3D Diagnostic Imaging Services Market:
The global 3D diagnostic imaging services market is expected to decline from $179.9 billion in 2019 to $172.25 billion in 2020 at a compound annual growth rate (CAGR) of -4.22%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The market is then expected to recover and reach $221.2 billion in 2023 at CAGR of 8.69%.
The 3D diagnostic imaging services market consists of revenues generated by the use of 3D diagnostic imaging procedures such as 3D X-rays, 3D ultrasound, MRI, and other 3D nuclear imaging techniques (PET, SPECT) to diagnose patients with chronic diseases. The 3D diagnostic imaging technique provides advanced services that help in various applications such as oncology, cardiology, orthopedics and others. 3D diagnostic imaging is used to create three dimensional visual representation of interior body parts for medical analysis with the help of computer-aided design (CAD) or a Magnetic Resonance Image (MRI) technology.
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Introduction of improved data storage and information sharing systems such as medical cloud technology is creating more growth opportunities for 3D diagnostic imaging. This is because medical imaging requires adequate resources to process, store, exchange and use large quantities of medical data for appropriate diagnostic and treatment decisions, and advanced cloud computing in medical imaging addresses these concerns. Cloud computing is an emerging solution for questions related to delivering complex services and data interchange over the internet. Cloud computing technology enables medical data sharing across regions, allowing more patients to obtain the medical resources they need. It allows easy retrieval of data and provides doctors with more convenient clinical image data services (clear and informative images). Medical cloud imaging has become an important field of cloud computing.
The 3D diagnostic imaging services market covered in the report is segmented by technique into ultrasound; MRI; X-ray; computed tomography; others and by application into oncology; cardiology; orthopedics; others.
The 3D diagnostic imaging services market is constrained by the shortage of qualified and skilled healthcare resources. The main reason being the aging workforce, complexity of the latest procedures and their reluctance towards learning the new procedures, and shrinking number of accredited training programs. A report from the International Labor Organization (2018) estimates a global deficit of over 10.3 million skilled health professionals, and more than half of the deficit, totaling 7.1 million (69%), is in Asia. The shortage of skilled workforce is expected to affect the 3D diagnostic imaging services market. Therefore, there is an urgent need to train more healthcare professionals in the latest procedures and technologies including 3D imaging to enable accurate diagnosis and treatment in the most efficient manner.
In January 2020, Metropolis Healthcare, a chain of diagnostic companies, acquired 51% stake in Shraddha Diagnostic Centre for Rs 9.36 Crores ($1.27 million). This acquisition helps Metropolis Healthcare expand its geographical reach in 9 cities and towns in India. Shraddha Diagnostics is a private company that majorly serves the B2B segment.
The demand for point-of-care testing (PoCT) has been steadily increasing over the years. The growth in demand is likely to continue and drive the market for 3D diagnostic imaging services market. This is because PoCT allows physicians and medical staff to accurately achieve real-time, lab-quality diagnostic results within minutes rather than hours. Also, the changing healthcare delivery system is aimed at delivering cost effective care at patient’s home. In most of the countries, especially developing countries, more effective care for infectious diseases is needed. PoCT technologies provide effective care with easy-to-use devices and improved analytical performance and recent improvements in the speed, usability and affordability of medical imaging with 3D integration have greatly expanded the capabilities of PoCT testing systems. These advances are greatly driving the 3D diagnostic imaging services market.
Major players in the 3D diagnostic imaging services market are Laboratory Corporation of America Holdings, Quest Diagnostics Inc, Alere, Inc., Bio-Reference Laboratories, DaVita Healthcare Partners, Inc, Genomic Health, Inc., Myriad Genetics, Inc., NeoGenomics, Inc., Sonic Healthcare Limited, and Spectra Laboratories.
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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