"Designing Growth Strategies is in our DNA"

U.S. Diagnostic Imaging Services Market Size, Share & COVID-19 Impact Analysis, By Procedure (CT, MRI, X-Ray, Ultrasound, and Others), By Application (Cardiology, Neurology, Oncology, Orthopedics, Gynecology, and Others), By Payor (Public Health Insurance and Private Health Insurance/Out of Pocket), and By Setting (Hospitals, Imaging Centers, and Others), 2023-2030

Last Updated: May 06, 2024 | Format: PDF | Report ID: FBI106552

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The U.S. diagnostic imaging services market size was valued at USD 122.41 billion in 2022 and is projected to grow from USD 130.38 billion in 2023 to USD 206.84 billion by 2030, exhibiting a CAGR of 6.8% during the forecast period.


Medical imaging is an ideal diagnostic procedure as it provides vital data with high efficiency and safety. Imaging services include different imaging modalities such as MRI, nuclear medicines scans, ultrasound, x-ray, and CT scans, which are non-invasive techniques to diagnose various diseases. Growing technological advancements in MRI modality and the widening application of MRI in the medical field are the key drivers augmenting the market growth. In addition, increasing insurance coverage for diagnostic imaging services coupled with new services launched by key players support the industry growth during the forecast period.


COVID-19 IMPACT


Pandemic Negatively Hampered the Market Growth Due to Decline in Diagnostic Imaging Procedures


The COVID-19 pandemic had both positive and negative impacts on the market. One of the major consequences was that the hospitals and the imaging centers limited the number of procedures conducted. For instance, the total number of CT scan procedures conducted in the U.S. decreased from 92 billion in 2019 to 73 billion in 2020, with an annual decline of 21.0%. Moreover, major players in the market, such as RadNet, Inc., observed an annual decline of 12.9% in the number of procedures conducted in 2020 for all modalities.


Furthermore, the average cost of these procedures increased in 2020 due to the COVID-19 outbreak. For instance, the cost of CT scans increased from USD 231.0 in 2019 to USD 312.0 in 2020. However, this decline had a short-term negative effect on the market. There will be minimum or no change in the long-term fundamental drivers affecting the demand for diagnostic imaging devices. These factors led to a decline in the number of diagnostic imaging procedures conducted in the U.S., negatively affecting industry growth in 2020. The market was expected to witness a recovery in 2021 and 2022 and is set to exhibit steady growth in the forecast period henceforth.


LATEST TRENDS


Request a Free sample to learn more about this report.


Growing Geriatric Population is a Prominent Trend Impelling Market Growth


With age, the risk of developing diseases rises correspondingly. As per the Centers for Disease Control and Prevention (CDC), nearly 80.0% of the elderly in the U.S. have at least one chronic illness. Furthermore, the American Medical Association (AMA) estimates that by 2030, at least 60.0% of people aged 65 and above may have more than one chronic illness. The need for better healthcare facilities, new treatment choices, and drugs will rise with an increasingly aging population.


The prevalence of age-related disorders such as Alzheimer's disease, Parkinson's disease, arthritis, and dementia, as well as cardiovascular disease and cancer, is predicted to increase with the growth of the geriatric population across the globe. This trend is expected to create huge demand for technologically advanced devices.


DRIVING FACTORS


Increasing Prevalence of Chronic Diseases in the U.S. to Aid the Market Growth 


The increased prevalence of chronic diseases such as cardiovascular diseases and cancer is expected to drive the demand for medical imaging procedures. Medical imaging aids in the early diagnosis of the diseases and helps in offering the effective treatment of diseases. As per the National Cancer Institute at the NIH, in 2018, around 1,735,350 new cancer cases were diagnosed in the U.S. Therefore, to combat the increasing disease burden, a large number of healthcare professionals are deploying medical imaging devices for diagnostic imaging services before the performance of surgical procedures.


Furthermore, based on CDC’s National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), chronic diseases are considered one of the leading causes of death and disability in the U.S. It is the leading driver for healthcare costs in the U.S., with USD 3.8 trillion in annual health care costs. Every 6 in 10 adults suffer from chronic diseases, and every 4 in 10 adults are suffering from two or more such diseases.


Among the most common chronic diseases, heart disease is considered one of the leading causes of death in the U.S. as per data from the Centers for Disease Control and Prevention (CDC). This indicates that more than 34 billion Americans suffer from diabetes, while 88 billion adults have prediabetes. Diabetes increases the risk in cases of stroke and heart disease and can also lead to kidney failure. Due to the increasing prevalence of chronic diseases, sedentary lifestyle, and growing geriatric population, the market is expected to grow at a significant growth rate. 


Increasing Government Regulations Supporting the Insurance Coverage to Boost the Market Growth 


A rise in government regulations supporting reimbursement policies is expected to enhance the U.S. market. Many modifications in the U.S. regulations have been done to provide these imaging services to patients with chronic diseases. As per the radiology services reimbursement policy, the allowance for the technical constituent of the initial procedures is 100%. On the other hand, for the second and further imaging procedures, the allowance is 50%. The allowance for the professional component of the primary procedure is 100%. The allowance for the second and subsequent imaging procedure's professional component is 95%. Increasing insurance coverage and favorable government regulation are the major drivers propelling the U.S. diagnostic imaging services market growth.


RESTRAINING FACTORS


Shortage of Skilled Workforce Affecting the Penetration of Diagnostic Imaging to Restrict Market Growth 


One of the major factors limiting the U.S. market growth is the shortage of a skilled workforce. As per the result of the AAMC public opinion survey, in 2019, around 35.0% of Americans reported that they had difficulty finding doctors from the past three years before the pandemic. In comparison to 2015, this represented an increase of 10.0%. The major reason for this shortage is physical retirement and a surge in the accessibility to healthcare.


However, based on the AAMC, enrollments in medical schools have increased by 30.0% since 2002. But the acceptance rates are still low, and selective medical schools such as Harvard accept only 3.8% of the applicants. The average medical school acceptance rate is around 7.0%. Thus, the shortage of skilled workforce seems to be the biggest restraint in the growth of the number of diagnostic imaging procedures being conducted in the U.S. Furthermore, concerns regarding the side effects of medical imaging procedures are expected to restrain the market growth.


SEGMENTATION


By Procedure Analysis


To know how our report can help streamline your business, Speak to Analyst


CT Segment to Dominate the Market with Rise in the Number of CT Scan Procedures


Based on procedure, the market can be divided into CT, MRI, X-Ray, ultrasound, and others. The computed tomography (CT) segment held the largest share in 2022. The segment's dominant market share resulted from the increase in the number of CT scan procedures and its high average price. For instance, as per the data published by OECD for the year 2021, in the U.S., 84.5 million CT scan procedures were conducted in 2021, recording an increase of 15.8% from the prior year. Furthermore, the increase in the geriatric population has also led to the increased demand for CT scan procedures.


Moreover, the demand for CT scanners increased post COVID-19 outbreak, as the CT scan of chest played a major role in diagnosis of COVID-19 infection. . The X-ray segment is the second dominant segment in 2022 due to the product launches with advanced technological features. The MRI segment is estimated to grow at a comparatively lower CAGR during the forecast period.


By Application Analysis


Increasing Prevalence of Parkinson’s and Alzheimer’s Diseases Enabled the Dominance of the Neurology Segment


Based on application, the U.S. market is segmented into cardiology, neurology, oncology, orthopedics, gynecology, and others. The neurology segment is anticipated to dominate the U.S. diagnostic imaging services market share during the forecast period. The surge in neurological disorder cases and incidence of strokes in the U.S. is likely to contribute to the segment’s dominance. These imaging services could aid physicians in confirming and diagnosing neurological disorders.


Parkinson’s disease is the second most common deteriorating neurological disorder next to Alzheimer's disease. For instance, based on an article from the Parkinson’s Foundation, around 1 billion people live with Parkinson’s disease in the U.S., and this number is expected to reach 1.2 billion by 2030.


Oncology is the second most dominant segment due to the strong prevalence of cancer in the U.S. and is expected to exhibit substantial growth during the forecast period. The cardiology segment is anticipated to hold a significant market share over the study period owing to the increasing number of cardiovascular cases in the U.S. For instance, according to the CDC, in every 36 seconds, one person dies from cardiovascular disease in the U.S., and on average, around 659,000 people die from heart disease every year.


By Payor Analysis


Strong Adoption of Private Health Insurance in the U.S. to Boost Segmental Share


Based on payor, the market is segmented into public health insurance and private health insurance/out-of-pocket. The private health insurance/out-of-pocket segment dominated the U.S. diagnostic imaging services market in 2022. The growth of the segment is attributed to the rise of the working demographic in the country going for private insurance coverage. For instance, based on the U.S. Census Bureau statistics, about 87.0% of full-time, year-round workers had private insurance coverage in 2020, which was 85.1% in 2018. Moreover, as per the same source, in 2021, private insurance was more prevalent as compared to public insurance.


The public health insurance segment is expected to increase at a substantial growth rate during the forecast period. The surge in the coverage rate through public health insurance has been fueling the segment’s growth. For instance, as per data published by the U.S. Census Bureau, from 2020 to 2021, Medicaid coverage increased by 0.9% and covered around 18.9% of the people.


By Setting Analysis


Hospitals to Emerge as Dominant Segment in 2022 Owing to Strong Procedural Volume


Based on the setting, the market is segmented into hospitals, imaging centers, and others. The hospital segment dominated the market in 2022. There is an increased prevalence of cardiovascular-related diseases and patients suffering from cancers in hospitals, so the imaging service is still preferred in hospital settings. People in the U.S. prefer the safer hospital for complex cancer surgeries. Based on the annual report of RadNet, approximately 40.0% of the imaging occurs in non-hospital-like freestanding centers such as RadNet. Furthermore, around 60.0% of the imaging occurs in hospitals, though it is more expensive for patients and could have inferior service. The imaging centers segment is expected to witness a substantial market share in the forecast period due to the shift of outpatient volume from hospitals to imaging centers


KEY INDUSTRY PLAYERS


Large Number of Imaging Centers Operated by RadNet, Inc. & Rayus Radiology to Fuel their Dominance in the U.S. Market 


In the U.S. market, RadNet, Inc. and Rayus Radiology held major shares of the market and dominated the market in 2022. RadNet, Inc. dominates the market due to its large number of outpatient diagnostic centers operated by the company in the U.S. and the diverse services portfolio of its imaging services. The company has around 331 diagnostic imaging centers across the U.S. and annually conducts the diagnostic imaging of about 8 billion outpatients. Moreover, a recent acquisition of DeepHealth, Inc. helped RadNet to expand its presence in the U.S. Moreover, the company holding major market shares just after RadNet, Inc. is expected to be Rayus Radiology. This is due to the company’s strong portfolio of imaging services.


The market includes more companies such as US Radiology Specialists, Akumin, Inc., LucidHealth, Inc., and Radiology Partners, which held significant market share because of their varied diagnostic imaging service offerings.


LIST OF KEY COMPANIES PROFILED:



  • RadNet, Inc. (U.S.)

  • Akumin, Inc. (U.S.)

  • Rayus Radiology (U.S.)

  • MedQuest Associates (U.S.)

  • LucidHealth, Inc. (U.S.)

  • US Radiology Specialists (U.S.)

  • Radiology Partners (U.S.)

  • Envision Radiology (U.S.)

  • Capitol Imaging Services (U.S.)


KEY INDUSTRY DEVELOPMENTS: 



  • April 2023 – Envision Radiology announced that the company will be acquiring a GE Pioneer 3T scanner which would reduce scanning time and give results with higher resolutions.

  • January 2023 – MedQuest Associates announced that Novant Health and TPG together partnered with MedQuest Associates to expand the company’s services across U.S. states.

  • December 2022 – US Radiology Specialists, Inc. announced the addition of new imaging technology MROpen EVO systems from ASG Superconductors. This would allow more convenient MRIs for patients at its American Health Imaging (AHI) facilities.

  • December 2022 – RadNet, Inc. through its subsidiary, DeepHealth, Inc., announced the FDA approval of Saige-Density, its mammography density assessment software. This tool reduces the subjectivity inherent during visual analysis.

  • September 2021 – LucidHealth, Inc. announced its contract to provide diagnostic and interventional radiology services for Genesis Healthcare System (Genesis). The contract expanded its diagnostic and interventional radiology services in Southeastern Ohio.


REPORT COVERAGE


An Infographic Representation of U.S. Diagnostic Imaging Services Market

To get information on various segments, share your queries with us



The report provides a detailed analysis of the market. It focuses on key aspects such as leading companies, procedures, payor, setting, and application. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the market growth over recent years.


Report Scope & Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 6.8% from 2023-2030



Unit



Value (USD billion)



Segmentation



Procedure; Application; Payor; and Setting



By Procedure




  • CT

  • MRI

  • X-ray

  • Ultrasound

  • Others



By Application




  • Cardiology

  • Neurology

  • Oncology

  • Orthopedics

  • Gynecology

  • Others



By Payor




  • Public Health Insurance

  • Private Health Insurance/Out-of-pocket



By Setting




  • Hospitals

  • Imaging Centers

  • Others






Frequently Asked Questions

Fortune Business Insights says that the U.S. market stood at USD 122.41 billion in 2022 and is projected to reach USD 206.84 billion by 2030.

The market is expected to exhibit a CAGR of 6.8% during the forecast period (2022-2030).

By procedure, the CT segment dominates the market.

The increasing prevalence of chronic diseases, strong demand for imaging procedures, continuous technological developments and product enhancements, and increasing geriatric population are the key drivers of the market.

RadNet, Inc., Rayus Radiology, US Radiology Specialists, and Akumin, Inc., are the top players in the market.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2030
  • 2022
  • 2019-2021
  • 98

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X