U.S. Imaging Services Market Size, Share & Trends Analysis Report By Modality (X-ray, Mammography, Nuclear Medicine Scans, Ultrasound, MRI Scans), By End-use (Hospitals, Diagnostic Imaging Centers), And Segment Forecasts, 2023 - 2030

Report Overview

The U.S. imaging services market size was valued at USD 139.6 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.18% from 2023 to 2030.The major factors attributed to the growth include the increasing prevalence of cancer and cardiac disorders coupled with growing awareness about medical imaging technology. For instance, according to National Center for Health Statistics, in 2023, almost 1,958,310 new cancer cases and 609,820 cancer deaths are estimated to occur in the United States. In addition, the development of various technologies for enhancing medical imaging services is anticipated to boost market growth in the coming years.

Medical imaging is the preferred diagnostic technique as it provides vital information with speed, safety, and accuracy. 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.

The development of various technologies for enhancing medical imaging services is anticipated to boost the market growth in the coming years. Furthermore, the rapidly increasing aging population and high incidence of cancer are factors expected to drive market growth. Growing funding to support ongoing research activities and rising private-public initiatives related to medical imaging are factors likely to propel the overall market growth.

Contrast-enhanced ultrasound and lung CT scans have been extensively used in assessing COVID-19 patients during the first and second waves of the ongoing pandemic. These modalities were also used along with magnetic resonance imaging during clinical trials of COVID-19 vaccines. However, the overall procedural volume declined due to cancellation and delaying of planned hospital visits.

The unavailability of skilled radiologists for non-COVID operations was one of the major factors causing the sudden market decline. Restrictions to visit hospitals and imaging centers drastically reduced regular imaging procedures including scheduled mammography screenings. The market is expected to witness growth in 2021 with the adoption of ambulatory imaging centers and teleradiology services.

The growing prevalence of cancer and cardiovascular diseases is expected to drive the need for medical imaging services. According to WHO, Cardiovascular diseases (CVDs) are the major cause of death globally, taking approximately 17.9 million lives each year. Additionally, as per the Centers for Disease Control & Prevention, in the United States, every year about 805,000 people have a heart attack and about 1 in 20 adults age 20 and older have coronary artery disease (about 5%).

Medical imaging helps in the early and accurate diagnosis of diseases, which helps in providing effective disease treatment. Therefore, to control the growing disease burden, a large number of medical professionals are using medical imaging devices in imaging services before performing surgeries. Medical professionals rely on preoperative MRI and CT scans in imaging services to visualize and determine the margins of tumors during surgeries.

In interventional radiology, healthcare professionals use medical imaging systems to guide minimally invasive surgical procedures that treat, diagnose, and cure several conditions. Imaging modalities include CT, fluoroscopy, ultrasound, and MRI. Minimally invasive surgeries offer numerous benefits such as faster recovery time, smaller incisions, reduced scarring and pain, increased accuracy & shorter hospital stays compared to open surgery techniques, which is expected to fuel the imaging services market.

Modality Insights

Based on modality, the market is segmented into X-rays, CT scans, nuclear medicine scans, MRI scans, ultrasound, and mammography. Nuclear medicine scans held the largest share of 24.28% in 2022. Rising awareness levels among physicians and clinical researchers regarding the benefits of nuclear imaging scans coupled with increasing application areas such as cases in oncology, and neurological diseases are the factors driving the market.

Moreover, the magnetic resonance imaging segment is expected to grow at the highest CAGR of 4.52% over the forecast period, owing to the factors such as the increasing geriatric population, technological advancements such as introduction of the hybrid MRI equipment, high-field MRI, superconducting (SC) magnets, and installation of software, availability of universal health coverage, and growing burden on chronic diseases are fueling the market’s growth.

End-use Insights

Based on 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 38.77% in 2022, owing to the increasing prevalence of various conditions such as cancer and cardiac disorders. According to the International Agency for Research on Cancer, in 2020, around 2,281,658 new cancer cases were diagnosed in the U.S. Similarly, as per the Centers for Disease Control and Prevention (CDC), in 2020, about 382,820 million adults in the U.S. were died due to heart disease.

Furthermore, the availability of multiple imaging modalities in single facility and reimbursement policies for the imaging procedures are also expected to impact the overall market growth. Congress and the Centers for Medicare & Medicaid Services (CMS) have come up 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.

Others segment is also expected to grow at a significant CAGR during the forecast period. The need for medical imaging services is increasing, hence, hospitals are opening healthcare centers in outpatient settings to meet this growing demand at low-cost. Hospitals have provided MRI services in an outpatient setting such as in strip malls and shopping centers. This is aimed to ease access to imaging services for patients. Additionally, the service cost in such outpatient settings is low, thus, expected to drive its growth during the forecast period.  

Key Companies & Market Share Insights

The major market players are focused on forming a partnership to enhance imaging services and patient care, taking advantage of important cooperation activities, and exploring mergers & acquisitions. For instance, in March 2023, Medtronic and NVIDIA stated that they have entered into a partnership to accelerate the expansion of AI in the healthcare system and convey new AI-based solutions into patient care. Also, apart from Medtronic, the company is aiming for more such AI or metaverse-driven partnerships to advance medical imaging & medical devices, as per NVIDIA's GTC 2023 conference. Some 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

• Concord Medical Services Holdings Limited

• Center for Diagnostic Imaging, Inc.

• Unilabs

• Healius Limited

• Simonmed Imaging

Recent Developments

• In April 2023, Unilabs partnered with SmartSoft Healthcare for enhancing the lumbar spine MRI reading and reporting. This partnership demonstrated the expansion of AI in the field of diagnostic imaging services for improving the efficiency and accuracy

• In February 2023, Radnet, Inc. introduced an enhanced breast cancer detection program in New Jersey and New York. This imaging service network will benefit patients with an enhanced screening mammography service for cancer detection

• In November 2022, Radent, Inc. collaborated with Google Health for initiating improvements in lung cancer screening with CT imaging as an AI solution. This helped in developing and validating appropriate lung cancer diagnosis through imaging screening services

• In May 2022, Alliance Medical collaborated with GE Healthcare for developing a digital solution to enhance hospital productivity within the radiology department. The Imaging Growth is a solution of GE Healthcare that tend to access real-time data of Alliance Medical for predicting and suggesting opportunities to optimize scheduling

• In January 2022, a partnership was formed between Novant Health and Aidoc for incorporating an imaging AI platform to make advancement in treatments for patients, and overcome constraint in resources

• In December 2021, Centre for Diagnostic Imaging, now known as Rayus Radiology, partnered with the US Speedskating, US Bobsled and Skeleton, and US Ski and Snowboard teams. The purpose is to provide medical imaging services to these teams for supporting the health and well-being of athletes

• In June 2021, Medica Group Plc completed its virtual desktop infrastructure (VDI), and successfully met all the requirements essential for image viewing services. This helped reporters in carrying out interpretations of different medical imaging modalities

U.S. Imaging Services Market Report Scope

U.S. Imaging Services Market Report Segmentation

This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the U.S. imaging services market report based on modality and end-use:

• Modality Outlook (Revenue, USD Billion, 2018 - 2030)

  • X-rays

  • CT scans

  • Nuclear medicine scans

  • MRI scans

  • Ultrasound

  • Mammography

• End-use Outlook (Revenue, USD Billion, 2018 - 2030)

  • Hospitals

  • Diagnostic imaging centers

  • Others