Medical Imaging Equipment Services Market Size, Share, Trends, Growth, Consumption, Revenue, Company Analysis and Forecast 2020-2027

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

According to Vision Research Reports, the global medical imaging equipment services market size is projected to surpass US$ 30 billion by 2027 and is expected to expand at a CAGR of 3.7% from 2020 to 2027.

Hospital centric business model favoring long term partnerships is projected to drive the global medical imaging equipment services market during the forecast period. 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. 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.

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.

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

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 2019. 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.

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 2019, 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.

Market Segmentation:

By Service Provider

    • Original Equipment Manufacturers
    • Independent Service Providers

By Service Type

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

By Modality

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

By End-user

    • Hospitals
    • Diagnostic Centers
    • Others

By Region

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

Report Scope

VRR’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 2020 to 2027. The report provides revenue of the global medical imaging equipment services market for the period 2017–2027, considering 2020 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?

Research Methodology

A unique research methodology has been utilized by VRR 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 VRR’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 VRR’s estimates on future prospects of the global Medical Imaging Equipment Services market more reliably and accurately.


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