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, 2022 - 2030

Report Overview

The U.S. imaging services market size was valued at USD 117.6 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2022 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, as per the international agency for cancer research, in 2020, around 2,281,658 new cancer cases were diagnosed in the U.S. with 612,390 deaths in the same year. In addition, the development of various technologies for enhancing medical imaging services is anticipated to boost the 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 the 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 industry growth in the coming years. Furthermore, the rapidly increasing aging population and high incidence of cancer are factors expected to drive the growth. Growing funding to support ongoing research activities and rising private-public initiatives related to medical imaging are factors likely to propel the overall 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 the cancellation and delay of planned hospital visits.

The unavailability of skilled radiologists for non-COVID operations was one of the major factors causing a sudden decline in the market. Restrictions to hospital visits and imaging centers drastically reduced regular imaging procedures including scheduled mammography screenings. The industry 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. 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 growth of the U.S. 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. X-ray held the largest share of 19% in 2021. X-ray is 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 experience a decline during the forecast period due to the availability of other effective modalities with fewer 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 also lead to some reactions in the body. On the other hand, CT scan is expected to grow at the fastest growth rate 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 affordable costs and consumes less time in comparison to other modalities.

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 39% in 2021, owing to the increasing prevalence of various conditions such as cancer and cardiac disorders. According to the international agency for cancer research, 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. 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.

The others segment is also expected to grow at a significant rate 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 a low cost. Hospitals have provided MRI services in outpatient setting such as in strip malls and shopping centers. This is aimed to ease the access to imaging services for the 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 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 October 2020, RadNet announced a joint venture with Dignity Health in Arizona. This initiative helped in expanding the existing commitment of Dignity Health and RadNet to offer high-quality imaging services to patients and targeted medical communities. In November 2020, Centers for Diagnostic Imaging acquired around eight outpatient radiology centers and entered the fast-growing Salt Lake City market. This acquisition assisted the company with geographical expansion. 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

• Concord Medical Services Holdings Limited

• Center for Diagnostic Imaging, Inc.

• Unilabs

• Healius Limited

• Simonmed Imaging

U.S. Imaging Services Market Report Scope

U.S. Imaging Services Market Segmentation

This report forecasts the volume and 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 (Volume, Units; 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