Medical Imaging Outsourcing Market is valued approximately USD 6.5 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.8% over the forecast period 2020-2027.
The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
Medical imaging is an integral diagnostic device used for advanced medical treatment. The consistent interpretation of medical imaging is extremely important for the diagnosis of diseases. It also offers excellence diagnostic support and facilitates in getting critical treatment decisions. Though, the deployment of medical imaging devices involved high cost, several healthcare organizations and medical facilities are outsourcing medical imaging services to third party vendors.
The medical imaging outsourcing not only helps in cost-saving, although address the concern of timely treatment of diseases among patients. Further, increasing prevalence of chronic diseases such as cancer etc. due to growing elderly population, rise in demand for advanced medical imaging products, and technological enhancements in the imaging services are the few factors responsible for the high CAGR of the market during the forecast period.
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According to the International Agency for Research on Cancer (IARC), there were around 9.5 million cancer deaths and 17.0 million new cancer cases were registered around the world in 2018. Also, the global burden of cancer is expected to grow to almost 16.3 million cancer deaths and 27.5 million new cancer cases by the year 2040. This, in turn, is expected to promote the demand for medical imaging outsourcing services around the world.
The outbreak of COVID-19 crisis has led to rise in demand for medical imaging technologies such as Computed Tomography, as several radiologists concluded that these technologies used as a primary screening tool for COVID-19. Therefore, this factor can create lucrative opportunities for medical imaging outsourcing agencies to screening patients with COVID-19, which may influence the growth of the market in the near future. However, the shortage of skilled radiologists impedes the growth of the market over the forecast period of 2020-2027.
The regional analysis of global Medical Imaging Outsourcing market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising healthcare expenditure and the presence of well-developed healthcare infrastructure in the region.
Whereas, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as increasing perveance of chronic conditions such as cancer, cardiovascular diseases etc., and improving healthcare infrastructure would create lucrative growth prospects for the medical imaging outsourcing market across Asia-Pacific region.
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Major market player included in this report are:
Flatworld Solutions Pvt. Ltd.
North American Science Associates, Inc.
Charles River Laboratories, Inc.
Laboratory Corporation of America Holdings
ProScan Imaging, LLC
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study.
Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
Computed Tomography (CT)
Magnetic Resonance Imaging (MRI)
Positron Emission Tomography (PET)
Diagnostic Testing Systems
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Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Medical Imaging Outsourcing Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
What are the aspects of this report that relate to regional analysis?
The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.
Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
How are the key players in the market assessed?
This report provides a comprehensive analysis of leading competitors in the market.
The report includes information about the key vendors in the market.
The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.
The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.
A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.
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