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 |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
4.4% |
|
Base Year Market Size (2024) |
USD 20.61 million |
|
Forecast Year Market Size (2037) |
USD 36.07 million |
|
Regional Scope |
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Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
In the year 2025, the industry size of medical imaging equipment services is assessed at USD 21.34 million.
The medical imaging equipment services market size was over USD 20.61 million in 2024 and is anticipated to cross USD 36.07 million by 2037, witnessing more than 4.4% CAGR during the forecast period i.e., between 2025-2037. The growth of healthcare industry and rising investments in medical equipment sector will drive the market demand.
North America industry is anticipated to hold largest revenue share of 36% by 2037, accredited to rising cases of cancer and cardiovascular diseases as well as rising technological innovations in medical imaging equipment in the region.
The major players in the market are United Imaging Healthcare Co., Ltd., 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
