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U.S. Imaging Services Market is Estimated to Witness High Growth Owing to Opportunity of Increasing Applications of Diagnostic Imaging

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Purvaja
U.S. Imaging Services Market is Estimated to Witness High Growth Owing to Opportunity of Increasing Applications of Diagnostic Imaging

The U.S. imaging services market provides diagnostic imaging services and products as a supplement to physician practices and healthcare facilities. Imaging technologies such as X-ray, ultrasound, computed tomography (CT), and magnetic resonance imaging (MRI) are used to capture internal body structures for medical diagnosis and treatment guidance. These technologies help detect injuries, diseases and other medical conditions at an early stage. The increasing cases of chronic diseases such as cancer, cardiovascular diseases and neurological disorders have fueled the demand for advanced diagnostic imaging in the country.

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 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity

Rising Use of Diagnostic Imaging in Geriatric Population

The market opportunity lies in the increasing applications of diagnostic imaging among geriatric population in the country. As per the United States Census Bureau, elderly population aged 65 years or above is projected to grow dramatically from 57 million in 2019 to 95 million by 2060. Chronic diseases are highly prevalent among the aged due to weakening of immune system with time. Diagnostic imaging plays a key role in early detection of chronic conditions like cancer, heart disease and arthritis commonly observed in older adults. This age group is more likely to use diagnostic imaging services on regular basis for screening, diagnosis and monitoring the progression of diseases. Therefore, growing size of elderly population fuel the demand for various types of diagnostic imaging technologies and related services over the forecast period.

Porter’s Analysis

Threat of new entrants: The U.S. Imaging Services Market already has significant players operating at scale. High capital requirements and customer loyalty towards established brands pose barriers for new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. However, strict regulations and compliance requirements give some bargaining power to existing players.

Bargaining power of suppliers: Suppliers have low bargaining power due to fragmented nature and availability of substitute components. Suppliers also rely on revenues from large players.

Threat of new substitutes: Threat from substitutes is moderate as minimum compliance and certifications are required to offer imaging services. However, switching costs due to long term contracts pose barriers.

Competitive rivalry: The market is consolidated with few global players dominating. Partnerships are on the rise to cope with rising competition.

SWOT Analysis

Strength: Established brands, compliance expertise, economies of scale.

Weakness: High fixed costs, reliance on Few industries, risk of new regulations.

Opportunity: Growth in industrial sectors, inspection of new assets, outsourcing trends.

Threats: Trade wars, slowdown in key industries, increasing commoditization

Key Takeaways

The U.S. Imaging Services Market is expected to witness high growth due to increasing outsourcing of compliance services by end use industries.

The Western region dominates currently due to higher manufacturing activity and early technology adoption.

Key players operating in the U.S. Imaging Services Market are SGS Group, Bureau Veritas SA, TUV Rheinland Group, Intertek Group PLC, ALS Limited, DNV GL, MISTRAS, Lloyd€TMs Register Group Limited, Underwriters Laboratories Inc., ABS Group, and ASTM International. SGS Group and Bureau Veritas SA capture over 20% of the market share due to their international presence and diversified service portfolio.

Explorer more information on this topic, Please visit @ https://www.insightprobing.com/u-s-imaging-services-market-growth-demand-and-overview/

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