(PharmaNewsWire.Com, December 10, 2019 ) The study involved four major activities in estimating the current size of the diagnostic imaging services market. Both top-down and bottom-up approaches were employed to estimate the total market size. Secondary research was mainly used to obtain key information about the industry’s total pool of key players, market classification and segmentation according to industry trends to the bottom-most level, market trends, and critical developments by both the public and private organizations in the market.
Market Study Objectives:
# To define, describe, and forecast the diagnostic imaging services market based on procedure/modality, application, end user, and region
# To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, opportunities, and challenges)
# To strategically analyze the micromarkets for individual growth trends, prospects, and contributions to the overall market
# To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
# To forecast the size of the market segments for four major regional segments¯North America, Europe, the Asia Pacific, and the Rest of the World (RoW)
The major factors driving the growth of diagnostic imaging services market include the rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases and growing awareness about early disease detection and the widening scope of clinical applications.
Analysis of Global Market Size:
The diagnostic imaging services market is projected to reach USD 693.4 billion by 2024 from USD 539.7 billion in 2019, at a CAGR of 5.1% from 2019 to 2024.
Major Industry Trends:
# Growing Preference for Outpatient Imaging Centers # Growing Adoption of Refurbished Diagnostic Imaging Systems in Outpatient Imaging Centers # Increasing Adoption of Teleradiology
Application of Diagnostic Imaging Services Market:
North America commanded the largest share of the global diagnostic imaging service market. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period primarily due to the improving healthcare infrastructure, rising investments in diagnostic imaging, improving reimbursement scenario, and the growing insurance coverage in several APAC countries.
Key Players Analysis:
Prominent players in the diagnostic imaging services market include RadNet, Inc (US), Sonic Healthcare (Australia), Dignity Health (US), Novant Health (US), Alliance Medical (UK), InHealth Group (UK), Medica Group (UK), Global Diagnostics (Australia), Healthcare Imaging Services Pty Ltd. (Australia), Concord Medical Services Holdings Limited (China), and Center for Diagnostic Imaging, Inc. (CDI) (US), among others. An analysis of market developments between 2016 and 2019 revealed that several growth strategies such as partnerships & agreements, joint ventures, and strategic acquisitions were adopted by market players to strengthen their service portfolios and maintain a competitive position in the market.
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