The global U.S. Imaging Services Market is estimated to be valued at US$ 154.77 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The imaging services market in the U.S. involves companies that offer different imaging modalities such as X-ray, Magnetic Resonance Imaging (MRI), Ultrasound, Computed Tomography (CT), and Nuclear Medicine including Positron Emission Tomography (PET). These companies provide imaging and radiology testing services to patients on an outpatient basis through diagnostic imaging centers, hospitals, and physician offices. Imaging services play a vital role in medical field to diagnose and monitor chronic diseases as well as injuries. Non-invasive nature and ability to provide detailed anatomical information majorly drive the demand for imaging services in the U.S.

Market key trends:

One of the key trends in the U.S. imaging services market is increasing adoption of non-invasive modalities such as MRI and CT scans. These modalities provide clearer and more detailed pictures of organs and tissues within the body as compared to traditional X-rays without using radiation. Moreover, advanced imaging modalities allow early diagnosis of chronic diseases and abnormalities, which is fueling their demand. For instance, according to U.S. National Library of Medicine, MRIs detect around 10% more significant findings compared to mammography for breast cancer screening. Hence, advantages such as safety, accuracy, and ability to detect diseases at initial stages are prompting healthcare providers as well as patients to opt for non-invasive imaging modalities rather than conventional methods. This growing shift towards non-invasive imaging is expected to propel the market growth over the forecast period.

Porter’s Analysis:

• Threat of new entrants: The U.S imaging services market has moderate threat of new entrants due to high capital investment required for equipment and machinery. However, technological advancements have lowered the entry barriers to some extent.
• Bargaining power of buyers: The bargaining power of buyers is low to moderate as imaging diagnostic services are medical necessity and consumers have less negotiating power over prices.
• Bargaining power of suppliers: Suppliers of imaging equipment and technology have moderate bargaining power due to high R&D costs. However, established buyers can negotiate favorable terms and prices.
• Threat of new substitutes: There is low threat of substitution given that imaging diagnostics are critical to disease diagnosis and has no close substitute. However, remote monitoring tools pose a potential threat.
• Competitive rivalry: The imaging services market is consolidated with key players competing in terms of service quality and advanced equipment capabilities.

Key Takeaways:

The Global U.S. Imaging Services Market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing prevalence of chronic diseases.

Regional analysis: The Western region dominates the U.S imaging services market holding around 35% share. However, the Southern region is anticipated to exhibit fastest growth owing to growing geriatric population and their increasing healthcare needs in the region.

Key players: Key players operating in the U.S. Imaging Services Market include Medica Group Plc., Dignity Health, InHealth Group, Alliance Medical, RadNet, Inc., Sonic Healthcare Limited, and Global Diagnostic Imaging, among others. Medica and Sonic Healthcare Ltd are market leaders due to their widespread network and high profile acquisitions.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it