The Global Market for Medical Imaging Equipment Services is Projected to Reach US$17.3 Billion by 2022

Growing Installed Base of Imaging Equipment to Drive the Medical Imaging Equipment Services Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Medical Imaging Equipment Services market. The global market for Medical Imaging Equipment Services is projected to reach US$17.3 billion by 2022, driven by the increasing healthcare burden of infectious and chronic diseases, growing demand for diagnostic procedures and the ensuing expansion of the installed base of imaging equipment across hospitals, private clinics and diagnostic centers across the world.     

Medical imaging equipment play an indispensable role in modern healthcare practices, contributing significantly to the improvement in overall patient care. Factors such as aging population, increasing incidence of various diseases, rising focus on preventive healthcare, growing investments in healthcare infrastructure and rising volume of diagnostic procedures are driving demand for medical imaging equipment. Medical imaging equipment services refer to a wide array of services including repair and maintenance of medical imaging equipment, which are critical to routine and profitable operations of healthcare establishments such as hospitals. Imaging equipment services enable reduction in downtime and thereby revenue losses for equipment owners. Hospitals and other facilities usually source equipment services either from original equipment manufacturers (OEMs), third party providers such as Independent Service Organizations (ISOs) or rely on in-house clinical engineering departments. OEMs dominate the market for medical imaging equipment services worldwide, driven by a slew of factors such as increasing technology sophistication, purchase of up-to-date equipment, and perceived higher reliability as compared to other third party service providers.  

The world healthcare sector operates under challenging conditions, typified by lower reimbursements, growing costs, declining budgets and growing pressure on profits. Cost containment has therefore emerged as a major operational strategy. The scenario is driving demand for equipment services from ISOs who offer similar services as OEMs at lower costs. The market is also witnessing a trend towards recruiting and training in-house biomedical and clinical engineers in clinical engineering departments in large hospitals to achieve savings on equipment services and realize higher equipment uptime. The trend is driving demand for various training services. Hard-pressed to cut down on expenditure, some hospitals are moving away from full service contracts to alternative packages such as time and material contracts. Other trends prevailing in the market include growing prominence of remote equipment services and sophistication in technologies such as digital radiography in place of conventional X-Rays which promise lower downtime and reduced on-site visits and service costs. 

As stated by the new market research report on Medical Imaging Equipment Services, the United States represents the largest market worldwide supported by developed healthcare infrastructure, large installed base of imaging equipment, and adoption of advanced imaging technologies. Asia-Pacific ranks as the fastest growing market with a CAGR of 8.2% through the analysis period led by factors such as growing population, rising healthcare needs, increasing disposable income and per capita healthcare spending, developing healthcare infrastructure, establishment of new hospitals and healthcare institutions, rising patient awareness over the availability of advanced medical imaging technologies, and growing prominence of affordable medical tourism services including diagnostic services in low cost Asian countries.

Major players covered in the report include Agfa Healthcare NV, Aramark Healthcare, BC Technical, Inc., Esaote S.p.A, Fonar Corporation, GE Healthcare, Hitachi Ltd., Hologic, Inc., Pantheon Healthcare Group, Medical Equipment Solutions and Applications Sagl, Philips Healthcare, Samsung Medison Co., Ltd., Shimadzu Medical Systems, Siemens Healthcare and Toshiba Medical Systems Corporation among others. 

The research report titled “Medical Imaging Equipment Services: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Medical Imaging Equipment Services in value terms for all major geographic markets such as United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa and Latin America (Brazil and Rest of Latin America). Global and regional markets are further analyzed by service providers – OEM and Others.

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