United States Diagnostic Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The United States Diagnostic Imaging Market is segmented by Product (X-ray, Ultrasound, Magnetic Resonance Imaging (MRI), Computed Tomography, Nuclear Medicine, Fluoroscope and Mammography), Application (Cardiology, Oncology, Neurology, Orthopedic, Gastroenterology, Gynecology and Other Applications), and End User (Hospitals, Diagnostic Centers and Other End Users). The report offers the value (in USD million) for the above segments.

Market Snapshot

US Diagnostic Imaging Market 1
Study Period: 2019-2027
Base Year: 2021
CAGR: 6 %

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Market Overview

The United States diagnostic imaging market is expected to register a CAGR of nearly 6.0% during the forecast period (2022-2027).

The COVID-19 pandemic is expected to have a significant impact on the market. The COVID-19 pandemic has an impact on the demand for some types of imaging diagnostics like lung imaging, in view of the potential benefits, such as reduced exposition of healthcare workers to infected patients, repeatability during follow-up, low-costs, and easier application in low-resource settings, which might have a slight positive impact on the diagnostic imaging market. For instance, in April 2021, researchers from the Thomas Jefferson University in Philadelphia stated that chest x-ray imaging can potentially help providers prepare for the type of care a patient will need in COVID-19. However, in general, COVID-19 had a negative impact on the United States diagnostic In April 2020, the American College of Radiology (ACR) issued guidance recommendations specifying that radiologists diagnosing COVID-19 patients should only use diagnostic imaging equipment only when it is necessary. Furthermore, the guidance recommended that the usage of equipment, like MRI and CT scans, should be temporarily halted to curb the contamination with the virus through diagnostic equipment. In August 2020, as per the Department of Radiology at New York University Langone Health was performing more than 2 million imaging examinations per year before COVID-19 pandemic. However, all research activities at its facilities in relation to imaging examinations have ceased in response to COVID-19.

The major factors driving the United States diagnostic imaging market include the technological advancement in imaging modalities, growing awareness regarding preventive care, the rising number of diagnostic imaging centers, increasing prevalence of chronic diseases, and increasing geriatric population. The United States is expected to experience an accelerated rate of the aging population, as compared to many other developed countries. In January 2022, an article published titled "The Economics of an Aging Population" stated that around 54 million (16.5%) people are over the age of 65 in the United States population of 328 million. By 2030, this will be 74 million and the fastest-growing group is those over 85. The growth in the aging population leads to an increase in the demand for imaging services since the elderly population is more prone to chronic diseases. The prevalence of chronic diseases is also increasing. As per the research article titled “Femoral Neck Fractures” 2020, there will be approximately 300,000 cases of hip fractures annually in the United States by 2030. The economic burden of hip fractures is amongst the top 20 expensive diagnoses, with approximately USD 20 billion spent on the management of this injury annually. There will be a huge demand for imaging services for diagnosing these conditions, leading to market growth. Launches by key market players are another factor in market growth. For instance, in December 2020, Arcoma AB launched its X-ray system Omnera 500A on the American market. SImilarly, in August 2020, Carestream Health, a United States-based medical device company, launched its DRX –Compass X-ray System, a digital unit for mid-tier hospitals and medical imaging centers that can be used by urgent care centers, orthopedic, and large radiology practices. Hence, the abovementioned factors are expected to increase the market growth.

However, dearth of radiologists and reduction in reimbursement rate are expected to hinder the market growth.

Scope of the Report

As per the scope of the report, the United States diagnostic imaging market covers diagnostic imaging used to take images of the internal structure of the human body using electromagnetic radiation, for accurate diagnosis of the patient. It has vast applications in a variety of oncological, orthopedic, gastro-, and gynecological fields. 

The United States Diagnostic Imaging Market is segmented by Product (X-ray, Ultrasound, Magnetic Resonance Imaging (MRI), Computed Tomography, Nuclear Medicine, Fluoroscope and Mammography), Application (Cardiology, Oncology, Neurology, Orthopedic, Gastroenterology, Gynecology and Other Applications), and End User (Hospitals, Diagnostic Centers and Other End Users). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.

By Product
X-ray
Ultrasound
Magnetic Resonance Imaging (MRI)
Computed Tomography
Nuclear Medicine
Fluoroscope
Mammography
By Application
Cardiology
Oncology
Neurology
Orthopedic
Gastroenterology
Gynecology
Other Applications
By End User
Hospitals
Diagnostic Centers
Other End Users

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Key Market Trends

The Magnetic Resonance Imaging (MRI) Segment is Expected to Account for the Largest Market Share

The MRI segment is set to dominate the United States diagnostic imaging market. The factors attributing to the high growth of MRI in the country are growing technological advancements in MRI modality and widening the application of MRI in the medical field. Magnetic resonance imaging (MRI) is considered amongst the safest medical imaging procedures, as it does not involve the use of any harmful imaging agents. The MRI segment is directly proportional to the relative number of modality installations and the increasing amount of applicability of the MRI system. According to the Organisation for Economic Co-operation and Development (OECD), in 2020, the total number of MRI units per 100,000 was 34.5 in the United States which was amongst the highest in the world. This is a major reason for the growth of the market. Favorable regulatory conditions are also expected to help boost market growth. For example, in February 2020, the United States Food and Drug Administration (US FDA) approved the Hyperfine manufactured 'Lucy'. Lucy is a point-of-care, portable MRI that is intended for scanning the head, neck, as well as extremities, and has many clinical applications. Additionally, in November 2020, GE Healthcare announced the US FDA 510(k) clearance of the SIGNA 7.0T magnetic resonance imaging (MRI) scanner. The scanner features the world’s most powerful MRI device and can image anatomy, function, metabolism and microvasculature in the brain and joints in high resolution and detail. Thus, owing to the above factors, the market is expected to see robust growth.

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Competitive Landscape

The US diagnostic imaging market is moderately competitive, owing to the presence of a few major players. The market players are focusing on R&D to develop technologically advanced products to reduce the cost and side effects associated with the products. The barriers for the new entrants are high in this industry, and hence, few major market players hold the maximum market share. The major players include GE Healthcare, Siemens Medical Solutions USA, Inc. (Siemens Healthineers), Hologic, Inc., Koninklijke Philips NV and FUJIFILM Holdings Corporation.

Recent Developments

In June 2022, Promaxo Inc. sold its in-office MRI system to East Valley Urology Center. It is a single-sided MRI with an AI-based imaging system, FDA cleared for in-office use and empowers practices and hospitals to accurately and seamlessly guide prostate interventions under the Promaxo scanner.

In May 2022, Baptist MD Anderson Cancer Center launched the Buddy Bus, a mobile mammography unit in Florida.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Technological Advancement in Imaging Modalities

      2. 4.2.2 Rising Number of Diagnostic Imaging Centers

      3. 4.2.3 Increasing Prevalence of Chronic Diseases and Rising Geriatric Population

    3. 4.3 Market Restraints

      1. 4.3.1 Dearth of Radiologists

      2. 4.3.2 Reduction in Reimbursement Rate

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value – USD million)

    1. 5.1 By Product

      1. 5.1.1 X-ray

      2. 5.1.2 Ultrasound

      3. 5.1.3 Magnetic Resonance Imaging (MRI)

      4. 5.1.4 Computed Tomography

      5. 5.1.5 Nuclear Medicine

      6. 5.1.6 Fluoroscope

      7. 5.1.7 Mammography

    2. 5.2 By Application

      1. 5.2.1 Cardiology

      2. 5.2.2 Oncology

      3. 5.2.3 Neurology

      4. 5.2.4 Orthopedic

      5. 5.2.5 Gastroenterology

      6. 5.2.6 Gynecology

      7. 5.2.7 Other Applications

    3. 5.3 By End User

      1. 5.3.1 Hospitals

      2. 5.3.2 Diagnostic Centers

      3. 5.3.3 Other End Users

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Canon Inc.

      2. 6.1.2 Carestream Health Inc. (Onex Corporation)

      3. 6.1.3 Esaote SpA

      4. 6.1.4 Fujifilm Medical Systems (Fujifilm Holdings Corporation)

      5. 6.1.5 GE Healthcare

      6. 6.1.6 Hologic, Inc.

      7. 6.1.7 Konica Minolta, Inc.

      8. 6.1.8 Koninklijke Philips NV

      9. 6.1.9 Shimadzu Medical

      10. 6.1.10 Siemens Healthineers

      11. 6.1.11 MinXray, Inc.

      12. 6.1.12 KUB Technologies, Inc.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The United States Diagnostic Imaging Market market is studied from 2019 - 2027.

The United States Diagnostic Imaging Market is growing at a CAGR of 6% over the next 5 years.

FUJIFILM Holdings Corporation, GE Healthcare, Koninklijke Philips NV, Hologic, Inc., Siemens Healthineers are the major companies operating in United States Diagnostic Imaging Market.

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