The global Medical Physics Market sales was valued at approximately US$ 4.74 billion in 2022, and it is expected to grow at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2028, eventually reaching US$ 6.81 billion by the end of 2028.
The expected rise of the Medical Physics market is primarily related to the expansion of the medical tourism industry and the expanded scope of diagnostics, with increased acceptance of nuclear medicine playing a vital role in driving this positive trend. Nonetheless, the paper admits that the limited supply of competent professionals, as well as the substandard healthcare infrastructure for teaching medical physicists in developing nations, will continue to impede Medical Physics’ long-term penetration.
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The ‘Outsourcing’ Trend Is Creating Firm Base for Merger & Acquisition Strategies
As hospitals consolidate, there is a greater desire for larger companies in the Medical Physics market to handle outsourced services, resulting in fewer service providers. The Medical Physics market is now dominated by tiny independent enterprises, with only a few large-scale operations. This scenario offers private equity firms an opportunity to enter the middle-market platform by acquiring smaller firms and building up their operations to a greater size.
Several factors, including stronger laws, increased inspections, and associated risks for healthcare systems, are pushing mergers and acquisitions in the Medical Physics industry. Outsourcing allows Medical Physics organisations to assure compliance while also lowering operational costs. Furthermore, many Medical Physics firms are owned and controlled by retiring baby boomers who choose to sell their company.
Other trends in the Medical Physics market include a growth in healthcare provider outsourcing, an increase in the number of independent diagnostic imaging centres, and global adoption of technology improvements.
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Segmental Insights: Medical Physics Market
- Diagnostic modality will continue to account for more than 65% of the total Medical Physics market value, owing to increased use of diagnostic techniques such as PET, SPECT, CT, and MRI.
- In terms of services, accreditation help is expected to maintain its lead, followed by safety surveys. According to the analysis, physics testing and regulatory and auditing services will be highly profitable.
- Diagnostic imaging centres, after hospitals, are expected to have a considerable 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:
- Signant Health extended electronic informed consent services and capabilities with a new edition of SmartSignals eConsent in April 2021. SmartSignals eConsent solutions are provided in three levels of functionality to meet the research needs of teams: silver, gold, and platinum. This strategy has increased revenue from the sale of the company’s existing product offering.
- Parexel International Corporation joined forces with Signify Health in January 2021 to provide breakthrough solutions to increase clinical trial access and inclusion. This cooperation expanded patient access to clinical trials by bringing studies to their homes. It also identified major social determinants of health (SDoH) in order to connect patients, carers, and resources.
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Key Segments of Medical Physics Industry Survey
Medical Physics Market 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
Medical Physics Market by Service:
- Accreditation Assistance
- Performance Testing
- Physics Testing
- Radiation Dose Monitoring
- Radiation Safety Training
- Treatment Commissioning Services
- Safety Surveys
- Regulatory & Auditing Services
- Others
Medical Physics Market by End User:
- Medical Physics for Hospitals
- Medical Physics for Ambulatory Surgical Centres
- Medical Physics for Diagnostic Imaging Centres
- Medical Physics for Academic & Research Institutes
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