The global Medical Physics Market is expected to be worth US$ 4.74 billion in 2022, with a CAGR of 6.2% from 2022 to 2028. Market revenue is expected to reach $6.81 billion by the end of 2028.
The global revenue of the medical physics market is expected to grow at a healthy 6.2% CAGR between 2022 and 2028, owing primarily to the expansion of the medical tourism sector and the expanding scope of diagnostics. Growing acceptance of nuclear medicine has also been cited as an important factor contributing to the positive growth outlook for the medical physics market.
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However, the report emphasises that a lack of skilled workers and a relatively poor healthcare infrastructure for medical physicist training in developing regional markets will continue to limit medical physics penetration in the long run.
The ‘Outsourcing’ Trend Is Creating Firm Base for Merger & Acquisition Strategies
With hospital consolidation, there is an increasing need for larger firms in the medical physics market to handle outsourced services in order to contract with fewer service providers. The medical physics market is characterised by the presence of small independent firms, with only a few large-scale operators. According to the report, this provides opportunities for private equity firms to enter the middle-market platform and scale up their medium-scale operations to large-scale operations by acquiring smaller firms.
Other factors driving mergers and acquisitions in the medical physics market include tightening regulations and an increasing number of owners looking to exit the business. Increasingly stringent regulations have necessitated the inspection of an increasing number of machines and associated components. Several healthcare systems are facing increased risks as a result of increasingly stringent regulations. This provides opportunities for medical physics companies to ensure compliance while lowering operational costs through outsourcing. Furthermore, the majority of medical physics firms are owned and operated by baby boomers who are about to retire from the medical physics industry. The majority of medical physics service providers who are retiring believe that selling their business is the best option.
Medical Physics Market Trends include increased outsourcing by healthcare providers, increasing number of independent diagnostic imaging centres, and advancements & adoption of technology across the world.
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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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