Medical Imaging Services Market - By Modality (X-Ray Imaging, MRI, Ultrasound, Computed Tomography, Nuclear Imaging, Mammography), By End-use (Hospitals, Diagnostic Centers, Clinics, Ambulatory Surgical Centers) – Global Forecast to 2032

Medical Imaging Services Market Size

Global Medical Imaging Services Market size was valued at over USD 590 billion in 2022 and is projected to reach more than USD 968 billion by 2032. Medical imaging services refer to the industry that provides various imaging technologies such as medical X-ray, magnetic resonance imaging (MRI), computed tomography (CT), diagnostic ultrasound, mammography, and nuclear medicine to produce images of the internal structures and functions of the human body. These images are used by healthcare professionals to diagnose, monitor, and treat a variety of medical conditions. Increasing advancements in technology, shifting patient expectations, and evolving regulatory and reimbursement landscapes will stimulate its adoption and prove beneficial for the industry growth. Global medical imaging market is expected to witness over 5% CAGR in the coming years due to emergence of artificial intelligence (AI) in radiology.
 

Moreover, development of disease management services for early diagnosis and detection of various diseases such as cancer, cardiovascular diseases, etc. will trigger the demand for technologically advanced medical imaging services amongst healthcare professionals thereby, augmenting the business growth. In addition, strategic partnerships and collaborations are among the major strategies adopted by companies to strengthen their service portfolio and customer base along with gaining significant market share. Thus, all these factors, taken together, are projected to augment industry growth.

COVID-19 Impact

The COVID-19 pandemic had a significant impact on the medical imaging services market. During the initial phases of the pandemic, many non-essential imaging procedures and screenings were postponed or cancelled to prioritize resources for COVID-19 patients and minimize the risk of virus transmission. This led to a decline in the overall volume of medical imaging services. Medical imaging services also encountered operational difficulties as a result of the adoption of infection control protocols, social distance requirements, and the demand for personal protective equipment (PPE). These difficulties included rearranging the schedule, waiting longer for imaging results, and needing more time between patient visits for cleaning and sanitization. However, as the situation improved, there was a resurgence in imaging services, with an emphasis on safety protocols, telemedicine, backlog management, and the integration of AI and automation.
 

Medical Imaging Services Market Trends

Medical imaging technology has experienced significant innovations and advancements in recent years. For instance, artificial intelligence (AI) in medical imaging has transformed the industry by enabling more accurate and efficient analysis of images. AI algorithms can now assist in image interpretation, automated diagnosis, and detection of abnormalities. It can also improve image quality, reduce radiation dose, and enhance image reconstruction techniques, thereby driving the medical imaging services industry growth. Moreover, 3D and 4D Imaging has further introduced several advancements to the medical imaging technology industry. Traditional 2D imaging has been enhanced with three-dimensional (3D) and four-dimensional (4D) imaging techniques. 3D imaging provides a detailed volumetric view of structures, enabling better visualization and assessment of anatomical abnormalities.
 

Medical Imaging Services Market Analysis

Based on modality, the medical imaging services market is segmented into X-ray imaging, MRI, ultrasound, computed tomography, nuclear imaging, and mammography. MRI segment is projected to experience significant growth in forthcoming years. MRI does not use ionizing radiation, making it a safe imaging modality for patients, particularly for pregnant women and children. The non-invasive nature of MRI contributes to its popularity and utilization in a wide range of patient populations. Additionally, MRI technology has seen significant advancements, leading to improved image quality, faster scan times, and enhanced diagnostic capabilities.
 

The medical imaging services market is segmented by end-use into hospitals, diagnostic centers, clinics, and ambulatory surgical centers. The clinics segment is forecasted to hold high growth potential during the analysis period. High segmental growth is attributable to growing geriatric population base, rising awareness about medical imaging services, and favourable government initiatives towards development of specialty clinics. Further, clinics invest in advanced imaging technology to provide high-quality diagnostic services.
 

U.S. medical imaging services market accounted for more than USD 198 billion in 2022 and will grow momentously to more than USD 314 million by 2032. This high revenue share is mainly attributed to the significant healthcare expenditure, supportive government initiatives, rising disease awareness, etc. Favourable laws and policies implemented in the region by regulatory authorities would further aid the companies operating in the market. Growing geriatric population base and rising awareness regarding medical imaging services will stimulate the regional share during the forecast period. Also, the substantial presence of well-established market participants and the favourable regulatory environment result in a number of product approvals and launches, particularly in the U.S. hence, the potential for market expansion will stimulate over the coming years.
 

Medical Imaging Services Market Share

Some of the notable key industry players operating in the medical imaging services market include

• HCA International Limited
• Alliance Medical Limited (Life Healthcare Group)
• Spire Healthcare Group plc
• Nuffield Health
• Circle Health Group Ltd
• Royal Brompton Hospital
• The Royal Marsden
• The London Clinic
• Ramsay Health Care UK
• In Health
• Aspen Healthcare
• Medica Group PLC
• Qure.ai
• Vista Health
• Global Diagnostics
• The Medical Chambers Kensington
• Xyla Elective Care
• Pall Mall Medical Diagnostic Centre
• Diagnostic Healthcare
• Echelon Health
• Medical Imaging Partnership
• Welbeck Health Partners
• Zwanger-Pesiri Radiology
• Phoenix Hospital Group
• RadNet, Inc
• Akumin Inc
• RAYUS Radiology
• Touchstone Medical Imaging
• Envision Radiology
• Zwanger-Pesiri Radiology
• DIGIRAD HEALTH, INC
• Imaging Healthcare Specialists LLC
• American Health Imaging
• Shields Health Care Group Inc
• Jefferson Radiology
• SimonMed
• Inland Imaging
• Charlotte Radiology
• Radiology Associates of North Texas, P.A.
• Midwest Radiology
• Diagnostic Imaging NW
• Solis Mammography
• Northwest Radiology Network, PC
• InterMountain Medical Imaging
• TGH Imaging (Tower Radiology Centres)
• Roadrunner Radiology
• National Diagnostic Imaging
• Green Imaging
• Concord Imaging Center
• Sonic Healthcare
• GenesisCare
• I-MED Radiology Network
• Integral Diagnostics
• Capitol Health
• Perth Radiological Clinic
• Qscan Group Holdings Pty Ltd
• Lake Imaging
• Imaging Associate
• Illawarra Radiology Group
• Carlisle Health Pty Ltd
• PRP Diagnostic Imaging
• Direct Radiology
• Castlereagh Imaging
• Exact Radiology Clinics
• Victorian Imaging Group
• South West Radiology
• Vision XRAY
• ClinRad Imaging
• East Coast Radiology
• Southern Radiology
• Adelaide MRI
• Melbourne Radiology Clinic
• Australian Radiology Clinics
• Western Radiology

These market participants are implementing various growth strategies such as collaborations, partnerships, acquisitions & mergers, and new product development and launches to strengthen product offerings as well as gain a competitive edge over others.
 

Medical Imaging Services Market News:

• In August 2022, Life Healthcare acquired the non-clinical imaging operations of Eugene Marais Radiology based at Life Eugene Marais Hospital in Pretoria. This has helped company to grow and diversify its portfolio across its southern African operations
   
• In September 2022, Carlisle Health Pty Ltd acquired Bundaberg Radiology Group (BR Radiology Group). BR Radiology Group offers a broad range of diagnostic & imaging services at multiple locations in Queensland. This acquisition helped the company to enter the Australian medical imaging market & assisted in bolstering its industry position.
   

Medical imaging services market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:

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By Modality (USD Million)

• X-Ray Imaging
• MRI
• Ultrasound
• Computed Tomography
• Nuclear Imaging
• Mammography        

By End-use (USD Million)

• Hospitals
• Diagnostic centers
• Clinics
• Ambulatory Surgical Centers

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Switzerland
  • The Netherlands
  • Poland
  • Belgium
  • Sweden
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • New Zealand
  • Indonesia
  • Thailand
  • Vietnam
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Chile
  • Peru
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Israel
  • Iran