Diagnostic Imaging Services Market Trends

Growth Drivers

• Growing Inclination Toward Medical Imaging Technology - As of 2022, the total worth of diagnostic imaging devices was estimated to be approximately USD 45 billion globally. In the recent decade, drastic growth has been observed in medical imaging technology on the back of the launch of several new technologies. Moreover, medical imaging technology plays a vital role in the treatment and diagnosis of various diseases. Some of the major technologies used are nuclear medicine, ultrasonography, computed tomography, X-RAYs, mammography, MRI, and others. Hence such a higher penetration of associated applications is estimated to flourish the diagnostic imaging services market over the forecast period.
• Higher Utilization of MRI across the Globe – With the rising disorders and diseases among the population, MRI is an effective diagnostic imaging service that is useful in scanning a variety of conditions, from torn ligaments to tumors. Thus, rising cases of chronic and acute disorders along with accidents and injuries are expected to increase MRI utilization which in turn is projected to bring expand the market size. In 2019, the total number of MRI (Magnetic Resonance Imaging) units owned by multiple countries across the globe was estimated to be as given: USA (USD 40 million), Korea (USD 30 million), Japan (USD 50 million), France (USD 15 million), and others.
• Increasing Number of Computed Tomography Scanner Density - For instance, the highest number of CT scanners is estimated to be owned by Japan which is approximately 100 CT scanners per million people while in the USA, the number of CT scanners per million individuals was projected to be around 40.
• Rising Penetration of Bone Fractures in the Global Population - It is observed that nearly 6 million cases of bone fracture occur every year in the United States summing up to around 2 per 100 individuals.
• Noteworthy Increment in Global Healthcare Expenditure - According to the World Bank, in 2019, the global health expenditure reached USD 1,121.9 per capita.

Challenges

• Remarkably Expensive Imaging Diagnostic Procedures - The diagnostic procedure is costly and the provision of medical policies and favorable reimbursement policies are seriously lacking in low and middle-income countries considering the less access to healthcare facilities and poor healthcare coverage facilities in such regions compared to the developed countries. For instance, only 52% of Africans, or 615 million people, have access to the healthcare they require, and the quality of healthcare on the continent is often subpar. In contrast, among Americans under 65, 64.3% had private health insurance, including 56.6% with coverage based on employment and 6.7% with privately acquired insurance. Furthermore, 4.0% of people had exchange-based coverage, a kind of directly bought insurance.
• Requirement for Higher Initial Investment
• Lack of Requisite Equipment and Medical Workforce.