Diagnostic imaging services market to reach USD 67.94B by 2030

The diagnostic imaging services market size reached USD 40.80 Billion in 2021 and is expected to register a CAGR of 5.8% during the forecast period, according to latest analysis by Emergen Research. Rising prevalence of chronic diseases, increasing elderly population, and rapid technological advancements in the healthcare diagnostic industry are some of the key factors boosting revenue growth of diagnostic imaging services market. In addition, several product launches by key market players in diagnostic field are driving the growth of this market globally.

Rising prevalence of chronic diseases is a key factor contributing significantly to the market growth. A small number of risk factors, including using tobacco and being around secondhand smoke, are responsible for many chronic diseases. Poor nutrition, including diets high in sodium and saturated fats and low in fruits and vegetables, as well as excessive alcohol consumption are also responsible for rising cases of chronic disease.

According to World Health Organization, Non-communicable diseases (NCDs) account for 41 million annual fatalities or 74% of all fatalities globally. 17 million in the world pass away from an NCD before they turn 70 each year; 86% of these untimely deaths take place in low- and middle-income countries. In India, at least one chronic illness is reported to affect about 21% of the elderly population. In rural areas, 17% of senior citizens, and 29% in urban areas have chronic illness.

Several product launches by key market players in the diagnostic field are another factor rising the growth of this market. For instance, on 30 November 2021, IBM Watson Health launched a new AI orchestration offering to assist imaging organizations in reaping the benefits of having AI applications tasks in unison, hence it is increasing the demand for this service. IBM Watson Health formally introduced this IBM Imaging AI Orchestrator at the Radiological Society of North America (RSNA) 2021 Annual Meeting. Furthermore, on 7 July 2022, FUJIFILM Healthcare Americas Corporation introduced the FDR Cross, a hybrid c-arm and handheld x-ray solution designed for hospitals and ambulatory surgery centers (ASC). The dual-function c-arm is the first of its kind to provide portable fluoroscopic and radiological imaging on a single system, lowering the need to generate additional imaging equipment for critical procedures.

Drivers:
Technological advancements in the healthcare diagnostic industry are a key factor driving market revenue growth. Computed tomography has undergone significant technological advancements over the past ten years in the diagnostic imaging market, including emergence of automated and low-dose CT scanners. These tools provide surgeons and patients with high image quality, enhanced spatial resolution, and little radiation exposure. These cutting-edge CT devices have a console that is easier to use, they are easy to install, and they take up little room.

For instance, on 29 April 2022, Wipro GE Healthcare, a pioneer in medical technology and digital solutions, announced the release of its Revolution Aspire CT (Computed Tomography) scanner, a new generation of scanners, which has some extra facilities for diagnosis, increasing the demand for this market. Furthermore, in response to the need for quick and inexpensive communication between radiology departments and their users, radiology has joined the recent trend toward computerized management in the healthcare system. Modern imaging technology used in angiography, ultrasonography, computed tomography, magnetic resonance imaging, and other fields has made digital image acquisition the industry standard.

Restraints:
There are some issues and difficulties facing the diagnostic imaging services industry. One of the significant challenges hindering the growth of this industry is high costs and a lack of awareness in developing countries. Individuals also neglect the seriousness of initial issues related to human body such as degenerative disc diseases, vertebral fractures, and tumors, for which, the illness stays underdiagnosed in many spots, which also might hamper the overall market growth.

Growth projections:
The diagnostic imaging services market is expected to register a CAGR of 5.8% over the forecast period and revenue is projected to increase from USD 40.80 in 2021 to USD 67.94 Billion in 2030. Increasing spending in emerging markets is expected to support revenue growth of the market.

Current trends and innovations:
The diagnostic imaging services industry is undergoing gradual changes during the forecast period. There are several trends and advancements associated with these diagnostic imaging services such as Hybrid Imaging Technology, Imaging Systems with Lowered Doses of Ionizing Radiation, Automated CT Scanners, and Cryogen-Free Preclinical MRI Scanners, etc. The invention of hybrid imaging systems such as the PET/CT has been the most significant development. The popularity of hybrid PET/CT systems has led to interest in hybrid PET/MRI and SPECT/CT systems as well. Hybrid systems can deliver precise images with higher resolution. In a single examination, they can provide both morphological and physiological information. Additionally, the creation of cryogen-free preclinical MRI scanners has been a crucial step in resolving the issues brought on by the global shortage of helium gas. The demand for MRI systems among end users is expected to increase in the coming years as a result of such technological developments focusing on enhancing the features and functions of MRI systems and growing their application areas.

Strategic initiatives:
Major companies included in the market report are Siemens Healthcare GmbH, Koninklijke Philips N.V., Shimadzu Corporation., TOSHIBA CORPORATION, Hitachi,Ltd., UNILABS, General Electric Company, Agfa-Gevaert Group., Carestream Health., Akumin Inc..

On 27 July 2020, The deep-learning medical imaging analytics company Zebra Medical Vision announced its sixth FDA 510(k) approval for its mammography solution, HealthMammo, which has already gained a CE mark. The Zebra Medical algorithm enables breast radiologists by prioritizing and identifying suspicious mammograms, thereby providing radiologists with a safety net. The suspicious mammograms can recognize and read more quickly than the current “first-in, first-out” standard of care. Emergen Research