The field of medical physics is experiencing a significant surge, with the global Medical Physics Market projected to reach a substantial USD 10 billion by 2034. This growth builds on a strong foundation, with a current market value of USD 5.3 billion in 2024. The market is expected to maintain a steady Compound Annual Growth Rate (CAGR) of 6.4% over the next decade.
Prominently driven by the growth of the medical tourism sector and the increasing expanse of diagnostics, the global revenue of the medical physics market will reportedly thrive at a healthy over 6.2% CAGR during 2022-2028. The growing adoption of nuclear medicine has also been cited as an important factor responsible for a positive growth outlook anticipated for the medical physics market.
However, the report also highlights that insufficiently skilled workers and relatively poor healthcare infrastructure for medical physicist trainings in developing regional markets will continue to restrict the penetration of medical physics in the long run.
The ‘Outsourcing’ Trend Is Creating Firm Base for Merger & Acquisition Strategies
With the consolidation of hospitals, there is an increasing need for larger firms in the medical physics market, with an intent to handle the outsourced services so as to contract with fewer services providers. The medical physics market is characterised by the presence of small independent companies, and there is a negligible number of large-scale operators. According to the report, this presents opportunities for private equity firms to enter the middle-market platform and scale-up their medium-scale operations to large-scale operations through the acquisition of smaller firms.
Other factors driving mergers and acquisitions in the medical physics market include increasing stringent regulations and an increasing number of owners looking to exit the medical physics business. Increasing stringent regulations have resulted in the inspection of a larger number of machines and associated elements. Several healthcare systems are incurring higher risks due to the increasingly stringent regulations. This opens opportunities for medical physics companies to ensure compliance and reduce operation cost by outsourcing. Furthermore, most of the medical physics firms are owned and operated by baby boomers who are about to retire from their medical physics business. For a majority of those medical physics service providers who are retiring, selling their business has been considered to be the most preferred option.
Some of the other trends in the medical physics market include increased outsourcing by healthcare providers, increasing number of independent diagnostic imaging centres, and advancements & adoption of technology across the world.
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.
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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.
Medical Physics Market 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.
Medical Physics Market Key Companies Profiled
- Medical Physics Services LLC
- LANDAEUR
- Krueger-Gilbert Health Physics 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
- Petrone Associates LLC
Medical Physics Market Key Segments
By Modality:
- Diagnostics
- Radiographic X-Ray Systems
- Fluoroscopic X-Ray Systems
- Dental X-Ray Systems
- Mammography Systems
- Computed Tomography
- Magnetic Resonance Imaging
- Ultrasound
- SPECT
- PET
- Others
- Therapeutics
- LINAC
- Brachytherapy
- Others
By Service:
- Accreditation Assistance
- Performance Testing
- Physics Testing
- Radiation Dose Monitoring
- Radiation Safety Training
- Treatment Commissioning Services
- Safety Surveys
- Regulatory & Auditing Services
- Others
By End User:
- Hospitals
- Ambulatory Surgical Centres
- Diagnostic Imaging Centres
- Academic & Research Institutes
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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