Medical Imaging Equipment Services Market Size & Share, by Service Type (Equipment Repair & Maintenance, Refurbished Systems); Modality {Computed Tomography (CT), Magnetic Resonance Imaging (MRI)); Service Provider {Original Equipment Manufacturers (OEMs), Independent Service Providers}; End-user (Hospitals, Diagnostic Centers) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4230
  • Published Date: Feb 14, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Medical Imaging Equipment Services Market size is anticipated to reach USD 29 Million by the end of 2033, growing at a CAGR of 4% during the forecast period i.e., 2023-2033. In the year 2022, the industry size of medical imaging equipment services was over USD 18.8 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.


Medical Imaging Equipment Services Market
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Medical Imaging Equipment Services Sector: Growth Drivers and Challenges

Growth Drivers

  • Growth of the Healthcare Industry – which is responsible for the 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. According to recent data, in 2021, the healthcare industry of the United States was valued at 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 from World Bank, global research and development expenditure in proportion to the 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, the medical technology sector is anticipated to reach a valuation of ~USD 45 billion by the end of 2025.  
  • Increasing Investment in Medical Equipment Sector – According to recent data, in India, there was a 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 – which has increased health costs for individuals and countries. Outpatient costs are rising with increasing complexity and costly technologies.
  • Frequent Product Recalls in Medical Imaging Sector
  • Less Awareness about the Benefits of Medical Imaging Equipment in the Market

Medical Imaging Equipment Services Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~4%

Base Year Market Size (2022)

~ USD 18.8 Million

Forecast Year Market Size (2033)

~ USD 29 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Medical Imaging Equipment Services Segmentation

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:

       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

        By Service Provider

  • Original Equipment Manufacturers (OEMs) (75%)
  • Independent Service Providers (25%)

        By End-User

  • Hospitals
  • Diagnostic Centers

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Medical Imaging Equipment Services Industry - Regional Synopsis

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 2033. 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.

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Medical Imaging Equipment Services Market Size
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Companies Dominating the Medical Imaging Equipment Services Landscape

top-features-companies
    • United Imaging Healthcare Co., Ltd.
      • 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.,
    • Althea Group

In-the-news

In The News

  • 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 Gupta, Shivam Bhutani


  • Report ID: 4230
  • Published Date: Feb 14, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growth of healthcare industry and rising investments in medical equipment sector is estimated to majorly boost the market growth.

The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2023-2033.

High price of medical imaging equipment is estimated to hamper the market growth.

The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

Ans: The major players in the market are United Imaging Healthcare Co., Ltd., Agfa-Gevaert Group, Hitachi, Ltd., General Electric Company, Koninklijke Philips N.V., and others.

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

Ans: The market is segmented by service type, modality, service provider, end-user, and by region.

Ans: The OEMs segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Medical Imaging Equipment Services Market Report Scope
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