Global Medical Physics Market size was valued at around US$ 4.74 billion in 2022, and it is projected to exhibit a Compound Annual Growth Rate (CAGR) of 6.2% from 2022 to 2028, ultimately reaching US$ 6.81 billion by the end of 2028.
The projected growth of the Medical Physics market is attributed primarily to the expansion of the medical tourism sector and the broadening scope of diagnostics, with the increasing acceptance of nuclear medicine being a significant factor driving this positive trend. Nonetheless, the report acknowledges that the limited availability of skilled personnel and the suboptimal healthcare infrastructure for training medical physicists in developing regions will continue to hinder the long-term penetration of Medical Physics.
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The ‘Outsourcing’ Trend Is Creating Firm Base for Merger & Acquisition Strategies
The trend of hospital consolidation has led to a growing demand for larger players in the Medical Physics market to handle outsourced services, resulting in fewer service providers. Currently, the Medical Physics market is dominated by small independent firms with few large-scale operators. This scenario presents an opportunity for private equity firms to enter the middle-market platform by acquiring smaller firms and scaling up their operations to a larger scale.
Several factors are driving mergers and acquisitions in the Medical Physics market, including stricter regulations, increasing inspections, and associated risks for healthcare systems. This presents a chance for Medical Physics companies to ensure compliance and reduce operational costs by outsourcing. Additionally, many Medical Physics firms are owned and operated by baby boomers who are retiring and prefer to sell their businesses.
Other trends in the Medical Physics market include an increase in outsourcing by healthcare providers, the rise in the number of independent diagnostic imaging centers, and the adoption of technological advancements worldwide.
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Segmental Insights: Medical Physics Market
- Diagnostic modality, driven by increasing adoption of diagnostic procedures such as PET, SPECT, CT, and MRI, will continue to account for more than 65% share of the total Medical Physics market value.
- Based on services, accreditation assistance is slated to remain dominant, followed by safety surveys. The report anticipates physics testing and regulatory and auditing services to emerge highly potential.
- Following hospitals, diagnostic imaging centers are likely to register significant adoption rate in the Medical Physics market through 2027.
The North American and European Medical Physics market will reportedly account for a majority of market value, according to FMI’s analysis on Medical Physics market. The report has attributed this dominance to rapid consolidation of healthcare facilities in these regions.
Some of the key players in the Medical Physics market include Krueger-Gilbert Health Physics, Inc., LANDAUER, Medical Physics Services, Medical Physics Services Consultants, Inc., Alyzen Medical Physics Services, Radiation Safety & Control Services, Inc., Upstate Medical Physics Services, Dade Moeller & Associates, Versant Medical Physics Services & Radiation Safety, Alliance Medical Physics Services LLC, West Physics Consulting, LLC, Associates in Medical Physics Services, Radiation Services, Inc., Jaeger Corporation, and Petrone Associates, LLC.
Key Developments:
- With a new edition of SmartSignals eConsent in April 2021, Signant Health increased electronic informed consent services and boosted capabilities. To fulfill the study needs of teams, SmartSignals eConsent solutions are available in three categories of functionality: silver, gold, and platinum. This method has improved the company’s existing product offering, resulting in revenue from its sale.
- In January 2021, Parexel International Corporation teamed up with Signify Health to provide innovative technologies to improve clinical trial access and inclusion. This collaboration increased patient access to clinical trials by bringing studies to their homes and also identified key social determinants of health (SDoH) to help patients, caregivers, and resources connect.
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