U.S. IMAGING SERVICES MARKET ANALYSIS

Market Challenges And Opportunities

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 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.

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.