Medical Imaging Equipment Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
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).
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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.
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.
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Diagnostic Centers Register Significant CAGR by the end of 2025
Hospitals generated the highest revenue in 2016 owing to the availability of skilled workforce and high penetration of leading providers of medical imaging equipment in the established as well as emerging markets. However, increasing penetration of private service providers and growing preference of patients for outpatient settings are estimated to boost the demand for diagnostic centers with a significant CAGR during the forecast period.
Asia Pacific to Offer Maximum Incremental Opportunity in Global Medical Imaging Equipment Services Market
In terms of value, North America was the leading contributor to the global medical imaging equipment services market in 2016. Increase in preference for early diagnostic scans among the geriatric population is directly proportional to the rise in usage and servicing frequency of imaging equipment, thereby driving the medical imaging equipment services market in North America. However, technological innovations such as cloud-based monitoring and remote monitoring technology are attracting new players to Asia Pacific. The growing installed base of high-end refurbished modalities in China and India is boosting the business of independent service providers are estimated to augment the growth of the medical imaging equipment services market in Asia Pacific with the maximum CAGR during the forecast period.
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Key Players such as GE Healthcare, Siemens Healthineers AG, and Koninklijke Philips N.V. are Likely to Continue to Lead the Global Medical Imaging Equipment Services Market
The global medical imaging equipment services market is highly consolidated with three to four players dominating the overall services market. In terms of independent service organizations, the market is relatively fragmented, with each of them having strong presence in respective regional/local markets. The major independent service providers are strategically expanding their business through long-term partnerships with major professional end-users. The report also provides profiles of the leading players operating in global medical imaging equipment services market, which include Universal Hospital Services, Inc., Shimadzu Corporation, Hologic, Inc., Hitachi, Ltd., Carestream Health (ONEX Corporation), CANON MEDICAL SYSTEMS CORPORATION (Canon Inc.), Althea Group, and Agfa-Gevaert Group.
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