Medical imaging is an essential aspect of the entire healthcare continuum, from wellness and screening, to prompt diagnosis, therapeutic selection, and follow-up. Emphasis on chronic disease and acute care, image-guided medical interventions, and enhanced treatment planning are being integrated into regular medical practices across all subspecialties. Commitment to better patient care is further strengthening the overall medical and diagnostic imaging industry, thus fortifying the services business.
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The growing sophistication of cross-sectional imaging with the integration and rapid development of interventional radiology into clinical grounds has positively impacted modern patient care. Advances in imaging driven by the digital data and technology have revolutionized the imaging field. Transparency Market Research (TMR), in its recent publication, analyzes the key milestones in the diagnostic imaging services business from the inception of medical imaging to the latest developments in diagnostic imaging, with reflections regarding the future directions of the market.
From Wilhelm Conrad Roentgen’s initial experiment with a Crookes cathode ray tube that spawned X-rays back in 1895 to today’s technology-driven medical imaging, the path of evolution continues to broaden. Roentgen’s finding witnessed widespread acceptance within days, and the new technology was received by amateurs and medical establishments alike. Moreover, as radiography became a vital aspect of clinical diagnosis, newer uses and data regarding disease representation quickly assembled. The following decades marked further developments in medical imaging, banking on researchers’ growing interest and the unquenchable desire to improve diagnosis and therapeutics.
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The development of computed tomography (CT) was witnessed after more than seven decades of the inception of medical imaging, followed by the development of magnetic resonance imaging (MRI), which became essential in oncology. With continued research efforts, techniques such as ultrasound and nuclear imaging have changed the face of diagnostic care. Vital success has been witnessed in the last few decades, on account of the digital revolution and key technological advancements. According to TMR’s study, the diagnostic imaging services market was valued at ~ US$ 329 Bn in 2018, and is anticipated to grow at a CAGR of ~ 4% during 2019-2027. Market growth is driven by the expanding application of diagnostic imaging, rising acceptance of imaging services, and growing demand on the wake of increasing incidents of chronic diseases.
Analysts’ Perspective on the Market
With growing opportunities traced across the diagnostic imaging services market, TMR analysts have a positive perspective of the market. Constant support of technological developments are adding to the development of advanced diagnostic imaging systems, garnering the attention of providers of diagnostic imaging services. Another aspect in the focus of service providers is the reduction of the cost of diagnosis to entice tech-savvy consumers, for whom, cost is one of the key factors impacting their spending decisions.
Hospitals have a diverse range of diagnostic imaging equipment for their patients, owing to which, they witness a significant inflow of patients. Hospitals are the leading end users for diagnostic imaging services, making them a vital prospect for service providers. New entrants must focus on collaborations and service agreements with hospitals to gain initial business growth. North America remains a lucrative market for diagnostic imaging services, wherein, the U.S. showcases dominance on account of increasing technological advancements, growing prevalence of chronic diseases, and surging adoption of diagnostic imaging services by the medical industry. Services providers aiming at regional expansion can consider investments in the U.S. as a prospective avenue.
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