Menu ×

HEALTHCARE & PHARMACEUTICAL

Medical Imaging Equipment Services Market Analysis by Service Type (Equipment Repair & Maintenance, Refurbished Systems, Technical Training and Software Upgrades); by Modality {Computed Tomography (CT), Magnetic Resonance Imaging (MRI), X-Ray, Ultrasound and Others); by Service Provider (Original Equipment Manufacturers and Independent Service Providers); and by End-User (Hospitals, Diagnostic Centers and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

  • Text Size:

Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

Request Insights

Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

Read More

IN THE NEWS

  • April, 2020: Althea: Key role played by Althea at NHS Nightingale Hospital in London in treating COVID-19 patients, having specialist biomed engineers unpacking, building, testing and commissioning over 2750 pieces of equipment. The life-saving medical items used were 10 ventilators, 329 patient monitoring devices, 457 monitoring trolleys, 21 defibrillators and 198 infusion pumps.

  • July, 2022: Canon Medical Systems: A new MRI system, Vantage Fortian at ECR 2022 has been launched by Canon Medical. It provides image enhancement, accelerated scan technology and thereby reducing the time required for MRI procedures.

Global Medical Imaging Equipment Services Market Size, Forecast, and Trends Highlights Over 2022 - 2031

Medical Imaging Equipment Services Market Size Chart

The global medical imaging equipment services market is estimated to garner a revenue of ~USD 29 billion by the end of 2031 by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 16 billion in the year 2021. The demand for medical imaging equipment is increasing in the health sector on the back of increasing cases of chronic, cardiovascular and neurological diseases worldwide. According to estimates, in 2021, approximately 1,800,000 new cancer cases were diagnosed in the United States. Furthermore, according to the World Health Organization (WHO) data, globally about 17.9 million people died of cardiovascular diseases in 2019.

Medical Imaging Equipment Services Market Size

Get more information on this report: Request Sample PDF

The global medical imaging equipment services market is also estimated to witness growth on account of increasing geriatric population worldwide as people aged 65 and above are more prone to suffer from cardiovascular diseases. According to WHO data, by the end of 2030, the population aged 60 years and above is estimated to be around 1.4 billion, up from 1 billion in 2020. Furthermore, by 2050, this figure is projected to reach 2.1 billion. Moreover, the integration of digital technology, automation in medical imaging equipment along with other technological advancements is expected to majorly boost the market growth in the coming years.

Global Medical Imaging Equipment Services Market: Growth Drivers and Challenges

Growth Drivers

  • Growth of Healthcare Industry - According to recent data, in 2021, the healthcare industry of the United States was valued approximately ~800 billion USD.

  • Rising Export of Medical Equipment – As per the data, in India, exports of medical devices stood at ~USD 2.4 billion in 2019-20, which is expected to reach ~USD 9 billion by the end of 2025.

  • Increased Research & Development Expenditure – As per data by World Bank, global research and development expenditure in proportion with gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.

  • Growth of Medical Technology – As per data, in India, medical technology sector is anticipated at reach valuation of ~USD 45 billion by the end of 2025.   

  • Increasing Investment in Medical Equipment Sector – According to recent data, in India, there was total foreign investment of around USD 300 million in the medical equipment sector in 2020, up from ~USD 150 million in 2019.

Challenges

  • High Cost Associated with Medical Imaging Equipment
  • Frequent Product Recalls in Medical Imaging Sector
  • Less Awareness about the Benefits of Medical Imaging Equipment in the Market

The global medical imaging equipment services market is segmented and analyzed for demand and supply by end-user into hospitals, diagnostic centers and others. Out of these segments, hospital segment is anticipated to garner the largest market share over the forecast period, owing to the increasing adoption of medical imaging equipment in the hospitals and rising number of hospitals globally. According to estimates, in 2020, there are about 6000 registered hospitals in the United States, in addition, the number of hospitals in Japan in the same year was about 8000. Moreover, rising number of skilled professionals in the hospitals sector is also contributing to the growth of segment in the coming years.

Major Macro-Economic Indicators Impacting the Market Growth

Medical Imaging Equipment Services Market Chart

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Medical Imaging Equipment Services Market Regional Synopsis

Regionally, the global medical imaging equipment services market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to hold the largest market share by the end of 2031. This can be accredited to the rising cases of cancer and cardiovascular diseases in the region. According to statistics, in 2019, ischemic heart disease and stroke were responsible for between 8 million and 6 million deaths respectively. Moreover, the expansion of health care industry and rising technological innovations in medical imaging equipment are also expected to drive the market growth in the region over the forecast period.

Further, the market in Asia Pacific is estimated to register the significant growth during the forecast period, owing to the rising geriatric population in the economically emerging nations such as India and China. According to the World Health Organization (WHO) data, in 2019, the population aged 60 years and above, stood at around 254 million in China, of which 176 million were 65 years of age and above. By the end of 2040, it is estimated that about 28% of the population in China, i.e., 402 million, will be over the age of 60. Moreover, the increasing prevalence of chronic diseases coupled with rising investments in the development of artificial intelligence-based medical equipment and machinery is anticipated to drive the growth of the global medical imaging equipment services market in the coming years.

Medical Imaging Equipment Services Market Regional Synopsis

Get more information on this report: Request Sample PDF

The global medical imaging equipment services market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global medical imaging equipment services market includes the following segments:

By Service Type

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

By Modality

  • Computed Tomography (CT)
  • Magnetic Resonance Imaging (MRI)
  • X-Ray
  • Ultrasound
  • Molecular Imaging
  • PET & PET/CT
  • Nuclear Medicine
  • Radio Pharmacy Service
  • Others

By Service Provider

  • Original Equipment Manufacturers
  • Independent Service Providers

By End-User             

  • Hospitals
  • Diagnostic Centers
  • Others

Top Featured Companies Dominating the Global Medical Imaging Equipment Services Market

  • Althea Group

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Agfa-Gevaert Group
  • Canon Medical Systems Corporation (Canon Inc.)
  • Hitachi, Ltd.,
  • GE Healthcare (General Electric Company)
  • Carestream Health (ONEX Corporation)
  • Koninklijke Philips N.V.
  • Shenzen Mindray Bio-Medical Electronics Co., Ltd
  • Universal Hospital Services Inc.,
  • TRIMEDIX

FREQUENTLY ASKED QUESTIONS


Related Reports


Disclaimer | Privacy Policy | Terms & Conditions

Copyright © 2021 Research Nester. All Rights Reserved