectious diseases. The demand for diagnostic imaging has burgeoned in recent years, owing to a rising pool of geriatric patients. The outbreak of (COVID-19) pandemic has further broadened prospects for the diagnostic imaging services market. As more and more people are getting affected on a daily basis, hospitals, clinics and other healthcare providers have found a massive surge in the number of patients worldwide.

Proper imaging techniques to detect confirmed and suspected cases thus become very important. On the back of these trends, the global diagnostic imaging services market is anticipated to expand positively at a CAGR of 4.2% during the forecast period (2020-2025).

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Key Takeaways of Global Diagnostic Imaging Services Market Study:

  • By service type, the computer tomography (CT) segment is anticipated to grow the fastest in the forecast period. Projected CAGR for the segment is pegged at 4.9%.
  • However, the Magnetic Resonance Imaging (MRI) scanning techniques are expanding as quickly, registering a CAGR of 4.4%. This is attributed to its ability to provide clear images without ionizing radiation and non-employment of harmful radiation techniques like X-rays to create 3D body images.
  • Hospitals are anticipated to be the major diagnostic imaging service providers during the forecast period. Increasing patient pool suffering from chronic and infectious diseases is anticipated to drive the segment’s growth. The segment is poised to capture more than three-fifth of the total diagnostic imaging services market.
  • By region, North America is anticipated to gain dominance over the diagnostic imaging services market. New products launches, rapid innovation and advanced technologies are anticipated to leverage market prospects. Anticipated market share is projected to be around two-fifths of the market.

Competitive Landscape

The worldwide diagnostic imaging services industry is highly concentrated, with only a few service providers present. Companies that provide diagnostic imaging services concentrate on facility acquisition and joint venture development in order to grow their geographic footprint, notably in North American nations. Partnerships enable service providers to work with great radiologists who have been providing patient-centered care in specific locations to serve a larger number of patients. Furthermore, the emphasis remains on the establishment of additional diagnostic facilities with high-end diagnostic imaging modalities in order to meet the expanding demand. The key market players are:

  • RadNet, Inc.
  • Alliance Healthcare Services, Inc.
  • I-MED Radiology Network (Permira)
  • Sonic Healthcare

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Global Diagnostic Imaging Services Market Segmentation

Fact.MR has studied the global diagnostic imaging services market with detailed segmentation on the basis of service type, service provider and regions.

Service Type

  • Service Type
  • Diagnostic Radiology
  • Ultrasound
  • Computed Tomography
  • Magnetic Resonance Imaging
  • Nuclear Imaging
  • Others

Service Provider

  • Hospitals
  • Diagnostic Imaging Centers
  • Ambulatory Surgical Centers
  • Others

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Mergers, Acquisitions and Innovations to be Major Growth Engines

The global diagnostic imaging services market is consolidated. The key market players include RadNet, Inc., Alliance Healthcare Services, Inc., I-MED Radiology Network (Permira) and Sonic Healthcare. These players have consolidated their position by virtue of mergers, acquisitions and joint ventures. Over and above this, they also concentrate on developing new solutions to offer to their clients.

RadNet, Inc., is the leading player in the global diagnostic imaging services market. The company specializes in CT, MRI, Digital X-ray, Ultrasound and PET/CT services, Nuclear Medicine and Digital Mammography. The company also acquired certain assets of Resolution Medical Imaging Corporation, which included two multi-modality imaging centers in 2017. It also signed an agreement with Cedars-Sinai to operate two joint ventures in imaging that same year.

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