Medical Imaging Equipment Services Market is Predicted to Reach a Valuation of US$ 27.0 Bn by the End of 2025
Global Medical Imaging Equipment Services Market – Snapshot
The global medical imaging equipment services market is witnessing unprecedented dynamics due to shift toward value-based service offerings. This has induced market players to focus on technological upgrades in order to stand out among competitors. The global medical imaging equipment services market was valued over US$ 19.0 Bn in 2016, and is expected to surpass US$ 27.0 Bn by the end of 2025. The global medical imaging equipment services market comprises service providers such as Original Equipment Manufacturers (OEM) and Independent Service Providers (ISP), who provide the following services: equipment removal & relocation, equipment repair & maintenance, refurbished systems, technical training, and software upgrades. The market is projected to register a CAGR of more than 3.0% during the forecast period.
Several key players are providing technological upgrades as a part of their maintenance services, which is a major factor propelling the demand for medical imaging equipment services during 2018-2026. Emergence of Hospital centric business model favoring long term partnerships, which is improving technological upgrades in service offerings is a major factor that is estimated to fuel the growth of medical imaging equipment services market by the end of 2025. However, reducing profit margins on servicing costs is likely to hamper the growth of the medical imaging equipment services market during the forecast period.
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The global medical imaging equipment services market has been segmented on the basis of service type, service providers, modality, and end-user. Based on service type, the global medical imaging equipment services market is categorized into equipment removal & relocation, equipment repair & maintenance, refurbished systems, technical training, and software upgrades. The equipment repair & maintenance segment accounted for the leading market share in 2016, and is projected to remain dominant throughout the forecast period. Limited availability of systems and skilled staff to meet the rising demand for diagnosis leads to higher wear and tear of instruments, which in turn, is projected to augment the market share of the segment by 2025.
In terms of service provider, the global medical imaging equipment services market is classified into Original Equipment Manufacturers (OEM) and Independent Service Organizations. Innovations and advancements leading to rapid processing and shorter test time are likely to propel the OEM segment during the forecast period with a relatively significant CAGR and enhance the penetration of OEMs in emerging markets. Various modalities available in the medical imaging equipment services market are Computed Tomography (CT), Magnetic Resonance Imaging (MRI), ultrasound, x-ray, and others. Out of these, CT generated the maximum revenue in 2016 and is likely to lead the market during 2017-2025.
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Relatively higher cost of annual service contracts, increase in installed base, and superior technological advancements in the current generation CT are projected to drive the segments growth during the forecast period. On the basis of end-user, the medical imaging equipment services market has been bifurcated into hospitals, diagnostic centers, and others. Hospitals held the dominant share of the market in 2016. However, diagnostic centers are projected to reflect the highest CAGR during 2017-2025, which can be attributed to the increasing penetration of private service providers and rising preference of patients for outpatient settings, boosting the demand for affordable services.
Geographically, the global medical imaging equipment services market has been segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds the major share of the global market due to high adoption of advanced imaging modalities and changing dynamics for reimbursement coverage. Asia Pacific is expected to register the highest CAGR during the forecast period, due to increasing health care expenditure and growing focus of key players in emerging markets such as China and India. Latin America and Middle East & Africa are lucrative markets for medical imaging equipment services with immense growth potential due to the presence of urban population demanding advanced health care infrastructure and increasing per capita expenditure on health care in these regions.
Key companies operating in the global medical imaging equipment services market and profiled in the report include GE Healthcare (General Electric Company), Hitachi, Ltd., Hologic, Inc., Koninklijke Philips N.V., Shimadzu Corporation, Siemens Healthineers AG, Universal Hospital Services, Inc., Agfa-Gevaert Group, Althea Group, CANON MEDICAL SYSTEMS CORPORATION (Canon Inc.), and Carestream Health (ONEX Corporation).