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

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 ID: GVR-4-68038-625-7
  • Number of Pages: 60
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2020
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the U.S. imaging services market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for U.S. imaging services market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of U.S. imaging services market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

U.S. Imaging Services Market Categorization:

The U.S. imaging services market was categorized into three segments, namely modality (X-rays, CT scans, Nuclear medicine scans, MRI scans, Ultrasound, Mammography), end-use (Hospitals, Diagnostic imaging centers).

Segment Market Methodology:

The U.S. imaging services market was segmented into modality, end-use. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The U.S. imaging services market was analyzed at a regional level. The global was divided into U.S, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into one countries, namely, the U.S.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

U.S. imaging services market companies & financials:

The U.S. imaging services market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • RadNet, Inc., RadNet, Inc. is among the leaders in outpatient imaging. The company evolves its medical imaging business through a combination of organic growth and acquisitions. It provides standardized policies & procedures, training programs to physicians. The company sells computerized systems that display, store, distribute, and retrieve digital images through its subsidiary eRAD, Inc. The company has its regional networks in New York, Delaware, California, Florida, and Maryland. It operates in about 334 locations and has over 500 radiologists.

  • Alliance Medical, Alliance Medical is among the leading providers of medical imaging services in Europe. The company combines innovative imaging technologies and service excellence to improve patient care & support independent and NHS sector organizations with its ongoing imaging requirements. It operates across Europe including Ireland, Germany, Spain, Italy, and the Netherlands. It provides medical imaging services to over 400,000 patients in the UK every year.

  • InHealth Group, InHealth Group is one of the UK’s largest specialist providers of healthcare and diagnostic solutions. The company provides a wide range of healthcare solutions across the UK and treats over 3 million patients each year. The company is a market leader in the provision of expert diagnostic imaging solutions to Medico-Legal markets and Private Medical Insurance. Its venture team invests in emerging technologies and services globally to improve patient outcomes. It delivers its imaging service solutions to over 850 locations.

  • Sonic Healthcare Ltd., Sonic Healthcare Limited is an international healthcare provider with specialist operations in radiology/diagnostic imaging, general practice medicine, laboratory medicine/pathology, and corporate medical services. The company aims to be one of the world’s leading healthcare providers, with operating centers in Europe, Australasia, and North America. It employs around 1,500 radiologists & pathologists and over 10,000 radiographers, sonographers, medical scientists, nurses, & technicians.

  • Dignity Health, Dignity Health delivers excellent care to diverse communities across 21 states in the U.S. It is the fifth-largest health system in the U.S. and the largest hospital provider in California. The company is dedicated to delivering affordable, high-quality, healthcare services in an empathetic environment that meets every patient's mental & physical needs. The company provides diagnostic imaging services in Northern Santa Barbara County, San Luis Obispo County, and Ventura County.

  • Medica Group Plc, Medica Group is among the market leaders in teleradiology that provides hospital radiology departments with independent support to address severe capacity issues in both non-urgent & urgent reporting pathways. The company offers three primary services: elective, specialist, and nighthawk services. Its specialist services include CT, Positron Emission Tomography (PET) & nuclear medicine, MR prostate, CT cone beam, DXA, CT colonography, and audit.

  • Global Diagnostic Imaging, Global Diagnostic Imaging provides qualified wide-ranging enterprise workflow solutions and imaging services directly to offices, laboratories, and hospitals. The company has highly experienced and qualified cardiologists, sonographers, and radiologists, supported by the latest digital equipment specializing in MRI, ultrasound & CT procedures, and diagnostic interpretation.

  • Novant Health, Novant Health is a four-state integrated network of outpatient centers, physician clinics, and hospitals. It offers routine imaging services at various locations including all its medical centers and several outpatient imaging centers. The company’s imaging facilities are staffed by board-certified & certified technologists and fellowship-trained radiologists to confirm high-quality imaging and accurate reports. The company’s outpatient imaging centers provide flexible scheduling, comprising same-day or next-day appointments.

  • Healius Ltd., Healius Ltd. through its Healthcare Imaging Services (HIS) offers services to radiologists to help them focus on delivering quality care. The company presently manages around 140 sites in Australia. The company employs highly trained teams of sonographers, radiographers, nuclear medicine technologists, center support staff, corporate staff, and nurses. It operates through its own brand and specialty brands, including health scan, bridge road imaging, Mid North Coast Diagnostic Imaging, & Queensland Diagnostic Imaging.

  • Concord Medical Services Holdings Ltd., Concord Medical Services Holdings Ltd. operates as one of the largest networks of diagnostic and radiotherapy imaging centers in China. It operates a network of about 60 centers with over 41 hospital partners, covering about 19 provinces and 34 cities & administrative regions in China as of 2017. Its cooperative centers are equipped with primary units of medical equipment, including a head gamma knife system, linear accelerator, MRI scanner, PET-CT scanner, and gamma knife system.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

U.S. Imaging Services Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

U.S. Imaging Services Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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