Medical Imaging Outsourcing Market Growth & Trends
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.
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.