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Significant Dip in Screening Procedures Affecting Market Growth amid Coronavirus Pandemic

The coronavirus pandemic has put intense strains on hospitals and clinics across the globe, both operationally & financially. New trends are influencing growth of the medical imaging equipment services market, since millions of elective medical procedures like surgeries to scans have either been cancelled or postponed.

It has been found that women’s health screening has dipped significantly during the ongoing pandemic. A study from JCO Clinical Care Informatics cites a dramatic decrease in mammograms and is creating concerns for future diagnosis of later stage cancer. This is anticipated to affect business activities in the global medical imaging equipment services market. As such, older imaging systems are offering cost advantages to healthcare stakeholders, as there are more imaging engineers with experience for servicing and maintaining them.

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Challenges in Retaining High-talent Imaging Repair Engineers Impact Business Activities

The medical imaging equipment services market is expected to surpass US$ 28.78 Bn by 2031. However, dealing with service providers & contracts and retaining high-talent imaging repair engineers is potentially challenging. Agiliti - a medical equipment management and services company, is finding an opportunity in this challenge to help healthcare facilities access, manage, and maintain medical equipment.

Service providers in the medical imaging equipment services market are teaming up with engineers that are fully trained across all imaging modalities on many of the most popular equipment brands such as Philips, GE, and Siemens, among others.

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Experienced Teams Equipped with Robust Tools to Service Ultrasound Systems

There is a growing demand for services and repair of advanced imaging equipment pertaining to ultrasound, MRI (magnetic resonance imaging), and X-ray. Ultimate Medical Services Inc. - a multi-modality medical imaging sales and service company, is taking advantage of this opportunity to provide services with the help of its experienced team that is equipped with the tools and the ability to service CT (computed tomography) scans, ultrasound systems, and X-rays, among others.

Right from servicing CBCT machines to complete overhaul of new piece of equipment, companies in the medical imaging equipment services market are expanding their services to match the needs of healthcare organizations. Full replacements, software updates and imaging equipment repair services are in high demand.

Use of After-hour Services, Client-focused Customer Service by Healthcare Facilities

The increasing number of med-tech companies are diversifying revenue streams via medical equipment services. Omega Medical Imaging - an innovator in AI (artificial intelligence) image-guided interventional systems for healthcare facilities, has announced the spin-off of the company’s external medical equipment service and repair company named OMI MedTech.

Superior customer service and after-hours availability is being preferred by stakeholders in the healthcare industry. Apart from hospitals, stakeholders in the medical imaging equipment services market are strengthening their services with ambulatory surgery centers, imaging centers and health centers. Client-focused customer service is being tailored to the needs of the medical sector.

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Analysts’ Viewpoint

Although cancellation or postponement of elective medical procedures is affecting market growth amid the coronavirus pandemic, healthcare stakeholders are capitalizing on cost advantages with older imaging systems, owing to high availability of replacement parts and affordable maintenance services. However, inconsistent demand for emergency and preventive maintenance have been emerging as key problems faced by service providers. Hence, companies in the medical imaging equipment services market should accelerate their service response and unlock revenue opportunities through after-hours services to gain a competitive advantage over other service providers during emergency cases. From parts only solutions for current imaging equipment to full coverage 24/7, 365 days; stakeholders are extending their services arms to gain competitive edge.

Medical Imaging Equipment Services Market: Overview

  • This report analyzes the current and future prospects of the global medical imaging equipment services market. Rise in demand for advanced diagnostics for accurate diagnosis of life-threatening diseases is a key factor projected to fuel the growth of the global medical imaging equipment services market during the forecast period.
  • The report provides an elaborate executive summary, which comprises a snapshot of the various segments of the global medical imaging equipment services market. The report also provides information and data analysis of the global medical imaging equipment services market about segments based on modality, service provider, service type, end-user, and region.
  • The overview section of the report provides detailed qualitative analysis of drivers and restraints affecting the global medical imaging equipment services market along with opportunities in the global market
  • Additionally, the global medical imaging equipment services market report includes company profiles and competition matrix, which provide data about their businesses, product portfolios, and competitive landscape in the global medical imaging equipment services market
  • The report includes data analysis on the global medical imaging equipment services market attractiveness by region and segments
  • The last section of the report provides quantitative and qualitative analysis on market share of key players operating in the global medical imaging equipment services market. It elaborates on the key competitive strategies adopted by the major industry players, thereby presenting a thorough understanding of the competitive scenario in the global medical imaging equipment services market.

Medical Imaging Equipment Services Market: Key Segments

  • In terms of modality, the global medical imaging equipment services market has been classified into ultrasound, MRI, CT, X-ray, and others
  • Based on service provider, the global medical imaging equipment services market has been bifurcated into original equipment manufacturers and independent services  providers
  • In terms of 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
  • Based on end-user, the global imaging equipment services market has been divided into hospitals, diagnostic centers, and others
  • The market size and forecast for each of these segments have been provided from 2017 to 2031. The CAGR of respective segment has also been provided for the forecast period from 2021 to 2031, considering 2020 as the base year.

Medical Imaging Equipment Services Market: Regional Outlook

  • In terms of region, the global medical imaging equipment services market has been segmented into North America (U.S. and Canada), Europe (U.K., Germany, Spain, Italy, France, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (GCC Countries, South Africa, and Rest of Middle East & Africa)
  • The report provides market size and forecast for each region and country/sub-region from 2017 to 2031. Compound annual growth rate (CAGR) of each of these regions and countries have also been provided for the forecast period from 2021 to 2031, considering 2020 as the base year. The medical imaging equipment services market study also covers the competitive scenario in these regions.

Companies Mentioned in Report

  • Key players in the global medical imaging equipment services market have been profiled based on key aspects such as company overview, product portfolio, financial overview, recent developments, and competitive business strategies
  • Major companies profiled in the global medical imaging equipment services market report are
    • Agfa-Gevaert Group
    • Althea Group
    • Canon Medical Systems Corporation (Canon, Inc.)
    • Carestream Health (ONEX Corporation)
    • GE Healthcare (General Electric Company)
    • Koninklijke Philips N.V.
    • Hologic, Inc.
    • Fujifilm Holding Corporation
    • Shimadzu Corporation
    • Siemens Healthineers (Siemens AG)
    • Universal Hospital Services, Inc.

Medical Imaging Equipment Services Market – Scope of Report

TMR’s report on the global medical imaging equipment services market studies the past as well as the current growth trends and opportunities to gain valuable insights of the indicators of the market over the forecast period from 2021 to 2031. The report provides the overall revenue of the global medical imaging equipment services market for the period 2017–2031, considering 2020 as the base year and 2031 as the forecast year. The report also provides the compound annual growth rate (CAGR) of the global medical imaging equipment services market for the forecast period 2021–2031.

The report has been prepared after an extensive research. Primary research involved bulk of the research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global medical imaging equipment services market.

Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various phenomena in the global medical imaging equipment services market.

The report includes an elaborate executive summary along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report throws light on the changing competitive dynamics in the medical imaging equipment services market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the medical imaging equipment services market.

The report also delves into the competitive landscape of the global medical imaging equipment services market. Key players operating in the global medical imaging equipment services market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the medical imaging equipment services market profiled in this report.

Key Questions Answered in Medical Imaging Equipment Services Market Report

  • How does the development of medical imaging equipment services provide scope of growth in the global medical imaging equipment services market?
  • How alliances and partnerships between players are widening the scope of new line of therapies for medical imaging equipment service?
  • What are the revenue share projections of key segments under various criteria in the medical imaging equipment services market during the forecast period?
  • Which segment is likely to register highest revenue by the end of the forecast period in 2031?
  • How is the evolving healthcare system in developing countries in Asia Pacific making an impact on the overall medical imaging equipment services market?

Medical Imaging Equipment Services Market – Research Objectives and Research Approach

The comprehensive report on the global medical imaging equipment services market begins with an overview of the market, followed by the scope and objectives of this study. Following this, the report provides detailed explanation of the objectives behind this study and health care compliances laid down by accredited agencies in the purview of line of procedure for medical imaging equipment service.

For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section further divided into smaller ones. The entire report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the entire compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.

The report analyzes the global medical imaging equipment services market in terms of modality, service provider, service type, end-user, and region. Key segments under each criteria are studied at length, and the market share for each of these at the end of 2031 has been provided. Such valuable insights enable market stakeholders in making informed business decisions for investment in the global medical imaging equipment services market.

Medical Imaging Equipment Services Market – Segmentation

Modality
  • Ultrasound
  • MRI
  • CT
  • X-ray
  • Others
Service Provider
  • Original Equipment Manufacturers
  • Independent Service Providers
Service Type
  • Equipment Removal & Relocation
  • Equipment Repair & Maintenance
  • Refurbished Systems
  • Technical Training
  • Software Upgrades
End-user
  • Hospitals
  • Diagnostic Centers
  • Others
Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Medical Imaging Equipment Services Market

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