by Imaging services involves the use of medical imaging technologies such as X-rays, ultrasounds, Magnetic Resonance Imaging (MRI), Computed Tomography (CT) scans, and nuclear medicine including positron emission tomography (PET) to create visual representations of the internal body. These technologies help physicians examine anatomical abnormalities and detect diseases at an early stage. The growing geriatric population in the United States and the rising incidence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders has fueled the demand for various imaging modalities for early disease diagnosis.
The U.S. Imaging Services Market is estimated to be valued at US$ 178.3 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising demand for early disease diagnosis from the growing geriatric population as well as increasing prevalence of chronic diseases are expected to drive the growth of the U.S. Imaging Services Market Size. Advancements in imaging technologies have enabled detection of diseases at earlier stages, which has significantly improved treatment outcomes. For instance, screening CT and PET scans can detect lung cancer or lymphomas when they are still localized rather than widespread. Early detection improves chances of effective treatment and higher survival rates. Furthermore, the development of novel diagnostic imaging modalities such as EchoMRITM, which provides MRI images with ultrasound clarity at a lower cost than conventional MRI scanners, is also expected to support the market growth over the forecast period.
Segment Analysis
The U.S. Imaging Services Market is segmented into three main categories based on the type of procedure: X-rays, Magnetic Resonance Imaging (MRI), and Computed Tomography (CT). Among these, the X-ray segment dominates the market with a share of over 40% as it is a widely used technique being the first line of diagnosis for fractures, bone injuries, and lung/chest related issues. The low cost of X-rays compared to other segments has further increased its popularity.
PEST Analysis
Political: The market is subjected to various regulations set by regulatory bodies like the Food and Drug Administration (FDA) and Center for Medicare and Medicaid Services (CMS) regarding the use of equipment, licensing, and reimbursement policies.
Economic: Being a developed country, the U.S. has robust healthcare spending. However, the high cost of advanced imaging equipment and services puts financial pressure on patients as well as insurers.
Social: An aging population and growing incidence of lifestyle diseases like cancer, cardiovascular issues are increasing the need for accurate diagnosis. This is driving greater awareness and demand for advanced imaging technologies.
Technological: 3D and 4D imaging, AI integration for image analysis, and teleradiology are some emerging technologies widening the scope and accessibility of imaging services across the country.
Key Takeaways
The U.S. Imaging Services Market is expected to witness high growth over the forecast period owing to an aging population, increasing burden of chronic diseases, fast adoption of advanced technologies and solid reimbursement policies. The U.S. Imaging Services Market is estimated to be valued at US$ 178.3 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031.
Regional analysis
Regionally, the Western and Southern regions hold the major market share currently due to presence of advanced healthcare facilities in states like California and Texas. The Northeast region is also growing at a faster pace driven by significant spending on research and rising health expenditures in states like New York, New Jersey and Massachusetts.
Key players
Key players operating in the U.S. Imaging Services Market are Air Liquide, Air Products & Chemicals Inc., Praxair Inc., Linde Plc. These players are focusing on strategic collaborations and partnerships to expand service offerings and geographic footprint in the highly competitive U.S market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
