Medical Imaging Services Market to Record Robust Growth at 5.81% CAGR, Accounting for $789.17 Billion by 2030, North America Leads the Industry Due to Increased Demand for Early Disease Detection, Projects Kings Research

DUBAI, UAE, Jan. 16, 2024 /PRNewswire/ -- According to the latest report by Kings Research, the Global Medical Imaging Services Market value was registered at USD 502.12 billion in 2022 and is foreseen to grow to USD 789.17 billion by 2030, depicting a 5.81% CAGR from 2023 to 2030. The global market for medical imaging services is experiencing growth, primarily attributed to the rising incidence of chronic diseases and an aging population, which is fueling the demand for accurate and early disease detection. Technological advancements in medical imaging, such as high-resolution modalities and the integration of artificial intelligence, contribute to enhancing diagnostic capabilities.

Medical imaging services are essential to contemporary healthcare as they allow us to visualize the human body using methods such as MRI, CT, ultrasound, X-ray, PET, and SPECT. For a variety of medical diseases, these services are essential for early identification, diagnosis, and therapy planning. They are used in many different contexts, such as neurological assessment, cardiovascular assessment, illness monitoring, preventive screening, and diagnostic imaging. Identification of fractures, malignancies, infections, and vascular anomalies is facilitated by diagnostic imaging.

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Trending Now: Siemens Healthineers and CommonSpirit Health Enhance Portfolio with Block Imaging

In May 2023, Siemens Healthineers, in collaboration with CommonSpirit Health, successfully acquired Block Imaging, a prominent provider of refurbished medical imaging equipment. This was aimed at broadening Siemens Healthineers' portfolio and consolidating its presence in the refurbished medical imaging market. The acquisition empowered Siemens Healthineers to provide an array of cost-effective imaging solutions to healthcare providers, reinforcing their commitment to delivering high-quality and accessible medical technology.

Competitive Landscape

Prominent players in the medical imaging services industry are strategically employing various key business tactics to improve their market presence. These include forging partnerships, engaging in mergers and acquisitions, innovating products, and establishing joint ventures. The objective behind these endeavors is to broaden their product portfolio and enhance market shares across diverse regions.

For instance, in January 2023, Bayer acquired Blackford, a British medical imaging AI developer. This acquisition underscores the increasing importance of artificial intelligence in the medical imaging sector. The strategic decision aligns with the prevailing market trend of incorporating AI solutions to improve diagnostic accuracy and efficiency, highlighting the industry's reliance on advanced technologies.

Prominent players profiled in the medical imaging services market include:

• Siemens Healthineers
• Philips Healthcare
• Canon Medical Systems
• Hitachi Healthcare
• Hologic, Inc.
• Carestream Health
• Fujifilm Holdings Corporation
• Agfa-Gevaert Group
• Esaote S.p.A.
• GE Healthcare

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Non-invasiveness of Magnetic Resonance Imaging Service Type to Bolster Medical Imaging Services Market Growth

Based on service type, the market is segmented into magnetic resonance imaging (MRI), ultrasound, computed tomography (CT), nuclear medicine, and x-ray.

The magnetic resonance imaging (MRI) segment dominated the global medical imaging services market in 2022. This dominance can be attributed to MRI's exceptional capability to generate detailed images of soft tissues and organs. The non-invasive and radiation-free characteristics of MRI have reinforced its popularity among both healthcare providers and patients, further establishing its position at the forefront of the market.

Increasing Imaging Services Offered by Hospitals to Augment Market Revenue

Based on end-user, the medical imaging services market is categorized into hospitals, diagnostic imaging centers, ambulatory surgical centers, and research and academic institutes.

The hospitals segment held the largest market share in 2022. Hospitals stand out as primary providers of diagnostic and imaging services, presenting a diverse array of modalities and catering to a broad patient base. This extensive service offering has significantly contributed to their substantial market presence. The comprehensive infrastructure of hospitals, coupled with the presence of specialized medical staff capable of handling complex cases, establishes them as the preferred choice for a wide spectrum of medical imaging needs.

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Surging Emphasis on Early Disease Detection to Boost Medical Imaging Services Market Development

The global medical imaging services market is growing due to increased demand for early disease detection amid rising chronic diseases and an aging population. Technological advancements, including high-resolution modalities and artificial intelligence, enhance diagnostic capabilities. Key drivers include the expansion of telemedicine, teleradiology services, and healthcare infrastructure investments in emerging economies. Integration of electronic health records and a focus on patient-centric care contribute to streamlined workflows and improved outcomes, fueling market growth.

Furthermore, rising government initiatives and investments in healthcare infrastructure and medical imaging technologies play a pivotal role in fostering the growth of the medical imaging services industry. These efforts are geared toward improving access to medical imaging services and elevating the overall quality of healthcare delivery.

Early Adoption of Cutting-Edge Technologies in North America to Spur Medical Imaging Services Market Expansion

North America led the global medical imaging services market in 2022. The region's well-established healthcare system, high healthcare spending, and early adoption of cutting-edge technologies are some factors responsible for its dominance. Major manufacturers of medical equipment, medical imaging centers, and technological pioneers are all concentrated in the United States. The area's commitment to innovation and R&D activities, as well as its use of AI and focus on patient care, all contribute to its leadership status in the industry.

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Growing Government Investments in Healthcare Infrastructure to Support APAC Medical Imaging Services Industry Progress

The Asia Pacific medical imaging services market is anticipated to experience notable growth, with the highest projected CAGR through the forecast period. This growth is driven by factors such as economic development, urbanization, growing healthcare expenditure, an increase in chronic diseases, technological advancements, digital healthcare solutions, and government initiatives. The adoption of telemedicine, teleradiology, and mobile health applications is on the rise, enhancing accessibility to medical imaging services in remote areas. Government investments in healthcare infrastructure further contribute to APAC's position as a dynamic and rapidly expanding region in the global medical imaging services industry.

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Key Points from TOC:

Chapter 1 Introduction of The Global Medical Imaging Services Market 
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Medical Imaging Services Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Medical Imaging Services Market, By Service Type
Chapter 7 Global Medical Imaging Services Market, By Application
Chapter 8 Global Medical Imaging Services Market, By End-User
Chapter 9 Global Medical Imaging Services Market, By Geography
Chapter 10 North America 
Chapter 11 Europe 
Chapter 12 Asia-Pacific 
Chapter 13 Middle East & Africa 
Chapter 14 Latin America
Chapter 15 Global Medical Imaging Services Market Competitive Landscape
15.1 Overview
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint
Chapter 16 Company Profiles
16.1 Siemens Healthineers
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Product Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2 Philips Healthcare
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Product Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis
16.3 Canon Medical Systems
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Product Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis
16.4 Hitachi Healthcare
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Product Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis
16.5 Hologic, Inc.
16.5.1 Key Facts
16.5.2 Financial Overview
16.5.3 Product Benchmarking
16.5.4 Recent Developments
16.5.5 Winning Imperatives
16.5.6 Current Focus & Strategies
16.5.7 Threat from competition
16.5.8 SWOT Analysis

Continued……..

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