Medical Imaging Equipment Services Market: Equipment Repair & Maintenance to be Highly Lucrative Segment

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

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.

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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

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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.

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