U.S. IMAGING SERVICES MARKET ANALYSIS

The U.S. Imaging services market was valued at US$ 146.7 Bn in 2022 and is forecast to reach a value of US$ 225.14 Bn by 2030 at a CAGR of 5.50% between 2023 and 2030. The U.S. Imaging services market is experiencing strong growth due to the increasing prevalence of chronic diseases and rise in geriatric (aging) population in the U.S. Moreover, rising number of diagnostic imaging centres and increase in adoption of technologically advanced imaging modalities in the region is expected to boost the growth of the market. However, factors such as high cost of medical imaging and dearth of radiologists are expected to hamper the market growth.

U.S. Imaging Services Market Drivers:

Rise in burden of chronic diseases to boost market growth

One of the key factors expected to augment the growth of the U.S. Imaging services market during the forecast period is the increasing prevalence of chronic diseases in the U.S. Diagnostic imaging services are used to deal with a variety of chronic diseases, such as cardiovascular diseases, cancer, diabetes, and chronic respiratory disease, among others. According to the U.S. Centers for Disease Control and Prevention (CDC), chronic diseases such as heart disease, cancer, and diabetes are the leading causes of death and disability in the United States. This in turn is expected to increase the use or demand for imaging services in the U.S.

Growing geriatric population to underpin market growth

Another factor which is driving the growth of the U.S. Imaging services market is the rise in geriatric (aging) population in the region. For instance, aging can cause changes in the heart and the blood vessels that may increase the risk of developing cardiovascular disease. According to the US CDC, people age 65 and older are more likely than younger people to suffer from cardiovascular disease. According to the American Hospital Association, over 133 million Americans (half the population) suffer from at least one chronic disease, and the figure is 15 million higher than just a decade ago, and by 2030, this number is expected to reach 170 million.

U.S. Imaging Services Market Opportunities:

Rising number of diagnostic imaging centres in the United States is expected to provide significant growth opportunities for players in the U.S. Imaging services market. With the increase in number of diagnostic imaging centres, the use or demand for diagnostic imaging equipment or services is also increasing rapidly. For instance, RadNet Inc. has around 351 diagnostic imaging centre across the United States, and conducts more than nine million outpatient diagnostic imaging procedures annually. The primary objective of the company is to deliver high quality, conveniently accessible care in the most cost effective manner possible.

Increase in adoption of technologically advanced imaging modalities is expected to offer lucrative growth opportunities for players in the U.S. Imaging services market. For instance, players in the market are focusing on R&D to develop technologically advanced imaging modalities to reduce the cost and side effects associated with these modalities. In June 2022, Promaxo Inc. delivered its in-office MRI system to East Valley Urology Center. It is a single-sided MRI with an AI (Artificial Intelligence) based imaging system; the U.S. FDA empowers practices and hospitals to accurately and seamlessly guide prostate interventions under the Promaxo scanner.

U.S. Imaging Services Market Trends:

Technological advancements is a recent trend

Magnetic resonance imaging (MRI) is considered amongst the safest medical imaging procedures, as it does not involve the use of any harmful imaging agents. Therefore, there has been an increase in the adoption of MRI in the region. The factors responsible for the increase in adoption of MRI are the technological advancements in MRI modalities and wide application of MRI in the medical field. Moreover, the launch of new and advanced MRI products is expected to increase the adoption of MRI modalities. This trend is expected to continue over the forecast period.

Growing awareness among people is another trend

With the increase in awareness among people about different imaging procedures and the benefits of medical imaging, coupled with the increasing prevalence of chronic diseases and the increasing geriatric population, the use of imaging modalities is also increasing with a rapid pace. Healthcare professionals use medical imaging modalities to guide minimally invasive surgical procedures that treat, diagnose, and cure several medical conditions. This trend is also expected to continue during the forecast period, driving the growth of the market.

U.S. Imaging Services Market Restraints:

High cost of imaging to hinder growth of the market

One of the key factors expected to hamper growth of the U.S. Imaging services market is the high cost of medical imaging. For instance, innovations and R&D (research and development) result in increase in the cost of medical imaging systems. MRI machines must be installed in magnetically sterile clean rooms that eliminate outside interference while protecting people and property outside the room from the magnetic fields. This in turn increase the installation cost alone up to hundreds of thousands of dollars. Furthermore, the high cost of MRI systems prevents patients from gaining access because it increases their healthcare expenditure.

Figure 1. U.S. Imaging Services Market Value (US$ Bn) & Y-o-Y Growth (%), 2017-2030

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Dearth of radiologists to hamper growth of the market

Another factor which is hampering the growth of the U.S. Imaging services market is the dearth of radiologists and lack of trained professionals in the region. According to the Radiological Society of North America (RSNA), there is a shortage of radiologist in the U.S., and the shortage of well-trained radiologist increase the overall turnaround time of imaging results. Moreover, this shortage is also projected to worsen; according to the Association of American Medical Colleges (AAMC), the U.S. is projected to have a shortage of 17-42,000 radiologists, pathologists, and psychiatrists by 2033. This in turn is expected to hamper the market growth.

Figure 2. U.S. Imaging Services Market Share (%), By Modality, 2023

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U.S. Imaging Services Market Segmentation:

The U.S. Imaging services market report is segmented into Modality and End User.

Based on Modality, the market is segmented into X-rays, CT scans, Nuclear medicine scans, MRI scans, and Ultrasound. Out of which, X-Rays Segment is expected to dominate the U.S. Imaging services market during the forecast period and this is attributed to the rise in use of X-ray systems. X-rays can be used to examine several areas of the body. A healthcare provider use x-rays to look for bone fractures, some types of tumors, injuries or abnormal masses, and signs of pneumonia in the lungs. Dentists take x-rays to check for cavities or other dental problems.

MRI Scans Segment is also expected to witness significant growth in the near future and this is due to the rise in burden of chronic disease. MRI has proven valuable in diagnosing a broad range of conditions, such as cancer, heart/vascular disease, and muscular and bone abnormalities.

Based on End User, the market is segmented into Hospitals, Diagnostic Imaging Centres, and Others. Out of which, Hospitals Segment is expected to dominate the market during the forecast period and this is attributed to the rise in prevalence of various medical conditions and availability of multiple imaging modalities in single facility.

Diagnostic Imaging Centres Segment is also expected to witness significant growth in the near future and this is owing to increase in number of diagnostic imaging centres in the U.S.

U.S. Imaging Services Market: Key Developments

In November 2021, FUJIFILM Healthcare Americas Corp., a subsidiary of FUJIFILM presented its Velocity MRI system which is a high-field open MRI system at the 2021 Radiological Society of North America (RSNA) conference.

In June 2022, United Imaging and Memorial MRI & Diagnostic celebrated the installation of new technology for its patients in Katy, TX. The uMR OMEGA is the first 3T MRI in an outpatient imaging centre in Katy and Memorial's first 3T MRI in the Houston area.

In May 2022, Baptist MD Anderson Cancer Center and First Coast News launched the Buddy Bus, a mobile mammography unit in Florida. Baptist Mobile Mammography bus provides breast cancer detection services across Northeast Florida.

U.S. Imaging Services Market: Key Companies Insights

The U.S. Imaging services market is highly competitive. This is attributed to the rise in prevalence of chronic diseases and rising geriatric population, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the U.S. Imaging services market are Medica Group Plc., Dignity Health, InHealth Group, Alliance Medical, RadNet, Inc., Sonic Healthcare Limited, and Global Diagnostic Imaging, among others.

*Definition: Imaging services cover diagnostic imaging tools and equipment used to take images of the internal structure of the human body using electromagnetic radiation, for accurate diagnosis of the patient. However, the type of imaging used by the doctor depends on the signs and symptoms and the part of the body being examined.