U.S. Independent Diagnostic Testing Facility Market Size, Share & Trends Analysis Report By Service (Radiology/Imaging Services, Cardiac Monitoring Services, Sleep Studies), And Segment Forecasts, 2023 - 2030

U.S. Independent Diagnostic Testing Facility Market Size, Share & Trends Analysis Report By Service (Radiology/Imaging Services, Cardiac Monitoring Services, Sleep Studies), And Segment Forecasts, 2023 - 2030

U.S. Independent Diagnostic Testing Facility Market Growth & Trends

The U.S. independent diagnostic testing facility market size is expected to reach USD 4.8 billion by 2030, expanding at a CAGR of 4.52% from 2023 to 2030, based on a new report by Grand View Research, Inc. Growing prevalence of target diseases such as cardiovascular diseases coupled with rising demand for early disease detection and monitoring diagnostic tests are expected to drive the market growth.

Furthermore, rising awareness among patients regarding the early detection of diseases is anticipated to favor market growth. The lower cost of performing diagnostic procedures at independent diagnostic testing facilities (IDTFs) has shifted patient volumes from hospitals to IDTFs. The site-neutral payment policies from CMS private payors in recent times have boosted the demand for imaging volumes to the IDTFs.

The COVID-19 pandemic has significantly impacted the independent diagnostic testing facilities market during the initial period, owing to the closure of services and the sharp decline in patient volumes due to stringent regulations. Post-pandemic patients are shifting from hospital settings to outpatient settings for diagnosis with the demand for imaging diagnostics services, contributing to the growth of the market.

U.S. Independent Diagnostic Testing Facility Market Report Highlights

• In 2022, the radiology/imaging service segment held the largest revenue share owing to the rising application of imaging modalities for the effective & early detection of disease
• The sleep studies segment is anticipated to witness significant growth over the forecast period owing to the rising awareness regarding the effects of shorter sleep and sleep disorders on health, with the rising prevalence of acute health disorders in the country
• The regulatory and reimbursement scenario for IDTFs is changing in the U.S. to allow IDTFs to provide services with less stringent regulations. For instance, in December 2021, the Centers for Medicare and Medicaid Services (CMS) exempted the IDTFs performing non-in-person, indirect tests from IDTF program integrity requirements mentioned in § 410.33(g)
• Mergers & acquisitions and product development are some of the key strategies the market players undertake. For instance, in February 2021, CB Scientific, Inc. entered into a definitive agreement to acquire New York-based Medicare-certified IDTF, Cardiolink Corporation.