Medical Imaging Equipment Services Market Demand on Surge with rise in demand for advanced diagnostics at 5.9% CAGR through 2031 - TMR

Medical Imaging Equipment Services Market: Introduction

According to the report, the global medical imaging equipment services market was valued at US$ 15.46 Bn in 2020 and is projected to expand at a CAGR of 5.9% from 2021 to 2031. Government initiatives to improve awareness about advanced technology are anticipated to drive the global medical imaging equipment services market from 2021 to 2031.

North America is expected to account for significant share of the global medical imaging equipment services market during the forecast period. Growth of the medical imaging equipment services market in the region can be attributed to rise in access to healthcare and presence of key players with focus on strategic investment.

The market in Asia Pacific is likely to expand at a high CAGR from 2021 to 2031. Increase in the geriatric population is projected to boost the growth of the market in the region. Moreover, rise in number of independent service organizations (ISOs) entering the market and increase in presence of local OEMs such as Canon Medical Systems Corporation (Canon Inc.), Hitachi, Ltd., and Shimadzu Corporation, who offer technologically advanced services, are likely to augment the global market.

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Rise in Demand for Advanced Diagnostics for Accurate Diagnosis of Life-threatening Diseases to Propel Market

The demand for advanced diagnostics is expected to rise rapidly across the globe over the next few years, owing to high prevalence of diseases, increase in the geriatric population, rise in need of 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.

The increase in the 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.

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Ultrasound Medical Imaging Method to Dominate Market

In terms of modality, the global medical imaging equipment services market has been classified into ultrasound, MRI, CT, X-ray, and others. Ultrasound is the most widely used medical imaging method. The segment dominated the market 2020 due to the presence of leading players such as Koninklijke Philips N.V., GE Healthcare, and Shimadzu Corporation.

Original Equipment Manufacturers to Remain Key in Global Market

Based on service provider, the global medical imaging equipment services market has been bifurcated into original equipment manufacturers and independent service providers. Several key manufacturers invest in the expansion of their service offerings. Moreover, innovations and advancements leading to rapid processing and shorter test time are expected to propel the segment during the forecast period and enhance the market penetration of all OEMs in emerging markets.

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Equipment Repair & Maintenance Service Type to Account for Major Share of Global Market

In terms of service type, the global medical imaging equipment services market has been segregated into equipment removal & relocation, equipment repair & maintenance, refurbished systems, technical training, and software upgrades. Instruments require timely repair and maintenance, which is necessary in order to avoid improper diagnosis. This contributes to the growth of the equipment repair & maintenance segment.

Hospitals to be Major End User

In terms of end-user, the global medical imaging equipment services market has been divided into hospitals, diagnostic centers, and others. The hospitals segment dominated the global market in 2020 due to availability of skilled personnel and high market penetration of leading providers of medical imaging equipment in established as well as emerging markets.

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Competition Landscape

The report provides profiles of leading players operating in the global medical imaging equipment services market. These include 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), and Universal Hospital Services, Inc.

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