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.

medical imaging equipment services market

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.

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. 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).

Global Medical Imaging Equipment Services Market: Overview

Medical imaging equipment need preventive and periodical maintenance and repairing to safeguard their precision and operational efficiency. Service providers in the medical imaging equipment market are in-house engineers who frequently call on the diagnostic imaging team to troubleshoot difficult equipment problems. 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. Emergence of hospital-centric business model favoring long-term partnerships, technological upgrades in service offerings, and rise in demand for advanced diagnostics for life-threatening diseases are the major factors estimated to fuel the growth of the medical imaging equipment services market by the end of 2025.

This report on the global medical imaging equipment services market comprises an elaborate executive summary, which includes a market snapshot that provides information about the various segments of the market. It also provides information and data analysis of the global market with respect to the segments based on service type, service provider, modality, end-user, and geography. A detailed analysis of key vendors and a distributor’s analysis for medical imaging equipment services are also provided in the report, in terms of major players. Furthermore, the report comprises a snapshot about the rising adoption of remote monitoring technology by medical service providers. Winning imperatives of prominent players have been provided to understand the competitive scenario of the global market. The report projects the evolving trends in the medical imaging services market. An overview of installed base by key countries is provided for the Computed Tomography (CT) and Magnetic Resonance Imaging (MRI) segments for better understanding of regional adoption and demand for these two modalities. A detailed qualitative analysis of drivers, restraints, and opportunities of the market has been provided in the market overview section. In addition, the section provides competitive matrix and company profiles to project the competitive landscape of the market. It also presents market attractiveness analysis for each geography and market share analysis for each key player, thereby offering a thorough examination of the overall competitive scenario of the global medical imaging equipment services market.

Global Medical Imaging Equipment Services Market: Key Segments

The global medical imaging equipment services market has been segmented on the basis of service type, service provider, modality, and end-user. Based on service type, the global medical imaging equipment services market has been categorized into equipment removal & relocation, equipment repair & maintenance, refurbished systems, technical training, and software upgrades. In terms of service provider, the global medical imaging equipment services market has been divided into Original Equipment Manufacturers (OEM) and Independent Service Organizations. Various modalities available in the medical imaging equipment services market are Computed Tomography (CT), Magnetic Resonance Imaging (MRI), ultrasound, x-ray, and others. On the basis of end-user, the medical imaging equipment services market has been segmented into hospitals, diagnostic centers, and others.

The segments have been analyzed based on technological advancements, regional demand for services, regulatory policies for medical imaging equipment services, and ongoing R&D on medical imaging equipment services. Market size and forecast for each of the segments have been provided for the period from 2015 to 2025, along with their respective CAGR for the forecast period from 2017 to 2025, considering 2016 as the base year.

Global Medical Imaging Equipment Services Market: Regional Outlook

Geographically, the global medical imaging equipment services market has been categorized into five major regions and the key countries in the respective region, such as North America (the U.S. and Canada), Europe (the U.K., Germany, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan, India, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America) and Middle East & Africa (South Africa, GCC Region, Israel, and Rest of Middle East & Africa). Market size and forecast for each of these regions and countries have been provided for the period from 2015 to 2025, along with their respective CAGR for the forecast period from 2017 to 2025, considering 2016 as the base year. The research study also covers the competitive scenario in these regions.

Companies Profiled in the Report

The report profiles the major players of the global medical imaging equipment services market along with their company overview, financial overview, product portfolio, business strategies, and recent developments. Major companies covered in the report are 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).

The global medical imaging equipment services market has been segmented as follows:

By Service Provider

  • Original Equipment Manufacturers
  • Independent Service Providers

By Service Type

  • Equipment Removal & Relocation
  • Equipment Repair & Maintenance
  • Refurbished Systems
  • Technical Training
  • Software Upgrade

By Modality

  • Computed Tomography (CT)
  • Magnetic Resonance Imaging (MRI)
  • Ultrasound
  • X-ray
  • Others

By End-user

  • Hospitals
  • Diagnostic Centers
  • Others

By Geography

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • U.K
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • South Africa
    • GCC Region
    • Israel
    • Rest of Middle East & Africa
.