U.S. Imaging Services Market Growth & Trends
The U.S. imaging services market size is expected to reach USD 203.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 4.2% from 2022 to 2030. The growing prevalence of cancer and cardiac disorders among other conditions is expected to drive the growth. Imaging services involve different imaging modalities, such as X-rays, mammography, CT scans, nuclear medicine scans, MRI scans, and ultrasound. Each modality includes its associated advantages of diagnosing a wide range of healthcare conditions accurately.
Adoption of imaging services in the U.S. is increasing gradually to enhance early diagnosis of the disease, which, in turn, improves its treatment options. Moreover, the growing adoption of non-invasive and cost-efficient procedures is expected to contribute to market growth. Medical imaging services consume less time in comparison to other invasive procedures and thus helps in reducing hospital stay and cost associated with it. Various technologies are being developed to enhance medical imaging devices by improving the image quality captured by them. These fine and sharp images help in diagnosing the disease at an early stage, thereby improving its treatment outcomes.
The number of outpatient settings in the U.S. is increasing rapidly and the installation of advanced imaging devices in these settings is on the rise. As per the Organization for Economic Co-operation and Development (OECD), in 2021, 17.9 per 1,000,000 inhabitants MRI units were installed in hospitals. Moreover, the growing number of CT scans in the U.S. is expected to propel the overall market growth. As per Statista, in 2019, 279 per 1,000 inhabitants CT scans were performed in U.S. Additionally, the low cost of CT scans in comparison to MRI is expected to drive its adoption.
Major challenges in this market include the high cost of certain modalities, such as MRI, and side effects associated with each imaging modality. MRI scans are mainly preferred in diagnosing various conditions as they help in proper tissue differentiation. However, the average cost of the procedure in the U.S. is USD 1,430, which is high in comparison to other imaging modalities, thus hindering the overall market growth.
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U.S. Imaging Services Market Report Highlights
Based on modality, X-rays held the largest share in 2021 mainly due to the increasing adoption of non-invasive procedures for diagnosis at an affordable cost
Nuclear medicine scans are expected to witness significant growth during the forecast period as the radiation dosage used in the procedure is low, which, in turn, reduces the chance of infection
MRI scans are expected to grow at a significant rate during the forecast period as they help in better tissue differentiation in comparison to other modalities, such as CT and X-ray
By end use, hospitals held the largest share in the U.S. market owing to the growing prevalence of cardiac diseases and cancer and the installation of advanced imaging modalities in the hospitals
Diagnostic imaging centers are expected to witness the fastest growth due to the growing preference of patient pool for these centers to reduce hospital-associated costs and long wait time
The others segment, which includes outpatient settings developed by hospitals, is also expected to grow at a significant rate as these settings provide few imaging services, such as MRI and CT, at low cost in comparison to other settings
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