Medical Imaging Equipment to Register a CAGR of More than 3.0% from 2017 to 2025

Posted by Sachin Darakhe on January 3rd, 2020

The global medical imaging equipment services market was valued at approximately US$ 19.9 Bn in 2016 and is projected to register a cumulative annual growth rate (CAGR) of more than 3.0% from 2017 to 2025, according to a new report titled, “Medical Imaging Equipment Services Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025”, published by Transparency Market Research (TMR). The report projects that availability of multiplexed and integrated modalities with high throughput is likely to spur the demand for medical imaging equipment services in the upcoming years (2017 to 2025). Rise in the trend of budgeted healthcare systems with improved patient comfort and increase in the demand for higher uptime in the developed markets such a North America and Europe are likely to fuel the growth of the medical imaging equipment services market in these regions. Growing market penetration of refurbished systems to cater to the demand for affordable care and early diagnosis of diseases are expected to boost the growth of the medical imaging equipment services market in Asia Pacific, registering a CAGR of above 4.0% from 2017 to 2025.

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Changing Dynamics towards Value-Based Offerings Causing Intensifies Competition among Service Providers Operating In the Market

According to investor presentation by Alliance HealthCare Services (Tahoe Investment Group Co., Ltd.), more than 98% of the hospitals across the globe outsourced one or more of their clinical services in 2016. Technological upgrades in service offerings are projected to fuel the growth of the medical imaging equipment services market during the forecast period. However, emergence of independent service providers with innovation in technology and solutions and competitive pricing has intensified the competition. By the end of 2017, GE Healthcare registered a nominal increase in its profits as compared to 2016. However, it was partially offset by the pricing pressure on healthcare systems, especially in imaging modalities. These factors are estimated to restrain the growth of the medical imaging equipment services market by the end of 2025.

Original Equipment Manufacturers to Witness Consistent Growth during the Forecast Period

The report offers a detailed segmentation of the global medical imaging equipment services market based on service type, modality, service provider, and end-user. Growth of the original equipment manufacturers segment can be ascribed to the investment made by various OEMs toward expanding their service offerings and also to the increasing demand for higher uptime of imaging equipment.

Equipment Repair & Maintenance to Account for Maximum Revenue during the Forecast Period

Types of service available in the medical imaging equipment services market are equipment removal and relocation, equipment repair & maintenance, refurbished systems, technical training, and software upgrades. Out of these, the equipment repair & maintenance segment accounted for the leading share of the market in 2016, and is anticipated to remain dominant throughout the forecast period. Equipment generally require timely repair and maintenance in order to avert patients from unnecessary radiation exposures. This is projected to fuel the growth of the segment during the forecast period.

Computed Tomography to be Highly Promising Modality for Investment

In terms of modality, the global medical imaging equipment services market has been segmented into magnetic resonance imaging, computed tomography, ultrasound, x-ray, and others. The computed tomography segment held the dominant share of the market in 2016. According to the Organization for Economic Co-operation and Development Data, in Australia, the installed base of CT per 1,000,000 population increased from 43.07 in 2010 to 63.17 in 2016.

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Sachin Darakhe

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Sachin Darakhe
Joined: August 12th, 2019
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