Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Medical Imaging Outsourcing market.
Trusted Business Insights presents an updated and Latest Study on Medical Imaging Outsourcing Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Medical Imaging Outsourcing market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Medical Imaging Outsourcing Market
The global medical imaging outsourcing market size was valued at USD 5.37 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 3.7% from 2021 to 2027. Growing demand for early diagnosis of chronic diseases, increasing demand for advanced medical imaging products, technological advancements in the imaging services, and high cost of imaging modalities are driving the market for medical imaging outsourcing. Diagnostic imaging is one of the most powerful and affordable ways to enhance the process of treatment. It assists caregivers to see the exact effect of their treatment on the affected part of the patient and plan further course of action. It also provides quality diagnostic support and aids in making critical treatment-specific decisions. This increases the need for outsourcing medical imaging services to an experienced service provider.
Outsourcing medical imaging services not only help in cost-saving, which is generally cited as the main reason for the offshore ventures but also address the concern of timely diagnosis and treatment of patients. The time factor is serious and outsourcing medical imaging services can lead to faster turnaround time for patients, decreased workload pressure, and cost savings.
Outsourcing medical imaging services is often a part of volume flexible strategies to adapt capacity trying to respond to demand flotations, increasingly complex care, and the linkage between clinical performance and number of medical acts. Through contract agreements with private and public providers, healthcare and medical systems looked for various advantages, such as access, quality, and efficiency.
Outsourcing in the healthcare management is a rapidly growing trend at present. This is due to the tremendous pressure faced by healthcare providers from the competitors. Besides, the healthcare operations management faces many challenges to deliver superior quality medical services while maintaining service budgets. Hence, this is anticipated to increase the demand for outsourcing of medical imaging services.
Device Insights: Medical Imaging Outsourcing Market
The computed tomography segment lead the market for medical imaging outsourcing with a share of 55.9% in 2019. This is mainly due to the cost factor as they are usually less expensive as compared to MRI. Besides, they are present in most emergency departments and are mainly used in case of emergency cases due to the time constraints, for instance, in cases of stroke or trauma.
MRI is anticipated to expand at the fastest CAGR of 5.0% over the forecast period 2021-2027. These devices are more expensive and provide minute details, for instance, in case of cancer and causes of neurological disorders. They are best at showing ligaments, tendons, nerves, and spinal cords, hence boosting the segment growth.
Regional Insights: Medical Imaging Outsourcing Market
North America led the medical imaging outsourcing market with a share of 41.6% in 2019 and is anticipated to maintain its lead over the forecast period. This is due to the presence of well-established healthcare infrastructure and increasing healthcare spending by people.
Asia Pacific is anticipated to witness second fastest growth after North America over the forecast period owing to the presence of a large undiagnosed patient population, rapid urbanization, increase in disposable income, and raising awareness about early diagnosis of chronic diseases. Besides, rising adoption of medical imaging technologies is anticipated to generate the demand for medical imaging outsourcing in this region.
Lack of availability of timely diagnostic services during night hours and emergencies create problems for physicians. Furthermore, the Health Care Financing Administration (HCFA) in the U.S. makes it mandatory to provide continuous medical services in every hospital. Therefore, by outsourcing radiology reporting to Europe, Australia, and some Asian countries, such as India, the hospitals in the U.K., U.S., and Singapore can be assured of competent and timely professional help. Instant availability of diagnostic services that are tremendously important during medical emergencies is the biggest advantage that is offered by outsourcing, hence driving the market for medical imaging outsourcing.
Key Companies & Market Share Insights: Medical Imaging Outsourcing Market
Adoption of new technologies, such as cloud technology and big data and analytical tools, by market players helps them in gaining a competitive advantage over other players and generating more revenue. Besides, market players are expanding the reach of their medical imaging outsourcing services. For instance, in April 2018, Alliance Medical announced that it has opened a new diagnostic center at Colchester General Hospital. The Turner Diagnostic Centre integrated key modalities like nuclear medicine, PET-CT, and MRI. Some of the prominent players in the medical imaging outsourcing market include:
Key companies Profiled: Medical Imaging Outsourcing Market Report
- Alliance Medical
- Flatworld Solutions Pvt. Ltd.
- NORTH AMERICAN SCIENCE ASSOCIATES INC.
- Diagnostic Imaging Services
- Ankarad Medical Imaging Systems
- KAYI Healthcare
- Shields MRI
- PROSCAN IMAGING
- RadNet, Inc.
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global medical imaging outsourcing market report on the basis of device and region:
Device Outlook (Revenue, USD Million, 2016 – 2027)
- Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
- Positron Emission Tomography (PET)
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