New Analysis from Global Industry Analysts Reveals Steady Growth for Medical Imaging Equipment Services, with the Market to Reach $24.7 Billion Worldwide by 2026

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Mar 22, 2022, 04:25 ET

SAN FRANCISCO, March 22, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Medical Imaging Equipment Services - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
What's New for 2022?

New Analysis from Global Industry Analysts Reveals Steady Growth for Medical Imaging Equipment Services, with the Market to Reach $24.7 Billion Worldwide by 2026

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Edition: 16; Released: February 2022
Executive Pool: 2038
Companies: 56 - Players covered include Agfa HealthCare N.V.; Althea Group; Medical Equipment Solutions and Applications Sagl; BC Technical, Inc.; Canon Medical Systems Corporation; Esaote S.p.A; Fonar Corporation; GE Healthcare; Hitachi Ltd.; Hologic, Inc.; Koninklijke Philips N.V.; Samsung Medison Co., Ltd.; Shimadzu Corporation; Siemens Healthineers; TRIMEDX and Others.
Coverage: All major geographies and key segments
Segments: Service Type (Equipment Repair & Maintenance, Equipment Removal & Relocation, Refurbished Systems, Other Service Types); Service Provider (OEM, Other Service Providers); End-Use (Hospitals, Diagnostic Centers, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Medical Imaging Equipment Services Market to Reach $24.6 Billion by 2026
COVID-19 is poised to change service requirements associated with medical imaging equipment due to different usage levels for these systems amid the pandemic. While mobile X-ray systems are anticipated to require high service needs owing to extensive use of the equipment to deal with infected patients, nuclear medicine, MRI and mammography equipment are likely to hold limited service requirements. Traditionally, services contracts related to diagnostic imaging equipment cover preventive maintenance and break-and-fix services, with OEM parts, remote diagnostics, technical support over telephone, preventive maintenance and contracted onsite response time being the commonly used options. These services play an important role in accelerating the repair time and reducing downtime. However, the pandemic has affected imaging procedures due to postponement or cancellation of elective procedures, influencing short-term service needs. In contrast to mobile X-ray systems, modalities like MRI, mammography and nuclear medicine cameras are slated to witness low service requirements due to limited use of these systems amid the pandemic. Factors like limited operating hours, layoffs of radiologic technologists and closure of various imaging locations are anticipated to impact service demand for these systems.

Amid the COVID-19 crisis, the global market for Medical Imaging Equipment Services estimated at US$20.9 Billion in the year 2022, is projected to reach a revised size of US$24.6 Billion by 2026, growing at a CAGR of 4% over the analysis period. Equipment Repair & Maintenance, one of the segments analyzed in the report, is projected to grow at a 4.6% CAGR to reach US$15.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Equipment Removal & Relocation segment is readjusted to a revised 2.5% CAGR for the next 7-year period. This segment currently accounts for a 12.4% share of the global Medical Imaging Equipment Services market.

The U.S. Market is Estimated at $6.2 Billion in 2022, While China is Forecast to Reach $2.6 Billion by 2026
The Medical Imaging Equipment Services market in the U.S. is estimated at US$6.2 Billion in the year 2022. The country currently accounts for a 29.96% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$2.6 Billion in the year 2026 trailing a CAGR of 5.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 3.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR while Rest of European market (as defined in the study) will reach US$2.8 Billion by the end of the analysis period.

In the post COVID-19 period, increased focus on strengthening healthcare systems, and improving standard of healthcare facilities are expected to fuel demand for new imaging equipment. Large-scale investments in advanced healthcare equipment, including medical imaging equipment will push up the need for equipment maintenance services. Emerging nations, such as China, India, Russia, and Brazil offer plethora of opportunities, due to their continuously growing healthcare infrastructure. Larger and mature markets, such as the United States and Europe, are projected to grow at a moderate pace due to the decline in CT scan procedures in some of these economies.

Refurbished Systems Segment to Reach $5.2 Billion by 2026
Refurbished medical imaging equipment market witnessed significant growth over the past few years, with increased adoption of these cost-efficient devices. This is primarily due to the reduction in reimbursement rates as well as budgetary pressures in the imaging industry. Refurbished medical imaging requires complete overhaul of the imaging equipment, which the service providers provide. The refurbished imaging equipment market represents a high-margin business for most OEMs as well as third party vendors. For instance, the US, Mexico, India, and Romania register high unit sales for refurbished MRI scanners. In the global Refurbished Systems segment, USA, Canada, Japan, China and Europe will drive the 3.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3.2 Billion will reach a projected size of US$4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$646.8 Million by the year 2026, while Latin America will expand at a 4.6% CAGR through the analysis period.
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