Medical Imaging Equipment Service Trends and Forecast
The future of the global medical imaging equipment service market looks promising with opportunities in the hospital and diagnostic center markets. The global medical imaging equipment service market is expected to reach an estimated $48.77 billion by 2030 with a CAGR of 4.6% from 2024 to 2030. The major drivers for this market are growing number of hospitals across the globe, growing incidence of lifestyle- related diseases, and rising demand for early detection tools.
Country Wise Outlook for the Medical Imaging Equipment Service Market
The medical imaging equipment service market has continued to evolve rapidly, with healthcare facilities facing challenges due to the growing demand for higher-quality diagnostic services. Recent trends in the market include developments in service models, technology integration, and global expansion strategies. These changes aim to ensure better equipment uptime, optimize performance, and extend the lifecycle of imaging devices.
• United States: The latest trends in the U.S. medical imaging equipment service market include the increasing adoption of predictive maintenance technologies and remote diagnostics. Companies use AI and machine learning to forecast equipment failures, thereby reducing downtime and lowering maintenance costs. Additionally, the trend is shifting toward the use of remote diagnostics and support services, as these allow for quicker resolutions with minimal disruptions to healthcare services.
• China: Growth in the medical imaging equipment service market in China is driven by efforts to increase service network coverage while reinforcing local support. This is aligned with the development of healthcare infrastructure and growing regional demand for service providers, who will be in a better position to offer timely maintenance and repairs. Such progress requires investment in technician training programs and the development of service solutions focused on meeting regional demands due to the expanding market needs.
• Germany: In developing the medical imaging equipment service industry, Germany is pushing forward with integrating digital health solutions. This enables companies to integrate technologies such as digital twins and IoT for real-time monitoring of equipment performance and optimization of service schedules. Focus areas include precision and reliability in imaging services, while maintaining the superior healthcare quality for which Germany is renowned.
• India: Cost-effective service solutions for medical imaging equipment have been in greater demand in recent years, as many healthcare facilities in the country operate on limited budgets. Service contract expansions and the increased adoption of hybrid service models, which integrate preventive maintenance with on-demand support, are emerging as new services. Improvements in service infrastructure continue to enhance the overall quality of imaging services, including ongoing technician training.
• Japan: The medical imaging equipment service market in Japan is also characterized by the use of automation and robotics. Companies are increasingly integrating automated systems for routine maintenance and calibration, which helps maintain high accuracy and reduce manual errors. Additionally, Japan is focusing on advanced service solutions that utilize data analytics to optimize equipment performance and extend its lifespan.
Emerging Trends in the Medical Imaging Equipment Service Market
There are several emerging trends in the medical imaging equipment service market that are constantly changing how service delivery and management occur. These trends are driven by the rapid pace of technological innovation, a growing demand for efficiency, and changing healthcare needs.
• Integration of AI and Machine Learning: AI and machine learning are increasingly being integrated into medical imaging equipment services. These technologies improve predictive maintenance capabilities by proactively identifying potential issues before they cause equipment failure. AI analytics will continue to enhance efficiency and reliability by providing advanced features such as optimized service schedules and diagnostics.
• Remote Monitoring and Diagnostics: Remote monitoring and diagnostics are becoming more common in the medical imaging equipment service market. Remote technologies enable real-time tracking of performance, allowing for quicker identification and resolution of issues. This enhances service efficiency, reduces downtime, and improves equipment reliability by allowing technicians to resolve problems remotely.
• Predictive Maintenance: Predictive maintenance is a significant trend in the medical imaging equipment service market. Predictive maintenance systems use data analytics and IoT sensors to predict equipment failure and schedule maintenance activities. The primary benefit of this system is minimizing unplanned shutdowns, which reduces maintenance costs and extends the lifespan of imaging devices.
• Digital Health Integration: The integration of digital health solutions within imaging equipment services is on the rise. Digital platforms improve service management, monitor key performance metrics, and create touchpoints between service providers and healthcare facilities. This approach enhances data management and service delivery while improving overall operational efficiency.
• Cost-Efficiency: Cost-efficiency is becoming a key focus in the medical imaging equipment service market. Healthcare facilities are increasingly seeking service models that offer value for money without compromising high standards of service. Hybrid service contracts, which combine preventive maintenance with on-demand support, are popular because they offer an economical approach without sacrificing quality.
These emerging trends are reshaping the medical imaging equipment service market by improving service efficiency, reducing costs, and enhancing equipment reliability. The integration of artificial intelligence, remote monitoring, predictive maintenance, digital health solutions, and cost-efficiency measures is transforming the delivery and management of imaging equipment services, benefiting both healthcare providers and patients.
Recent Developments in the Medical Imaging Equipment Service Market
Recent growth in the medical imaging equipment service market has shown tremendous development in technology, service models, and international strategies to enhance performance, ensure cost efficiency, and deliver services effectively.
• AI adoption for predictive maintenance: A key trend in the medical imaging equipment service market is the adoption of AI and machine learning for predictive maintenance. These technologies enable the identification of potential equipment failures well in advance, before they actually happen. AI-driven analytics improve maintenance schedules, reduce downtime, and help make imaging equipment more reliable, thus ensuring more effective operations.
• Expansion of remote service capabilities: The capabilities of remote service have expanded to the point where real-time monitoring and diagnostics can now be done for medical imaging equipment. This helps with quicker problem resolution and reduces equipment downtime. Remote service platforms streamline maintenance operations and support, reducing the need for actual site visits and improving the quality of services.
• Improved service contracts and hybrid models: The market is experiencing a shift with the introduction of value-added service contracts and hybrid service models that offer a balanced approach to equipment servicing by combining preventive maintenance with on-demand support. These hybrid contracts are affordable, maintain the equipment in optimal condition, and are expected to be widely accepted by different types of healthcare facilities.
• Integration of IoT and digital health solutions: This represents a massive step toward integrating IoT and digital health solutions into service operations. IoT sensors support the real-time monitoring of equipment performance, while digital health platforms facilitate service management and data tracking. This will further help make better decisions, enhance the effectiveness of services, and ensure overall equipment performance.
• Global service network development: Companies are focusing on the development of their service networks in various regions to meet the growing demand for medical imaging equipment services. This development involves increasing the number of service centers and technicians in a region to provide timely and effective support. The expansion of global service networks enhances accessibility to high-quality service and supports international market growth.
These factors, in turn, serve to strengthen the medical imaging equipment service market by raising efficiency, lowering service costs, and improving equipment reliability. AI adoption, remote service capabilities, hybrid service models, IoT integration, and the expansion of global networks are driving advancements that benefit healthcare providers and enhance the overall quality of imaging services.
Strategic Growth Opportunities for Medical Imaging Equipment Service Market
There are several strategic growth opportunities that can be leveraged to drive innovation and expansion across key applications in the medical imaging equipment service market.
• Development of Customized Service Solutions: Customized service solutions developed to address the various needs of healthcare providers represent a significant opportunity for growth. It is important to offer flexible service contracts and personalized support to boost customer satisfaction and build client relationships. Value-added services capitalize on unique challenges and specific requirements through tailored solutions across diverse healthcare settings.
• Integration with Advanced Data Analytics: The integration of advanced data analytics into service operations provides an opportunity for growth through optimized service management and performance. Data-driven insights help predict equipment failure and enhance maintenance schedules, providing a clear view of service efficiency. By leveraging analytics, informed decisions drive operational improvements in imaging equipment services.
• Adoption of Remote Service Technologies: Growth potential can emerge from adopting technologies that enable remote servicing, allowing services to be delivered more effectively at lower operational costs. In this regard, diagnostics and remote monitoring allow for early detection and swift resolution of issues, reducing the need for on-site interventions. This ensures efficiency in service delivery while expanding service providersÄX%$%X coverage areas, especially in remote or underserved regions.
• Focus on Green Technologies: Emphasizing environmental sustainability in the servicing of equipment creates growth opportunities in line with environmental and regulatory standards. The application of environmentally friendly service solutions, such as energy-efficient maintenance practices and recycling programs, supports sustainability goals and appeals to environmentally conscious customers. Sustainable practices enhance the reputation of service providers and help differentiate their businesses in the marketplace.
• Emerging Markets: Expanding service operations into emerging markets presents significant growth opportunities. As healthcare infrastructure develops, the need for reliable imaging equipment services increases, driving demand. By investing in emerging markets, companies can tap into new revenue streams and contribute to the growth of healthcare facilities.
These growth opportunities are reshaping the medical imaging equipment service market, driving its rapid expansion in developing markets, the customization of solutions, the integration of data analytics, and the adoption of remote technologies for sustainable services. Innovation will continue to emerge by tapping into these opportunities, improving service delivery and promoting market growth for both healthcare providers and patients alike.
Medical Imaging Equipment Service Market Driver and Challenges
Drivers and challenges are influential in the development and growth of the medical imaging equipment service market. This includes factors such as technological advancements, economic considerations, and regulatory imperatives.
The factors driving the medical imaging equipment service market are:
• Technological Advancement: Strong growth results from continuous technological advances in imaging equipment and service solutions. Developments in integrated solutions involving AI, IoT, and digital health have brought increased efficiency to service operations. Thus, improvements in the integration of technologies drive predictive maintenance, real-time monitoring, and service management, increasing the adoption rates of advanced service solutions.
• Increasing Demand for Healthcare Services: Growing pressure in healthcare services raises the demand for efficient and effective imaging equipment services. The expansion of bed capacity and the development of diagnostic services at healthcare facilities further increase the demand for quality servicing and maintenance support. This demand drives growth and encourages investment in advanced service solutions.
• Equipment Uptime and Reliability: The medical imaging equipment service market is highly focused on maximizing equipment uptime and reliability. As such, healthcare providers must ensure consistent, high-quality imaging performance, making quality maintenance and support services essential. This focus on equipment reliability streamlines the adoption of highly advanced service solutions and maintenance practices.
• Global Healthcare Infrastructure Expansion: Growth in global regions, particularly in the healthcare infrastructure of developing economies, fuels growth in the medical imaging equipment services market. There is an increasing demand for comprehensive services and support, particularly with the construction of new healthcare facilities and the renovation of old ones. This expansion has opened new opportunities for service providers to enter new markets and expand operations.
• Regulatory and Compliance Requirements: Regulatory and compliance requirements continue to influence the dynamics of the medical imaging equipment service market by setting standards for equipment performance and service quality. Adherence to these standards ensures the safety and efficacy of imaging equipment and drives the adoption of compliant service solutions. Supportive regulations enhance market growth by providing clear guidance to service providers.
Challenges in the medical imaging equipment service market include:
• High Service Costs: High service costs may inhibit the growth of the medical imaging equipment service market. The nature of maintenance activities, advanced technologies, and the need for skilled technicians all have price implications for the affordability of service solutions. Overcoming this challenge requires finding more cost-effective models of service delivery and optimizing resource allocation to balance quality with affordability.
• Complexity of Equipment Maintenance: The complexity of modern imaging equipment makes service and maintenance difficult. Advanced technologies and complex systems require advanced servicing skills. Training service providers and ensuring they possess the necessary skills to manage complex equipment and maintain high service delivery standards are critical to addressing this challenge.
• Compliance and Standards by Regulatory Bodies: Medical imaging equipment service providers face the challenge of navigating regulatory compliance and standards. Different regions and countries have varying regulations, creating complexities when trying to maintain compliance across multiple jurisdictions. Understanding changes in regulations and adhering to standards are necessary to avoid potential issues and ensure market success.
The main factors driving the growth of the medical imaging equipment service market include technological advancements, increasing healthcare demand, emphasis on equipment uptime, expansion of infrastructure in various regions, and regulatory requirements. The overall market potential is not without challenges; high service costs, sophisticated equipment, and the need to meet regulatory requirements are some of the bottlenecks that may be encountered. There is a need for a balance between these drivers and challenges to advance the market and provide quality imaging equipment services.
List of Medical Imaging Equipment Service Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies medical imaging equipment service companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the medical imaging equipment service companies profiled in this report include-
• Koninklijke Philips
• Hologic
• Shimadzu
• Althea
• Canon Medical Systems
• Agfa-Gevaert
• Hitachi
Medical Imaging Equipment Service by Segment
The study includes a forecast for the global medical imaging equipment service by modality, service type, end use, and region.
Medical Imaging Equipment Service Market by Modality [Analysis by Value from 2018 to 2030]:
• Computed Tomography (CT)
• Magnetic Resonance Imaging (MRI)
• Ultrasound
• X-Ray
• Others
Medical Imaging Equipment Service Market by Service Type [Analysis by Value from 2018 to 2030]:
• Equipment Removal and Relocation
• Equipment Repair and Maintenance
• Refurbished Systems
• Technical Training
• Software Upgrades
Medical Imaging Equipment Service Market by End Use [Analysis by Value from 2018 to 2030]:
• Hospital
• Diagnostic Centers
• Others
Medical Imaging Equipment Service Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Medical Imaging Equipment Service Market Insights
• Lucintel forecasts that, within the modality category, ultrasound will remain the largest segment over the forecast period due to rapid development of advanced ultrasound transducers integrated for biomedical and cardiovascular imaging.
• Within the ens use category, hospital will remain the largest segment due to growing demand for advanced imaging modalities and the integration of surgical suits with imaging technologies.
• In terms of region, North America will remain the largest over the forecast period due to growing number of patients with oncological and cardiovascular disease and presence of a large number of industry players in the region.
Features of the Global Medical Imaging Equipment Service Market
Market Size Estimates: Medical imaging equipment service market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Medical imaging equipment service market size by modality, service type, end use, and region in terms of value ($B).
Regional Analysis: Medical imaging equipment service market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different modalities, service types, end uses, and regions for the medical imaging equipment service market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the medical imaging equipment service market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q.1 What is the medical imaging equipment service market size?
Answer: The global medical imaging equipment service market is expected to reach an estimated $48.77 billion by 2030.
Q.2 What is the growth forecast for medical imaging equipment service market?
Answer: The global medical imaging equipment service market is expected to grow with a CAGR of 4.6% from 2024 to 2030.
Q.3 What are the major drivers influencing the growth of the medical imaging equipment service market?
Answer: The major drivers for this market are growing number of hospitals across the globe, growing incidence of lifestyle- related diseases, and rising demand for early detection tools.
Q4. What are the major segments for medical imaging equipment service market?
Answer: The future of the medical imaging equipment service market looks promising with opportunities in the hospital and diagnostic center markets.
Q5. Who are the key medical imaging equipment service market companies?
Answer: Some of the key medical imaging equipment service companies are as follows:
• Koninklijke Philips
• Hologic
• Shimadzu
• Althea
• Canon Medical Systems
• Agfa-Gevaert
• Hitachi
Q6. Which medical imaging equipment service market segment will be the largest in future?
Answer: Lucintel forecasts that ultrasound will remain the largest segment over the forecast period due to rapid development of advanced ultrasound transducers integrated for biomedical and cardiovascular imaging.
Q7. In medical imaging equipment service market, which region is expected to be the largest in next 6 years?
Answer: North America will remain the largest over the forecast period due to growing number of patients with oncological and cardiovascular disease and presence of a large number of industry players in the region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the medical imaging equipment service market by modality (computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, x-ray, and others), service type (equipment removal and relocation, equipment repair and maintenance, refurbished systems, technical training, and software upgrades), end use (hospital, diagnostic centers, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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