Market Overview:
The U.S. Imaging Services market involves the provision of diagnostic imaging services for medical imaging technologies such as X-rays, CT scans, MRIs, PET scans and ultrasounds. These imaging modalities help in early detection and diagnosis of diseases along with guiding medical procedures. Some key advantages of imaging services include improved diagnosis and monitoring of diseases, real-time monitoring of surgeries, minimally invasive procedures and reduced complications. With rising prevalence of chronic diseases such as cancer, cardiovascular diseases and neurological disorders in the country, demand for accurate and advanced diagnostic services is increasing significantly.
Market key trends:
One of the major trends in the U.S. Imaging Services market is growing adoption of hybrid imaging technologies. Hybrid systems such as PET-CT and SPECT-CT are gaining popularity as they provide anatomical as well as physiological information through a single scan. This leads to more accurate diagnosis and prognosis of diseases. Another key trend is increasing utilization of tele-radiology and mobile imaging services. This allows delivery of imaging services to remote and rural areas. It also enables timely diagnosis and consultation for emergency cases. Sustained funding from public and private organizations for research in medical imaging is also fueling development of novel technologies such as contrast agents, hybrid modalities and artificial intelligence incorporated imaging systems.
Porter’s Analysis
Threat of new entrants: Low barriers to entry due to low capital requirement and less regulations. However, established players having strong brand name and economies of scale can deter new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many players offering imaging services. However, switching costs are low which increases buyers' power.
Bargaining power of suppliers: Suppliers have low bargaining power as there are many equipment suppliers and service providers to choose from.
Threat of new substitutes: Threat of substitutes is low as there are limited alternative diagnostic modalities that can match capabilities of different types of medical imaging.
Competitive rivalry: Intense competition exists among existing players resulting in pricing pressures. Players compete based on service quality, technology and brand reputation.
Key Takeaways
The global U.S. Imaging Services Market Demand is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand for early disease detection and rising prevalence of chronic diseases.
Regional analysis: North America dominates the market accounting for over 50% share of the global market owing to increased healthcare spending and availability of advanced diagnostic technologies in the region. Asia Pacific is expected to grow at fastest pace during the forecast period supported by growing medical tourism industry and improving healthcare infrastructure.
Key players analysis: Key players operating in the U.S. Imaging Services Market are Medica Group Plc., Dignity Health, InHealth Group, Alliance Medical, RadNet, Inc., Sonic Healthcare Limited, and Global Diagnostic Imaging, among others. Players are focusing on expanding service reach through partnerships and mergers.
For more details on the report, Read- https://www.ukwebwire.com/u-s-imaging-services-market-growth-market-size-share-analysis/
