The U.S. imaging services market size is expected to reach USD 183.6 billion by 2027, expanding at a CAGR of 4.6% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. Growing prevalence of various conditions, such as cancer and cardiac disorders, is expected to drive the market. Imaging services involve different imaging modalities, such as X-ray, CT scans, nuclear medicine scans, MRI scans, and ultrasound. Each modality includes its own associated advantages of diagnosing a wide range of healthcare conditions accurately.
Adoption of imaging services in U.S. is increasing gradually to enhance early diagnosis of the disease, which, in turn, improves its treatment options. Moreover, growing adoption of non-invasive and cost-efficient procedures is expected to contribute towards the market growth. Medical imaging services consume less time in comparison to other invasive procedures, and thus helps in reducing hospital stay and cost associated with it. Various technologies are being developed to enhance medical imaging devices by improving the image quality captured by them. These fine and sharp images help in diagnosing the disease at an early stage, thereby improving its treatment outcomes. The number of outpatient settings in U.S. is increasing rapidly and installation of advanced imaging devices in these settings is on the rise. As per the Organization for Economic Co-operation and Development (OECD), in 2018, 20.6 per 1,000,000 inhabitants MRI units were installed in ambulatory care providers. Moreover, growing number of CT scans in U.S. is expected to propel the overall market growth. As per Statista, in 2017, 255.7 per 1,000 inhabitants CT scans were performed in U.S. Additionally, low cost of the CT scans in comparison to MRI is expected to drive its adoption.
Major challenges in this market include high cost of certain modalities, such as MRI, and side effects associated with each imaging modality. MRI scans are mainly preferred in diagnosing various conditions as they help in proper tissue differentiation. However, the average cost of the procedure in U.S. is USD 1,430, which is high in comparison to other imaging modalities, thus hindering the overall market growth.
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U.S. Imaging Services Market Report Highlights
• Based on modality, X-rays held the largest share in 2019 mainly due to increasing adoption of non-invasive procedure for diagnosis at affordable cost
• Nuclear medicine scans are expected to witness significant growth during the forecast period as the radiation dosage used in the procedure is low, which, in turn, reduces the chance of infection
• MRI scans are expected to grow at a significant rate during the forecast period as they help in better tissue differentiation in comparison to other modalities, such as CT and X-ray
• By end use, hospitals held the largest share in the U.S. market owing to growing prevalence of cardiac diseases and cancer and installation of advanced imaging modalities in the hospitals
• Diagnostic imaging centers are expected to witness the fastest growth due to growing preference of patient pool for these centers to reduce hospital associated cost and long wait time
• The others segment, which include outpatient settings developed by hospitals, is also expected to grow at a significant rate as these settings provide few imaging services, such as MRI and CT, at low cost in comparison to other settings.
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U.S. Imaging Services Market Segmentation
Grand View Research has segmented the U.S. imaging services market based on modality and end use:
U.S. Imaging Services Modality Outlook (Volume, Units; Revenue, USD Billion, 2016 – 2027)
• CT scans
• Nuclear medicine scans
• MRI scans
U.S. Imaging Services End-use Outlook (Revenue, USD Billion, 2016 – 2027)
• Diagnostic imaging centers
List of the Key Players in the U.S. Imaging Services Market
• Radnet, Inc.
• Alliance Medical
• Inhealth Group
• Sonic Healthcare
• Dignity Health
• Medica Group
• Global Diagnostics
• Novant Health
• Healthcare Imaging Services Pty Ltd.
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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