Diagnostic Imaging Services Market Driven by Rising Geriatric Population
Diagnostic imaging services refer to imaging tests such as X-rays, CT scans, MRIs, ultrasounds and nuclear medicine tests which help doctors diagnose and treat medical conditions. These services deliver anatomical and functional details of the human body that assists in identifying both acute and chronic conditions including cancer, cardiovascular diseases and orthopaedic disorders among others. The rising global burden of chronic diseases due to growing geriatric population and sedentary lifestyles has increased the demand for diagnostic imaging procedures worldwide.
The Global Diagnostic Imaging Services Market is estimated to be valued at US$ 787.55 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Diagnostic Imaging Services Market Growth are RadNet, Inc., Akumin Inc., Novant Health, RAYUS Radiology, MedQuest Associates, Concordmedical, Lucid Medical Diagnostics, Radiology Partners, Envision Radiology, Capitol Imaging Services, Statim Healthcare, InHealth Group, Global Diagnostic Imaging, an dADM Diagnostics, Inc. These companies are expanding their service offerings and global footprint through acquisitions and partnerships to leverage growth opportunities.
The increasing demand for early disease detection and diagnosis is a major factor driving market growth. Diagnostic imaging allows medical practitioners to accurately diagnose conditions in their early stages, enabling timely intervention and effective treatment. This is expected to boost the uptake of diagnostic imaging procedures over the forecast period.
The diagnostic imaging services market is also witnessing strong growth in emerging economies due to increasing investments by major market players. Leading companies are establishing diagnostic imaging centers in Asia Pacific and Latin America to tap the high-potential markets in these regions. Advanced healthcare infrastructure and rising medical tourism are facilitating the expansion of global players in developing markets.
Market Drivers
One of the key drivers fueling the diagnostic imaging services market is the growing geriatric population globally. Older individuals are more prone to developing chronic health conditions like cancer, cardiovascular diseases and neurological disorders. Since diagnostic images play a crucial role in disease diagnosis as people age, rapid population aging is expected to significantly drive the demand for diagnostic imaging procedures in the coming years. It is estimated that around 2 billion people will be aged 60 years and older by 2050. This demographic shift will continue creating high demand for diagnostic imaging technologies.
The diagnostic imaging services market is facing various challenges due to the ongoing geopolitical changes across the world. The Covid-19 pandemic has severely impacted the healthcare sector which negatively affected the growth of this market. Reduced patient visits for preventive diagnostic checkups during the lockdowns hampered the market revenue. However, remote radiology practices and teleradiology solutions boosted growth as they help in delivering critical care for non-Covid patients. Nevertheless, the conflict between Russia and Ukraine also poses threats by disrupting supply chains and increasing raw material prices. This may hinder the procurement of advanced medical imaging equipment and limit market expansion.
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