PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1477267
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1477267
The diagnostic imaging services market is estimated to be valued at USD 533.99 Bn in 2024 and is expected to reach USD 787.55 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
Report Coverage | Report Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 533.99 Bn |
Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
Forecast Period 2024 to 2031 CAGR: | 5.70% | 2031 Value Projection: | US$ 787.55 Bn |
The diagnostic imaging services market refers to the market for medical procedures that allow the visualization of internal body structures and organs to aid in the detection and diagnosis of an assortment of medical conditions. This incorporates procedures like X-rays, CT scans, MRI scans, ultrasound imaging, and other specialized tests like mammography. Rapid advancements in imaging technologies in recent years have empowered healthcare professionals to detect and diagnose diseases more precisely at early stages as well as monitor treatment response and procedures in a non-invasive manner. Growing global disease burden, rising incidence of chronic and age-related diseases, increasing investments in technological upgrades of imaging equipment, and greater uptake of medical insurance especially in developing regions are some of the key factors expected to drive steady growth of the diagnostic imaging services market across the world in the coming years.
The global diagnostic imaging services market is projected to witness notable growth over the forecast period owing to several factors such as growing geriatric population globally, rising prevalence of lifestyle diseases such as cancer, cardiovascular diseases and other disorders, increasing healthcare expenditure across both developed and developing countries, and technological advancements leading to better imaging capabilities. However, factors such as high costs involved in advanced diagnostic imaging modalities, shortage of skilled radiologists, and safety concerns regarding exposure to radiation especially in CT scans and fluoroscopy are expected to constrain the market growth to some extent. Meanwhile, developing regions across Asia Pacific and Latin America offer substantial untapped opportunities for players in this market due to improving access to healthcare services, growing medical tourism industry, and increasing investments by both public and private sectors in their national healthcare systems.
Detailed Segmentation-