U.S. Imaging Services Market Size, Share & Trends Report

U.S. Imaging Services Market Size, Share & Trends Analysis Report By Modality (X-ray, Nuclear Medicine Scans, Ultrasound, MRI Scans), By End Use (Hospitals, Diagnostic Imaging Centers), And Segment Forecasts, 2020 - 2027

  • Published Date: Jun, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68038-625-7
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 140

Report Overview

The U.S. imaging services market size was valued at USD 128.1 billion in 2019 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.6% from 2020 to 2027. Medical imaging is a preferred diagnostic technique as it provides vital information with speed, safety, and accuracy.

U.S. imaging services market size

Imaging services involve different imaging modalities such as x-ray, ultrasound, nuclear medicines scans, MRI, and CT scans, which are non-invasive techniques used for diagnosing various diseases easily. Additionally, these imaging services help in early diagnosis of the disease, which helps in positive treatment outcomes.

Medical imaging service is also a cost-effective option as it allows the patient pool to limit or avoid invasive procedures, thus reducing their hospital stay and healthcare spending. As per the study conducted by Harvard researchers, every USD 385 spent on a medical imaging service reduces the hospital stay of a patient by one day, thus saving them around USD 3,000. Additionally, development of various technologies for enhancing medical imaging services is expected to drive the market. These advancements focus on enhancing the image quality by making it clearer and sharper, hence improving the diagnosis of disease.

Each imaging modality involved in these medical imaging services is effective in diagnosing a wide range of diseases. Outpatient settings are installing medical imaging devices to meet the growing demand for medical imaging using different modalities. Additionally, these imaging services are now available at shopping centers to make it easily accessible for the patient pool. Presence of stand-alone imaging centers for imaging services is expected to boost the market growth during the forecast period.

Some of these modalities are associated with high dose radiation and strong magnetic fields. These may have a mildly negative impact on the procedural volume. Similar problems with claustrophobic patients may impact MRI procedures. The open MRI systems do not provide accurate diagnosis as compared to their counterparts.

Modality Insights

Based on modality, the market is segmented into X-rays, CT scans, nuclear medicine scans, MRI scans, and ultrasound. X-rays held the largest share of 25.2% in 2019. X-ray is considered to be one of the most preferred primary medical imaging modalities for various examinations and procedures. This service non-invasively diagnoses and monitors the disease and helps in effective surgical treatment planning. However, the adoption of this service may witness a decline during the forecast period due to the availability of other effective modalities with less associated side-effects. The ionizing radiation used during X-ray imaging is harmful and can cause damage to the DNA, which can cause cancer and similar conditions. Moreover, the contrast agents used for X-ray imaging may lead to some reactions in the body.

CT scans are expected to witness the fastest growth during the forecast period. The major advantage associated with this imaging modality is that it helps in detailed imaging of bone, blood vessels, and soft tissues at the same time. Additionally, this service is available at an affordable cost and consumes less time in comparison to other modalities.

Nuclear medicine scans are expected to witness significant growth rate during the forecast period. This imaging modality is mainly used for diagnosing cancer, and therefore growing prevalence of cancer is expected to contribute towards the segment growth. Nuclear medicine scan uses a small amount of radioactive dye for highlighting the areas of treatment, such as cancer cells or infections. Additionally, the amount of radiation dosage used is minimum, thus lowering the associated risk. Radiology societies present in the U.S. are creating awareness regarding the need and usage of nuclear medicine scans. The Radiological Society of North America, Inc. (RSNA) and Society of Nuclear Medicine and Molecular Imaging are some of the societies focusing on enhancing nuclear medicine scans for diagnosis.

MRI scans are expected to grow at a considerable rate during the forecast period. MRI is considered to be one of the most effective imaging modalities as it helps in better tissue differentiation in comparison to CT. The images captured by MRI helps in enhanced diagnosis of various conditions and diseases. Therefore, a large number of MRI scans are performed in the U.S. As per Statista, around 40 million MRI scans are annually performed in the U.S., and thus the highest number of MRI units are installed in the country. Additionally, a large number of imaging centers in the U.S. offer MRI services for enhanced diagnosis.

End-use Insights

Based on the end-use, the market is segmented into diagnostic imaging centers, hospitals, and others. Others include imaging centers for specific modalities, such as MRI, CT scan, and other outpatient settings. Hospitals held the largest share of 39.1% in 2019 owing to increasing prevalence of various conditions, such as cancer and cardiac disorders. As per the National Cancer Institute (NCI), in 2018, around 1,735,350 new cancer cases were diagnosed in the U.S. Similarly, as per the Centers for Disease Control and Prevention (CDC), in 2018, 30.3 million adults in the U.S. were diagnosed with heart disease.

Furthermore, the availability of multiple imaging modalities in single facility and reimbursement policies for the imaging procedures are expected to impact the overall segment growth. Congress and the Centers for Medicare & Medicaid Services (CMS) have come with policies affecting advanced diagnostic imaging services, such as CT, MRI, PET/CT, and nuclear procedures. Medicare covers imaging services through different payment systems, such as Hospital Outpatient Prospective Payment System (HOPPS), Physician Fee Schedule (PFS), and Inpatient Prospective Payment System.

U.S. imaging services market share

Diagnostic imaging centers are expected to witness the fastest growth during the forecast period. Diagnostic imaging centers install new imaging machines with advanced features to enhance the diagnosis of several conditions. Growing adoption of diagnostic imaging centers is leading to its development in the U.S. As per the U.S. Census Bureau, by 2015, 6,598 outpatient diagnostic imaging centers were present in U.S. Moreover, radiologists with more experience have developed their diagnostic imaging centers to provide efficient imaging and diagnosis to the patient pool.

The others segment is expected to witness significant growth during the forecast period. The need for medical imaging services is increasing, and hence hospitals are opening healthcare centers in outpatient settings to meet this growing demand at low cost. Hospitals have provided MRI services in outpatient settings, such as strip malls and shopping centers. This is aimed to ease access to imaging services for the patients. Additionally, the service cost in such outpatient settings is low, which is expected to boost the segment growth during the forecast period.  

Key Companies & Market Share Insights

Market players are forming partnerships to enhance imaging services and patient care. For instance, in August 2018, Alliance HealthCare Services, Inc. partnered with Northeast Radiology to offer radiology solutions in hospitals, health systems, and physician groups providing patient care. Through this partnership, Alliance HealthCare Services can provide low-cost imaging services with enhanced clinical and quality standards. Therefore, such alliances will help in expanding imaging services in different settings. Some of the prominent players in the U.S. imaging services market include:

  • Radnet, Inc.

  • Alliance Medical

  • Inhealth Group

  • Sonic Healthcare

  • Dignity Health

  • Medica Group

  • Global Diagnostics

  • Novant Health

  •  Healthcare Imaging Services Pty Ltd.

  • Concord Medical Services Holdings Limited

  • Alliance HealthCare Services, Inc.

  • Center for Diagnostic Imaging, Inc.

  • Unilabs

  • Healius Limited

  • Simonmed Imaging

U.S. Imaging Services Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 134.0 billion

Revenue forecast in 2027

USD 183.6 billion

Growth Rate

CAGR of 4.6% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD billion and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Modality, end-use

Country scope

The U.S.

Key companies profiled

Radnet, Inc.; Alliance Medical; Inhealth Group; Sonic Healthcare; Dignity Health; Medica Group; Global Diagnostics; Novant Health; Healthcare Imaging Services Pty Ltd.; Concord Medical Services Holdings Limited; Alliance HealthCare Services, Inc.; Center for Diagnostic Imaging, Inc.; Unilabs; Healius Limited; Simonmed Imaging

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Segments Covered in the Report

This report forecasts revenue growth at the country level and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the U.S. imaging services market report on the basis of modality and end use:

  • Modality Outlook (Volume, Units; Revenue, USD Billion, 2016 - 2027)

    • X-rays

    • CT Scans

    • Nuclear Medicine Scans

    • MRI Scans

    • Ultrasound

  • End-use Outlook (Revenue, USD Billion, 2016 - 2027)

    • Hospitals

    • Diagnostic Imaging Centers

    • Others

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