U.S. Imaging Services Market Is Estimated To Witness High Growth |...

U.S. Imaging Services Market Is Estimated To Witness High Growth

Posted 2023-11-30 13:04:30

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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Swot Analysis:

· Strength: The U.S. Imaging Services Market has a large customer base due to growing aging population in the country. The market witnesses high demand for advanced imaging modalities like MRI, CT, X-ray and ultrasound scans. Furthermore, favorable government initiatives and investments in healthcare sector boosts the market growth.

· Weakness: High costs associated with advanced imaging equipment and services is a major challenge for small players in this market. Lack of skilled radiologists and technicians impacts the overall quality of diagnostic services.

· Opportunity: Growing prevalence of chronic diseases like cancer, cardiac disorders and neurological conditions has increased the demand for early diagnosis. This presents an opportunity for market players to expand their service offerings. Furthermore, untapped rural areas provides scope for market penetration.

· Threats: Stringent regulatory framework and reimbursement policies pressure market profits. Moreover, trade wars and political uncertainties impacts the overall growth of healthcare sector.

Key Takeaways:

The Global U.S. Imaging Services Market Demand is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing geriatric population suffering from chronic illnesses. As per estimates, over 55 million people aged 65 years or older will be living in the U.S. by 2030. This sizable aging demographic drives the demand for imaging tests.

Regional analysis - Western and Southern regions dominate the U.S. Imaging Services Market owing to concentration of leading healthcare facilities in states like California and Texas. These states cater to over 40% of national demand for imaging procedures. The Northeast region exhibits highest CAGR during the forecast period owing to healthcare infrastructure expansion activities.

Key players - 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. These major firms are focusing on mergers, acquisitions and geographic expansions to strengthen their market presence. For instance, Dignity Health acquired over 30 radiology clinics of Paradigm Radiology to enhance its diagnostic imaging services across multiple states.