Medical Imaging Equipment Services Market size was over USD 19.63 Million in 2023 and is set to exceed USD 34.35 Million by the end of 2036, witnessing over 4.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of medical imaging equipment services is evaluated at USD 20.41 Million. The increasing cases of chronic, cardiovascular, and neurological diseases are responsible for the surge in the demand for medical imaging equipment in the health sector 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.
The global medical imaging equipment services market is also estimated to witness growth on account of the increasing geriatric population worldwide. Moreover, the integration of digital technology, and automation in medical imaging equipment along with other technological advancements is expected to majorly boost the market growth in the coming years.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
4.4% |
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Base Year Market Size (2023) |
USD 19.63 Million |
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Forecast Year Market Size (2036) |
USD 34.35 Million |
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Regional Scope |
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Service Type (Equipment Repair & Maintenance, Refurbished Systems)
The global medical imaging equipment services market is segmented and analyzed for demand and supply by service providers into OEMs and independent service providers. Among these segments, the OEMs segment held the largest market share of 75% in the year 2022 owing to a large number of medical imaging performed in hospitals. Further, the market is segmented by end-user into hospitals, diagnostic centers, and others. Out of these segments, the hospital segment is anticipated to garner a significant market share over the forecast period, owing to the rising number of hospitals and increasing patient visits to 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.
Our in-depth analysis of the global market includes the following segments:
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By Service Type |
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By Modality |
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By Service Provider |
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By End-User |
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North American Market Forecast
The North America medical imaging equipment services market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036. This can be accredited to the rising cases of cancer and cardiovascular diseases as well as rising technological innovations in medical imaging equipment in the region. According to statistics, in 2019, ischemic heart disease and stroke were responsible for between 8 million and 6 million deaths respectively.
APAC Market Statistics
Further, the market in Asia Pacific is estimated to register significant growth during the forecast period, owing to the rising geriatric population in the economically emerging nations as well as the increasing prevalence of chronic diseases. 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.
United Imaging Healthcare Co., Ltd. - announced that The Center for Quantitative Cancer Imaging at Huntsman Cancer Institute has installed its first of two United Imaging PET/CT scanners, bringing state-of-the-art molecular imaging technology to the CQCI clinical research lab.
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.
Author Credits: Radhika Pawar
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