July 21, 2024
U.S. Imaging Services Market

Diagnostic Imaging is the largest segment driving the growth of U.S. Imaging Services Market

The global U.S. Imaging Services Market is estimated to be valued at US$ 154.77 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The U.S. Imaging Services Market comprises services that assist in medical imaging for various clinical conditions including oncology, cardiology, neurology and orthopedics. Common imaging services include X-rays, ultrasound, MRI, CT scans, nuclear medicine including PET scans. Such services play a crucial role in disease diagnosis and treatment monitoring.

Market key trends:

One of the major trends in the U.S. imaging services market is the growing adoption of artificial intelligence and machine learning technologies. AI is helping improve clinical decision making in diagnostic imaging. Tools based on AI and deep learning are augmenting image analysis capabilities of radiologists. They can detect subtle abnormalities, predict diagnosis and reduce human errors. This significantly aids early detection of diseases and improves patient health outcomes.

SWOT Analysis:

  • Strength: The U.S. Imaging Services Market benefits from strong infrastructure and high healthcare expenditure. Advanced technology and skilled radiologists also strengthen this market.
  • Weakness: High cost of equipment and procedures can limit the market growth. Stringent regulations also increases the operational costs.
  • Opportunity: Growing geriatric population and rising incidence of chronic diseases will drive the demand. Adoption of artificial intelligence and cloud technology provides new opportunities.
  • Threats: Economic slowdowns can negatively impact the market. Reimbursement issues and data privacy concerns also pose threats.

Key Takeaways:

The Global U.S. Imaging Services Market Growth is expected to witness high, exhibiting CAGR of 5.5% over the forecast period, due to increasing prevalence of chronic diseases. According to American College of Radiology, around 663 million medical imaging procedures were performed in the U.S. in 2020.

The North America region is expected to dominate the U.S. Imaging Services Market, owing to growing demand and presence of major players. Factors such as favorable reimbursement policies, technological advancements, and rising healthcare spending drive the regional market. The Asia Pacific region is anticipated to exhibit the fastest growth during the forecast period due to increasing patient awareness and healthcare reforms.

Key players operating in the U.S. Imaging Services Market are Medica Group Plc., Dignity Health, InHealth Group, Alliance Medical, RadNet, Inc., Sonic Healthcare Limited, and Global Diagnostic Imaging, among others. Strategic collaborations, mergers, and new product launches are common in this competitive market environment. Players are focusing on service expansions and equipment upgrades to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it