Medical Imaging Equipment Services Market
Medical Imaging Equipment Services Market (Service Provider - Original Equipment Manufacturers, Independent Service Providers; Service Type - Equipment Removal and Relocation, Equipment Repair and Maintenance, Refurbished Systems, Technical Training, Software Upgrades; End use - Hospitals, Diagnostic Centers; Modality - Computed Tomography (CT), Magnetic Resonance Imaging (MRI), X-ray, Ultrasound) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
Press Release :
- According to Transparency Market Research’s latest report on the global medical imaging equipment services market for the historical period 2017–2018 and forecast period 2019–2027, Hospital centric business model favoring long term partnerships is projected to drive the global medical imaging equipment services market during the forecast period
- According to the report, the global medical imaging equipment services market was valued at US$ 21.4 Bn in 2018 and is anticipated to expand at a CAGR of 3.5% from 2019 to 2027
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Hospital centric business model favoring long-term partnerships: Key Drivers
- Hospitals was the major end-user segment, accounting for over 50% market share in terms of revenue in 2016. Most of the multispecialty hospitals have in-house service engineers.
- According to investor presentation by Alliance HealthCare Services (Tahoe Investment Group Co., Ltd.), more than 98% of the hospitals outsourced one or more clinical services in 2016
- The segment is projected to register continuous growth, making it more lucrative for investment by OEMs as well as ISOs
- According to the U.S. Centers for Medicare & Medicaid Services’ National Health Expenditure Projections, 2016-2025, hospital spending is expected to increase at an average rate of 5.5% till 2025, primarily due to increase in usage and intensity of hospital services by Medicare’s beneficiaries
- This has driven service providers to increase long-term partnerships for continuous revenue growth
- In January 2018, Althea Group announced vendor-neutral managed equipment service contract at Taunton and Somerset NHS Foundation Trust for the period of 10 years
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Technological upgrades in service offerings
- The global medical imaging equipment services market is witnessing unprecedented dynamics due to shift toward value based servicing offerings. This has induced market players to focus on technological upgrades in order to stand out from competitors.
- In March 2018, Canon Medical Systems Corporation (Canon, Inc.) collaborated with the Kumamoto University and the University of Bordeaux for research on Deep Learning Reconstruction (DLR), an Artificial Intelligence (AI)-based technology in magnetic resonance imaging (MRI)
- In January 2018, Shimadzu Corporation announced the development of new technology that generates tomosynthesis images using coronal section images from a series of X-ray images. The technology is anticipated to be expanded to a range of applicable modalities that use radiography and fluoroscopy principles.
- These innovative technologies used in imaging modalities are projected to drive the upgrade of current systems. This in turn is likely to propel the global medical imaging equipment services market.
Reducing profit margins on servicing costs to Hamper Market
- In case of a hospital or diagnostic center which is about to start offering or expanding imaging modality services, in order to ensure the financial security for the entire life time of equipment, costs of services needs to be affordable as well as predictable. This includes costs of system upgrades, maintenance, application support, and staff training.
- Strong emergence of independent service providers has resulted in increase in the competition, wherein innovations in technologies and solutions and competitive pricing are among key factors affecting competition regarding these products and services. The competition is intense in case of high-volume, low-value modalities such as X ray, ultrasound, and bone densitometry.
- The competitive pricing is resulting in reduced profit margins of OEMs as well as ISOs, especially in case of refurbished systems
- For instance, by the end of 2017, GE Healthcare registered a nominal increase in its profits over that in 2016. However, it was partially offset by pricing pressure on health care systems, primarily including imaging modalities.
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Global Medical imaging equipment services Market: Competitive Landscape
- This report profiles major players in the global medical imaging equipment services market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global medical imaging equipment services market is highly fragmented, with the presence of a number of international as well as regional players
- Leading players operating in the global medical imaging equipment services market are
- 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.
Global Medical imaging equipment services Market: Key Developments
Key players in the global medical imaging equipment services market are engaged in integration of medical IT systems with high-end modalities, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global medical imaging equipment services market. A few expansion strategies adopted by players operating in the global medical imaging equipment services market are:
- In March 2018, Koninklijke Philips N.V. announced the launch of new breakthrough digital imaging and health care informatics solutions for advanced planning, visualization, and software quantification tools as well as rapid MRI processing
- In September 2016, MAGiC (MAGnetic resonance image Compilation) software introduced by GE Healthcare received approval from the FDA, thereby becoming the first contrast MRI technique to deliver contrast in a single acquisition.
The report on the global medical imaging equipment services market discussed individual strategies, followed by company profiles of manufacturers of medical imaging equipment services. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global medical imaging equipment services market.
TMR’s report on the global medical imaging equipment services market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global medical imaging equipment services market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global medical imaging equipment services market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive 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, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon 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 included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global medical imaging equipment services market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global Medical Imaging Equipment Services market.
The report 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 global medical imaging equipment services market that have been profiled in this report.
Key Questions Answered in Global Medical Imaging Equipment Services Market Report
- What is the scope of growth of product companies in the global medical imaging equipment services market?
- What will be the Y-o-Y growth of the global medical imaging equipment services market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global medical imaging equipment services market?
- Will North America continue to be the most profitable market for medical imaging equipment services providers?
- Which factors are anticipated to hamper the growth of the global medical imaging equipment services market during the forecast period?
- Which are the leading companies in the global medical imaging equipment services market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global medical imaging equipment services market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global medical imaging equipment services market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the Medical Imaging Equipment Services market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the medical imaging equipment services market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global medical imaging equipment services market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global Medical Imaging Equipment Services market more reliably and accurately.
Regional Segmentation of Medical Imaging Equipment Services Market
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Global Medical Imaging Equipment Services Market - Segmentation
Original Equipment Manufacturers
Independent Service Providers
Equipment Removal & Relocation
Equipment Repair & Maintenance
Computed Tomography (CT)
Magnetic Resonance Imaging (MRI)
Middle East & Africa