Global Medical Imaging Outsourcing Market By Device (Computed Tomography, Positron Emission Tomography and Magnetic Resonance Imaging), By End-User (Hospitals, Diagnostic centers, Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2024-2033
- Published date: May 2024
- Report ID: 118123
- Number of Pages:
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Report Overview
The Global Medical Imaging Outsourcing Market size is expected to be worth around USD 13.1 Billion by 2033, from USD 8.6 Billion in 2023, growing at a CAGR of 4.3% during the forecast period from 2024 to 2033.
Medical imaging outsourcing involves the transfer of imaging services from healthcare organizations to external service providers. These service providers are equipped with necessary infrastructure, skilled professionals and technology to perform diverse imaging procedures. Wide range of services are been provided by them including magnetic resonance imaging, radiography, computed tomography, nuclear medicine imaging and ultrasound.
This benefits the healthcare providers to improve their efficiency, minimize turnaround times and access to specialized expertise. Service providers often incorporate advanced technologies including machine learning algorithms and artificial intelligence to scale accuracy and speed of image interpretation diagnosis.
The market for medical imaging outsourcing is robustly thriven by rising need for early diagnosis of chronic illnesses, advancement in technology especially in imaging services, rising ultimatum for advanced medical devices and products and expensiveness of image modalities.
The demand is further propelled by virtue of rising trend for outsourcing services in the healthcare sector because of escalating competition among the top medical facility providers coupled with medical device manufacturers. However, the healthcare management faces several obstacles as they need to provide superior quality of medical devices while maintaining their service budgets.
Key Takeaways
- Market Growth: Projected to grow from USD 8.6 billion in 2023 to USD 13.1 billion by 2033, with a CAGR of 4.3%.
- Computed Tomography: Dominates with a 65.3% market share in 2023, growing due to high imaging quality and cost-effectiveness.
- Magnetic Resonance Imaging: Expected to grow at a CAGR of 5.6%, driven by better cancer diagnosis accuracy.
- Hospital Segment: Occupied 63.4% market revenue share in 2023, owing to advanced technology adoption and skilled professionals.
- Diagnostic Centers: Fastest-growing segment, with a projected CAGR of 6.3%, due to technological availability and increasing patient preference.
- North America Market Share: Dominated with a 43.6% revenue share in 2023, driven by high healthcare expenditure and established infrastructure.
- Chronic Disease Prevalence: Rising prevalence necessitates early diagnosis, contributing significantly to market growth.
- Cost Efficiency: Outsourcing converts fixed costs to variable, optimizing budgets for healthcare providers.
- AI Integration: Enhances accuracy and speeds up image analysis, revolutionizing the medical imaging outsourcing market.
- Cloud-Based Solutions: Adoption for secure image storage and management, offering scalability and flexibility to healthcare providers.
Device Analysis
Computer Tomography segment is at the forefront
Based on device, the global medical device outsourcing market is significantly categorized into Computed Tomography, Positron Emission Tomography and Magnetic Resonance Imaging segments. A major market portion is occupied by computed tomography segment, occupying a notable market revenue shares of 65.3%, dominating the market globally in the year 2023.
The success displayed by the segment is as a result of its high imaging quality that aids to diagnose the disease accurately with rising adoption of CT scan in healthcare sector. As compared to other imaging techniques, computed tomography is cost effective method, leading to more usage of CT scan for disease monitoring.
- According to national Institute of Health, the number of computed tomography (CT) examination is today increasing by 4% per year worldwide, for a total of approximately 300 million of CT scans per year.
Magnetic resonance imaging, on the other hand, is anticipated to witness fastest growth with the CAGR of 5.6% during the forecast period. This owes to the properties of MRI to in providing better results for diagnosing cancer diseases, resulting into rising adoption of MRI technique in medical sector. This allows the technique to be widely employed in hospitals as it prove be be effective in providing clear images, which in turn fosters the growth of global medical imaging outsourcing market.
End User Analysis
Hospital segment occupied market revenue share of 63.4% in 2023
Based on end use, the global medical imaging outsourcing market is broadly classified into hospitals, diagnostic centers and other segments. Hospital segment occupied a larger market revenue share of 63.4%, dominating the market in the year 2023. The segmental dominance owes to the fact that large number of patients are admitted to hospitals for precise treatment that needs more advanced technology for treatment.
This allow the healthcare centers to adopt medical imaging technology in hospitals in order to improve imaging performance. In addition to this, the segment further promises to scale with rising number of skilled professional in hospitals, increasing its value among patients, leading to rising adoption of medical imaging in hospitals.
Another significant market portion is grabbed by diagnostic centers and is further projected to register fastest CAGR of 6.3% during the forecast period. This owes to the fact that diagnostic centers includes the provision of medical imaging as there is availability of technology, resulting into growing preference of diagnostic centers for diagnosis of diseases among patients in need.
Key Market Segments
By Device
- Computed Tomography
- Positron Emission Tomography
- Magnetic Resonance Imaging
By End User
- Hospitals
- Diagnostic Centers
- Others
Drivers
Rising prevalence of chronic diseases
The market for medical imaging outsourcing is robustly thriven by rising pervasiveness of chronic diseases. This rising number necessitates the demand for early diagnosis to head towards the treatment of disease
- According to National Health Council, approximately 157 million of people are suffering from chronic disease that is rising the adoption of medical imaging, thus leading to the market growth.
Cost Efficiency in Healthcare Delivery
Outsourcing medical imaging emerges as a financial boon for institutions, especially in the era where healthcare costs are under examination. Previously, the traditional model of in-house imaging department often involved huge capital expenditure and ongoing maintenance cost. In contrast, outsourcing helped healthcare providers to convert fixed costs into variable costs, i.e., paying for services as needed. This strategy has not only aided in budget optimization but also ensures financial resources are directed where they matter most, particularly in patient care.
Restraints
Rising allergic reactions among patients
The global medical imaging outsourcing market is set to hamper due to rising allergic reactions among patients. These allergic reactions among patients scaled owing to the radiation of medical imaging which is set to restrain the growth of medical imaging outsourcing market.
Strongest regulatory framework
The market witness challenges by virtue of regulatory and compliance issues, especially regarding data privacy and security. This usually happens as medical images contain sensitive patient information. Aligning with such stringent regulatory requirements can be intricate and expensive for outsourcing providers. Thus, a challenge is encountered in the market expansion due to data breaches and privacy concerns, risking patient confidentiality.
Opportunities
Lucrative opportunities are gained by the market
In order to meet specific needs and preferences of healthcare providers, services are being tailored by outsourcing service providers. Customized options exists in large numbers including implementation of specialized workflows, integration with existing systems or offering flexible pricing models. In addition to this, the scope of medical imaging outsourcing scaled with the rise in usage of telemedicine and remote monitoring technologies.
This aids in quick diagnosis and treatment decisions as providers can access imaging services and consult with specialists from a distant location, especially in under developed regions. Several growth opportunities are generated by virtue of collaboration efforts, resulting into enhanced research and development in imaging technologies, treatment planning methodologies and diagnostic algorithms. This has significantly led to innovations, thereby contributing to advancements in healthcare delivery.
The Medical Imaging Outsourcing market presents several opportunities for companies and investors. There is rising demand for medical imaging technologies because of the rising prevalence of chronic diseases, the aging population, and increasing healthcare expenditure. This demand is expected to drive the growth of the Medical Imaging Outsourcing market.
The development of deep learning algorithms & other advanced AI technologies has created opportunities for companies for creating innovative products & services in the domain of medical imaging. Also, the integration of Medical Imaging Outsourcing technology with other healthcare systems like electronic health records & clinical decision support systems presents opportunities for companies to develop integrated solutions which can improve patient outcomes.
Additionally, there is a growing demand for portable & handheld medical imaging devices which use AI algorithms for faster & more accurate diagnosis of medical conditions which presents opportunities for companies to develop innovative products in this area. Finally, the use of Medical Imaging Outsourcing for personalized medicine presents opportunities for companies to develop customized treatment plans for individual patients. These opportunities are expected to drive growth and innovation in the AI medical imaging market in the coming years.
Latest Trends
Globalization of Medical Imaging Services
Medical Imaging outsourcing market gained tremendous popularity with the rising usage of telemedicine and digital healthcare platforms. This has become more beneficial in the countries with lower labor costs, such as India and Philippines.
Integration of Artificial Intelligence in Medical Imaging
Medical imaging outsourcing market is revolutionized with the incorporation of artificial intelligence and machine learning. This aids the outsourcing companies to ameliorate accuracy, speed up image analysis, and minimize the work burden on radiologists.
Shift towards cloud based solutions
Outsourcing companies are more into adoption of cloud based solutions with the purpose to store and manage medical images securely. This is by virtue of scalability, flexibility and accessibility of cloud based medical imaging platforms, which seems to be more attractive to healthcare providers.
Impact of Macroeconomic factors
Inflation has a huge impact on global medical imaging outsourcing market. Primarily, it results in surging costs, including equipment, materials and labors. This creates a pressure on outsourcing companies to increase their expenses, which is further passed onto healthcare providers or institutions seeking their services. Inflation could strain the budgets fixed by healthcare providers.
With the rise in costs, healthcare providers may look for ways to reduce the cost, resulting them to think again again regarding medical imaging outsourcing. The demand for medical imaging services may fluctuate with rising inflation. The economic instability created by inflationary pressures impact patient volume and healthcare utilization pattern. When patients delay such services due to financial burdens, this fluctuates the demand for medical imaging services, and hence its economy.
Regional Analysis
North America Accounted for the Largest Revenue Share in Medical Imaging Outsourcing Market in 2023
North America is at the forefront of medical imaging outsourcing market, dominating the market capturing a huge market revenue share of 43.6% in the year 2023. The notable growth of the region is highly attributed to rising healthcare expenditure by people combined with the presence of well-established healthcare infrastructure.
- According to National Health Expenditure data published by Centers for Medicare & Medicaid services, healthcare services in United States has grew by 4.6% in 2018 and reached to the USD 3.6 trillion of the USD 11,172 per person.
- According to nations’ Gross Domestic Product (GDP) healthcare spending account for nearly 18% of the total GDP.
Asia-Pacific on the other side, is projected to register second most rapidly growing region, owing to the presence of large patient population that are undiagnosed for the critical diseases, rise in disposable income, rapid urbanization and scaling recognition related to early diagnosis or chronic diseases. In addition to this, the region witnessed huge growth by virtue of rapid adoption of various medical imaging technologies in the region.
Key Regions and Countries
- North America
- US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Key Players Analysis
Acompetitive advantage among major market players is gained due to adoption of new technologies, such as cloud technology, big data and analytical tool, aiding the companies to generate more revenues. Besides this, the industry players are into expansion of their reach of their medical imaging outsourcing services.
To exemplify, Alliance Medical opened up a new diagnostic center at Colchester General hospital in April 2018. The Turner diagnostic center integrated key modalities like nuclear medicine, PET-CT, and MRI. The key players in the market have focused on strategic partnerships & product innovation. They are also adopting strategies like mergers & acquisitions as well as product & service launches.
Medical Imaging Outsourcing Market Key Players
- Flatworld Solutions Pvt Ltd
- Alliance Medical
- MetaMed
- Diagnostic Imaging Services
- Ankarad Medical Imaging Systems
- Shields MRI
- Kayi Healthcare
- RadNet, Inc.
- Proscan Imaging
- North American Science associates
- Imbio
- Nuance Communications
- Philips Healthcare
Recent Developments
- In January 2023: Lifescience Outsourcing purchased J-Pac Medical, a manufacutirng, packaging, and sterlilizing outsourcing partner. J-Pac provides medical device and diagnostic films with outsourcing services, based in Somersworth, New Hamsphire, having 35 years of expertise in offering OEM solutions.
- In January 2023: Beyer acquired Blackford analysis, an AI imaging solution provider. This helped Beyer underscore its commitment to fostering innovations in radiology arena.
- In May 2023: A prominent global supplier of medical imaging equipment, components, and support devices, ‘Probo Medical’, acquired National Ultrasound Inc.
Report Scope
Report Features Description Market Value (2023) USD 8.6 Billion Forecast Revenue (2033) USD 13.1 Billion CAGR (2024-2033) 4.3% Base Year for Estimation 2023 Historic Period 2019-2022 Forecast Period 2024-2033 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Device (Computed Tomography, Positron Emission Tomography and Magnetic Resonance Imaging), By End-User (Hospitals, Diagnostic centers, Others) Regional Analysis North America – US, Canada; Europe – Germany, France, The UK, Spain, Italy, Russia, Netherlands, Rest of Europe; Asia Pacific – China, Japan, South Korea, India, New Zealand, Singapore, Thailand, Vietnam, Rest of APAC; Latin America – Brazil, Mexico, Rest of Latin America; Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of MEA. Competitive Landscape Flatworld Solutions Pvt Ltd, Alliance Medical, MetaMed, Diagnostic Imaging Services, Ankarad Medical Imaging Systems, Shields MRI, Kayi Healthcare, RadNet, Inc., Proscan Imaging, North American Science associates, Imbio, Nuance Communications, Philips Healthcare, Siemens Healthineers Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Medical Imaging Outsourcing MarketPublished date: May 2024add_shopping_cartBuy Now get_appDownload Sample -
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- Flatworld Solutions Pvt Ltd
- Alliance Medical
- MetaMed
- Diagnostic Imaging Services
- Ankarad Medical Imaging Systems
- Shields MRI
- Kayi Healthcare
- RadNet, Inc.
- Proscan Imaging
- North American Science associates
- Imbio
- Nuance Communications
- Philips Healthcare
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