Selbyville, Delaware, According to the report titled ‘Global Medical Imaging Outsourcing Market Size study, by Type (Computed Tomography, Magnetic Resonance Imaging, Positron Emission Tomography), by Application (Cardiology, Diagnostic Imaging, Orthopedic, Diagnostic Testing Systems, Drug Delivery, Diabetes Care, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global medical imaging outsourcing market was valued at USD 6.5 billion in 2019 and is projected to expand with a CAGR of 4.8% during 2020-2027.
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Rising pervasiveness of chronic diseases like cancer and others owing to increasing aging population, technological enhancements, and surging demand for advanced medical imaging equipment are the key factors responsible for the growth of global medical imaging outsourcing market.
For those uninitiated, medical imaging is an essential diagnostic technique utilized for advanced medical treatment. Its consistent interpretation is vital for diagnosis of diseases as it provides brilliant diagnostic support and facilities in taking important treatment decisions. Due to hefty cost associated with the deployment of medical imaging equipment, various medical facilities and healthcare organizations are hiring third party vendors to these services, hence stimulating global medical imaging outsourcing market outlook.
As per International Agency for Research on Cancer (IARC), 17 million new cancer cases and 9.5 million cancer mortalities were recorded worldwide in the year 2018. In addition, it is estimated that 27.5 million new cancer cases and 16.3 million cancer deaths across the globe will be registered by 2040, propelling global medical imaging outsourcing market.
The COVID-19 outbreak has a positive impact on the industry with surge in demand for medical imaging technologies like computed tomography, as various radiologists concluded the use of these technologies as a primary screening tool for coronavirus. However, lack of skilled radiologists is likely to hamper global medical imaging outsourcing industry landscape over the study period.
Citing the regional landscape, worldwide medical imaging outsourcing market sphere is segmented into North America, Europe, Latin America, Asia Pacific, and Rest of the World. The report cites that North America currently holds significant market share and is expected to grow further over the assessment period. The regional growth is credited to existence of well-developed healthcare infrastructure and increasing healthcare spending in the region.
Meanwhile, Asia Pacific medical imaging outsourcing industry is expected to register decent growth over the analysis period, on account of enhancing healthcare facilities and rising pervasiveness of chronic disorders like cardiovascular disease, cancer, etc.
Major players impacting global medical imaging outsourcing market trends are ProScan Imaging LLC, Shields Health Care Group Inc., RadNet Inc., Laboratory Corporation of America Holdings, Charles River Laboratories Inc., Covance Inc., North American Science Associates Inc., MetaMed, Flatworld Solutions Pvt. Ltd., and Alliance Medical Ltd.
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