Diagnostic Imaging Services in Australia - Market Research Report (2014-2029)
Melbourne, Australia
Last Updated: May 2024
ANZSIC Q8522Revenue
$5.3bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
30,400
Businesses
2,593
Wages
$X.Xbn
Diagnostic Imaging Services in Australia industry analysis
The Diagnostic Imaging Services industry provides healthcare practitioners with information about patients' health through X-rays, ultrasounds, magnetic resonance imaging (MRIs) and other imaging. Demand for these services is stronger among older people and has surged as Australia's population continues to age. Australia's growing population - combined with the rising prevalence of chronic disease among all age cohorts- is also driving the need for diagnostic imaging services, including preventative diagnostic tests.
Trends and Insights
- The COVID-19 pandemic disrupted traditional growth patterns, which have been driven by Australia's growing and ageing population. A steady increase in the number of diagnostic imaging items funded under Medicare has also underpinned recent industry growth.
- Diagnostic imaging services form an integral part of the healthcare system, helping to prevent, diagnose, treat and monitor injuries and illnesses. This means they are used by all age cohorts.
- The distribution of expenditure on diagnostic imaging services across Australia generally follows population distribution. The three eastern states account for 80% of all diagnostic imaging services undertaken each year.
- The users of diagnostic imaging services are generally referred by other medical professionals, primarily GPs and specialists. This influences the nature of industry competition.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 2.3 % over the past five years, to reach an estimated $5.3bn in 2024.
Trends and Insights
Favourable drivers contribute to volume growth in the number of diagnostic imaging services delivered
- Medicare underpins industry revenue by providing schedule fee benefits for diagnostic imaging procedures. The number of diagnostic imaging services that attract Medicare benefits continues to rise. Both developments are reinforcing volume growth.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
The industry's base will continue to expand
- Industry enterprise numbers will continue to increase, as will the industry's headcount, in line with the rising demand for diagnostic imaging services.
Biggest companies in the Diagnostic Imaging Services in Australia
| Company | Market Share (%)
2024 | Revenue ($m)
2024 |
|---|---|---|
Image Holdco | 1,275.0 | |
Sonic Healthcare | 865.0 | |
Healius | 460.0 |
To view the market share and analysis for all 5 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Ultrasounds, Computerised tomography and Magnetic resonance imaging. Ultrasounds is the largest segment of the Diagnostic Imaging Services in Australia.
Trends and Insights
Computerised tomography scans are considered to be an essential part of clinical practice
- Computerised tomography (CT) imaging uses X-ray beams to produce cross-sectional images of an organ or area of the body. CT scans use ionising radiation to capture diagnostic images.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Public General Hospitals in Australia
- Private General Hospitals in Australia
Complementors
- General Practice Medical Services in Australia
- Pathology Services in Australia
- Health Services in Australia
International industries
- Diagnostic & Medical Laboratories in the US
- Diagnostic Imaging Centers in the US
- Pathology and Diagnostic Imaging Services in New Zealand
- Diagnostic & Ambulance Services in the UK
Table of Contents
About this industry
Industry definition
Industry companies provide diagnostic imaging services including ultrasounds, MRI and X-ray services. The industry excludes diagnostic imaging services conducted by hospitals.
What's included in this industry?
Magnetic resonance imagingNuclear medicineUltrasoundsComputerised tomographyDiagnostic radiologyCompanies
Image HoldcoSonic HealthcareHealiusPurchase this report to view all 5 major companies in this industry.
Related Terms
X-RAYDUAL-ENERGY X-RAY ABSORPTIOMETRYPOSITRON EMISSION TOMOGRAPHY (PET)MAGNETIC RESONANCE IMAGING (MRI)TELERADIOLOGYCOMPUTERISED TOMOGRAPHY (CT)FLUOROSCOPYIndustry Code
ANZSIC 8520 - Diagnostic Imaging Services in Australia
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The COVID-19 pandemic disrupted traditional growth patterns, which have been driven by Australia's growing and ageing population. A steady increase in the number of diagnosti...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Diagnostic imaging services form an integral part of the healthcare system, helping to prevent, diagnose, treat and monitor injuries and illnesses. This means they are used b...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
The distribution of expenditure on diagnostic imaging services across Australia generally follows population distribution. The three eastern states account for 80% of all dia...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Geographic spread of the industry across Asia Pacific, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
The users of diagnostic imaging services are generally referred by other medical professionals, primarily GPs and specialists. This influences the nature of industry competit...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
The industry is dominated by top- and mid-tier companies, all of which have undertaken various acquisitions to grow their market share. The four largest players account for o...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Image Holdco's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Sonic Healthcare's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Healius's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 2 additional companies
Detailed analysis
- Description and key data for Image Holdco, and factors influencing its performance in the industry
- Description and key data for Sonic Healthcare, and factors influencing its performance in the industry
- Description and key data for Healius, and factors influencing its performance in the industry
- Description, key data and performance trends for 2 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The Diagnostic Imaging Servicing industry is subject to a high level of regulation. This reflects its reliance on government funding through Medicare benefits.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Given the need for highly skilled labour and substantial capital investment, both wages and depreciation are significant cost items for the industry. The combination of a ris...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Australia include:
- Australian Bureau of Statistics
- Australian Taxation Office
- Australian Securities & Investments Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Diagnostic Imaging Services industry in Australia in 2024?
The market size of the Diagnostic Imaging Services industry in Australia is $5.3bn in 2024.
How many businesses are there in the Diagnostic Imaging Services in Australia industry in 2024?
There are 2,593 businesses in the Diagnostic Imaging Services industry in Australia, which has grown at a CAGR of 4.0 % between 2019 and 2024.
Has the Diagnostic Imaging Services industry in Australia grown or declined over the past 5 years?
The market size of the Diagnostic Imaging Services industry in Australia has been growing at a CAGR of 2.3 % between 2019 and 2024.
What is the forecast growth of the Diagnostic Imaging Services industry in Australia over the next 5 years?
Over the next five years, the Diagnostic Imaging Services industry in Australia is expected to grow.
What are the biggest companies in the Diagnostic Imaging Services market in Australia?
The biggest companies operating in the Diagnostic Imaging Services market in Australia are Image Holdco, Sonic Healthcare and Healius
What does the Diagnostic Imaging Services in Australia include?
Magnetic resonance imaging and Nuclear medicine are part of the Diagnostic Imaging Services industry.
Which companies have the highest market share in the Diagnostic Imaging Services in Australia?
The company holding the most market share in Australia is Image Holdco.
How competitive is the Diagnostic Imaging Services industry in Australia?
The level of competition is moderate and increasing in the Diagnostic Imaging Services industry in Australia.
