Diagnostic Imaging Services Market Size

Diagnostic Imaging Services Market size is expected to cross USD 851 Billion by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of diagnostic imaging services was around USD 518 Billion.The growth of the market can primarily be attributed to the increasing geriatric population across the globe with severe diseases and disorders. According to the World Bank’s statistics, the global geriatric population hit 747,238,580 in 2021. As a person grows older, their body weakens and organs start to deteriorate, making them vulnerable to both chronic and acute diseases which require diagnostic imaging services.

Global diagnostic imaging services market trends such as higher penetration of neurological disorders and constantly increasing R&D spending on medical imaging technology are projected to influence the growth of the market positively over the forecast period. The Pan American Health Organization (PAHO) published a report stating that nearly 533,172 men and 320,043 women lost their lives owing to some sort of neurological condition in America. Moreover, skyrocketing utilization of diagnostic imaging services in the diagnosis and treatment of cancer and booming demand in the cardiology segment are further expected to hike the growth of the market over the forecast period. As of 2018, about 15 million new cases of cancer were diagnosed while approximately 9 million people died due to cancer in a similar year worldwide. Therefore, all these factors are projected to push the growth of the market over the forecast period. In addition, the increased level of awareness about imaging procedures, and the presence of new technologically developed imaging diagnostic centers with advanced imaging technologies are also expected to fuel the global diagnostic imaging services market in the analysis period.