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Medical Imaging Equipment Services Market projected to expand at a CAGR of 3.5% from 2019 to 2027.

Transparency Market Research (TMR) has published a new report titled, ‘Medical Imaging Equipment Services Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global medical imaging equipment services market was valued at US$ 21.4 Bn in 2018 and is projected to expand at a CAGR of 3.5% from 2019 to 2027.

Overview

  • Original equipment manufacturers process raw materials into finished products. They are largely responsible for the upgrade and innovation in different modalities at the global level.
  • Some of the major OEMs operating in the market are CANON MEDICAL SYSTEMS CORPORATION (Canon Inc.), Carestream Health (ONEX Corporation), GE Healthcare (General Electric Company), Hitachi, Ltd., Hologic, Inc., Koninklijke Philips N.V., Shimadzu Corporation, and Siemens Healthineers AG. They manufacture different types of modalities and provide a full range of services.
  • North America is likely to remain a highly lucrative market for medical imaging equipment services during the forecast period. The region holds a major share of the global market due to high adoption of advanced imaging modalities and changing dynamics for reimbursement coverage leading to risen adoption of imaging systems with new technologies. The region has relatively high number of diagnostic imaging centers, providing large market for service providers.

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Rise in Demand for Advanced Diagnostics for Accurate Diagnosis of Life-Threatening Diseases to Drive Market

  • A number of medical imaging modalities are currently enabling three-dimensional (3D)/four-dimensional (4D) visualization with accuracy and rapid diagnoses. Advancements in 3D/4D imaging have led to development of computer-assisted detection (CAD) and image analysis applications. This is driving the market for almost every possible modality and services offerings, primarily in tomographic imaging techniques. Moreover, surgeons are using 3D/4D imaging to plan surgeries, which has led to increased application of these systems.
  • Demand for advanced diagnostics is expected to rise rapidly across the globe in the next few years owing to high prevalence of diseases, increase in the geriatric population, rise in need for superior health care services, and economic development. Advancements in medical imaging equipment are likely to create new opportunities in disease prevention and early disease management by providing cost effective, accurate, and rapid diagnosis of diseases that have been difficult to analyze so far.
  • Increase in demand for diagnostic scans is directly proportional to the services growth rate, which is likely to drive the global medical imaging equipment services market during the forecast period

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Original Equipment Manufacturers Segment to Dominate Market

  • Based on service provider, the global medical imaging equipment services market has been divided into original equipment manufacturers and independent service organizations. The OEMs segment is likely to account for major share of the market share by the end of 2018. The segment is likely to expand at a relatively high CAGR of 4.0% during the forecast period.
  • Several key manufacturers are investing in the expansion of their service offerings. The top four market players offer widest service offerings across different modalities. Moreover, innovations and advancements leading to rapid processing and shorter test time are likely to propel the segment during the forecast period and enhance the market penetration of all OEMs in emerging markets.

Equipment Repair & Maintenance to be Highly Lucrative Segment

  • In terms of service type, the global medical imaging equipment services market has been classified into equipment removal and relocation, equipment repair & maintenance, refurbished systems, technical training, and software upgrades.
  • Limited availability of systems and skilled staff to meet the rising demand for diagnosis leads to higher wear and tear of instruments. This is attributed to higher share of the equipment repair & maintenance segment. The instruments require timely repair and maintenance which is necessary in order to prevent patients from unnecessary radiation exposures.

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North America to Dominate Global Market

  • In terms of region, the global medical imaging equipment services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global Medical Imaging Equipment Services market in 2018, followed by Europe.
  • North America holds a major share of the global market due to high adoption of advanced imaging modalities and changing dynamics for reimbursement coverage leading to risen adoption of imaging systems with new technologies.
  • Europe is a developed market for medical imaging equipment services; hence, its growth rate is sluggish. This can be attributed to the well-established network of major market players, which creates fewer opportunities for growth of new market entrants. However, growing adoption of refurbished systems and favorable health care reimbursement regulations are likely to drive the market in the region during the forecast period.

Competitive Landscape

  • The global Medical Imaging Equipment Services market is fragmented in terms of number of players. Key players in the global market include Agfa-Gevaert Group, Althea Group, Canon Medical Systems Corporation (Canon Inc.), Carestream Health (ONEX Corporation), GE Healthcare (General Electric Company), Hitachi, Ltd., Hologic, Inc., Koninklijke Philips N.V., Shimadzu Corporation, Siemens Healthineers AG, Universal Hospital Services, Inc., among others.

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