Diagnostic Services Market Size Worth $2,487.8 Billion By 2030 | CAGR: 13.3%

The global diagnostic services market size is expected to reach USD 2,487.8 billion by 2030, according to a new study by Polaris Market Research. The report “Diagnostic Services Market Share, Size, Trends, Industry Analysis Report, By Application (Neurology, Orthopedics, Cardiovascular, Oncology, Ultrasound, Obstetrics & Gynecology, Other); By Type; By Test; By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The key factors that are propelling the market growth include the launches of diagnostic services products along with technological advancements. For instance, in May 2022, Healthians, an innovation diagnostics start-up, introduced Health on Wheels to enable millions of Indians to get evaluated and remain healthy.

Healthains has also announced the launch of an unlimited screening for breast cancer detention center for 'women in police in Gurugram.' With this elaborate project, every Indian's life will be improved by providing precise, affordable, and hassle-free preventative health diagnostic services at whichever time and from any location.

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Moreover, the rapidly rising establishment of new diagnostic service centers by the key players is boosting the market growth over the forecast period. For instance, in April 2022,  Atulaya Healthcare announces the advancement of its operational processes in Jammu, in keeping with its promise to provide world-class diagnosing services to individuals across India at reasonable prices. Atulaya has already had two locations, one in the KC Complex and one in Shingari.

The innovative Channi Himmat facility in Jammu is a highly integrated diagnostic center that includes radiology and pathology. Also, in January 2021, Telangana's government set up eight Telangana Diagnostics micro hubs. Diagnostics is a unique initiative that can provide free screening and imaging services to the general public. Therefore, these factors are driving the growth of the market over the forecast period.

Moreover, the chance of contracting diseases increases with age. According to the Centers for Disease Control and Prevention (CDC), as in almost 80.0% of the elderly in the United States have at least one ongoing illness. Furthermore, the American Medical Association (AMA) predicts that by 2030, around 60.0% of individuals aged 65 and up will suffer from more than one chronic illness. As the population ages, there will be greater demand for better health centers, new treatment options, and drugs.  This diagnostic services trend is expected to result in a surge in demand for technically sophisticated devices.

Diagnostic Services Market Report Highlights

• Hospitals segment is anticipated to grow at a significant CAGR over the forecast period attributed to an increase in the amount of diagnostic testing completed in hospitals, increased acceptance of minimally invasive treatments in hospitals to enhance the quality of healthcare, and increased adoption of advanced imaging technologies in hospitals to optimize treatment workflow effectiveness
• X-Ray segment accounted for a substantial revenue share in 2021. The increasing geriatric population, lower X-ray costs particularly in comparison to certain other imaging modalities, favorable investment returns, and technological developments in X-ray imaging techniques are the major factors driving the expansion of this market.
• Asia Pacific is expected to witness fastest CAGR over the forecast period due to the rising R&D funding along with the rising chronic disease which requires diagnostic services. In December 2021, Lupin Diagnostics has been launched in India by Lupin Limited
• The global market include Alliance Medical Inc, Global Diagnostics Corp., Healthcare Imaging Services, InHealth Group, Medica, Novant Health Group, RadNet, and Sonic Healthcare Corporation

Polaris Market Research has segmented the Diagnostic Services market report based on test, application, end-use, type, and region:

Diagnostic Services, Test Outlook (Revenue - USD Billion, 2018 - 2030)

• Lipid Panel
• Liver Panel
• Renal Panel
• Complete Blood Count
• Electrolyte Testing
• Infectious Disease Testing
• Other Tests

Diagnostic Services, Application Outlook (Revenue - USD Billion, 2018 - 2030)

• Neurology
• Orthopedics
• Cardiovascular
• Oncology
• Ultrasound
• Obstetrics & Gynecology
• Other Applications

Diagnostic Services, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)

• Hospitals
• Diagnostic Centers
• Point-of-Care Testing
• Ambulatory Care Centers
• Research and Academia

Diagnostic Services, Type Outlook (Revenue - USD Billion, 2018 - 2030)

• X-ray imaging
• Ultrasound
• Magnetic resource imaging (MRI)
• Computed tomography
• Nuclear imaging
• Mammography

Diagnostic Services, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa