July 21, 2024
U.S. Imaging Services Market

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The 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 encompasses imaging services related to diagnostic imaging exams including X-rays, ultrasound, MRI, CT scans, PET scans, and nuclear medicine imaging. These services are widely used for medical applications such as disease diagnosis, guidance for interventional procedures, and monitoring of diseases and therapies. Common imaging facilities in the U.S. include fixed imaging centers, mobile imaging centers, and small physician-owned offices that utilize medical imaging equipment.

Market Dynamics:
Increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders is expected to drive demand for imaging services over the forecast period. For instance, according to the Centers for Disease Control and Prevention, heart disease is the leading cause of death in the U.S., accounting for over 655,000 deaths annually. Similarly, the American Cancer Society estimates that around 1.9 million new cancer cases will be diagnosed in the U.S. in 2023. Diagnostic imaging plays a critical role in the diagnosis and management of these chronic conditions. Moreover, growing geriatric population susceptible to disabilities and diseases is also expected to boost the market growth. As per the U.S. Census Bureau, the number of Americans aged 65 and older is projected to reach 80 million by 2030.

Segment Analysis

The U.S. imaging services market is dominated by diagnostic imaging which accounts for over 70% of the market share. Diagnostic imaging provides necessary insights about the anatomical structures and physiological functions of human body. Technologies such as magnetic resonance imaging, computed tomography, x-rays, ultrasound, and mammography used under diagnostic imaging helps physicians identify the abnormalities in organs and tissues accurately.

PEST Analysis
Political: The healthcare sector in the U.S. witnessed favorable regulations and reforms such as increase in healthcare spending due to increase in Medicare and Medicaid coverage which is benefitting the growth of imaging services market.
Economic: Rising disposable income and growing health insurance coverage in the U.S. have increased the adoption of advanced medical imaging modalities aiding market expansion.
Social: Growing geriatric population and rising incidences of chronic diseases such as cancer have increased the demand for early diagnosis through medical imaging.
Technological: Innovation in imaging technologies including digital radiography systems and artificial intelligence integrated imaging solutions have enhanced image quality and enabled faster diagnosis.

Key Takeaways
The U.S. Imaging Services Market Demand is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand for early and accurate disease diagnosis. The market size for 2023 is US$ 154.77 Bn.

Regional analysis: California is expected to dominate the U.S. market owing to presence of leading healthcare providers and rapid adoption of advanced technologies. Urban areas in California have emerged as major revenue generators for imaging services market.

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. Key players are focusing on capacity expansion through mergers and acquisitions and introducing artificial intelligence enabled medical imaging solutions to gain competitive edge.

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