The global medical imaging outsourcing market size is expected to reach USD 9.31 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.8% over the forecast period. Growing demand for early diagnosis of chronic diseases as well as improvement of the quality of care with rapid and precise reporting capabilities are propelling the market growth.
Radiology is increasingly being outsourced due to its complex operation, funding challenges, and interest expressed by radiologists and outside vendors. Challenge of labor shortage, continuous technological advancements, and increasing service expectations of customers facing declining reimbursement are factors that are propelling the hospitals to opt for outsourcing services.
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Besides, the scary operational and functional challenges of transitioning radiology from analog to the digital world make funding and management of radiology even more challenging, which is more likely to create demand for diagnostic services.
Outsourcing diagnostic imaging services provide significant benefits to all the stakeholders, including service providers, patients, and reporting radiologists. The benefits include a considerable reduction in wait time for results and easy access to skilled radiologists. In U.S., 90% of radiology services are being outsourced. There are numerous other advantages in terms of speed, accuracy, and security that are compelling healthcare providers to embrace the outsourcing route.
Medical Imaging Outsourcing Market Report Highlights
• By device, the MRI segment is anticipated to expand at the fastest CAGR of 5.0% over the forecast period as the resolution of MRI image is quite detailed and it can detect minute changes of structures within the body
• North America held the largest share of 41.6% in 2019. This is majorly due to rise in chronic diseases in U.S and Canada, which is expected to create demand for diagnostic services in the region
• Asia Pacific is anticipated to expand at the second fastest CAGR of 4.5% over the forecast period due to increasing penetration of imaging systems and growth of private healthcare chains
• There is an increasing demand for customized screening as per requirements. Besides, advancements in mammography have shot up immensely, emphasizing the primary importance of timely diagnosis.
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Medical Imaging Outsourcing Market Segmentation
Grand View Research has segmented the global medical imaging outsourcing market based on device and region:
Medical Imaging Outsourcing Device Outlook (Revenue, USD Million, 2016 - 2027)
• Computed Tomography (CT)
• Magnetic Resonance Imaging (MRI)
• Positron Emission Tomography (PET)
Medical Imaging Outsourcing Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
• Asia Pacific
o Japan
o China
o India
o Australia
o South Korea
• Latin America
o Brazil
o Mexico
o Argentina
o Colombia
• Middle East & Africa
o South Africa
o Saudi Arabia
o UAE
List of Key Players of Medical Imaging Outsourcing Market
• Alliance Medical
• Flatworld Solutions Pvt. Ltd.
• MetaMed
• NORTH AMERICAN SCIENCE ASSOCIATES INC.
• Diagnostic Imaging Services
• Ankarad Medical Imaging Systems
• KAYI Healthcare
• Shields MRI
• PROSCAN IMAGING
• RadNet, Inc.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.