Medical Imaging Equipment Services Market to Reach US$ 29.2 Bn by 2031, Growing at 6.1% CAGR Driven by Rising Chronic Disease Burden | Latest Report TMR

The global medical imaging equipment services market was valued at US$ 16.2 Bn in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 6.1% from 2022 to 2031. With the increasing demand for advanced diagnostic imaging systems and growing investments in healthcare infrastructure, the market is anticipated to reach US$ 29.2 Bn by the end of 2031.

Growth of the market is largely attributed to the rapid adoption of advanced imaging technologies, rising demand for efficient maintenance and repair services, and the growing installed base of imaging systems across hospitals and diagnostic centers worldwide. Increasing healthcare expenditure and expanding access to diagnostic imaging services are also expected to drive demand for imaging equipment service solutions over the coming years.

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Market Overview

Medical imaging equipment services play a critical role in ensuring the efficient functioning and longevity of diagnostic imaging systems used in healthcare facilities. These services include preventive maintenance, equipment repair, replacement of parts, technical upgrades, and system calibration to ensure optimal imaging performance.

The market landscape is shaped by the presence of original equipment manufacturers (OEMs) and independent service organizations (ISOs). Traditionally, OEMs dominated the market as most medical imaging procedures were performed within hospital settings using proprietary systems. However, the market dynamics have evolved significantly in recent years, with ISOs gaining traction by offering flexible service models, competitive pricing, and specialized technical expertise.

Key Market Growth Drivers

Rise in Prevalence of Chronic Diseases

The increasing prevalence of chronic diseases such as cancer and cardiovascular disorders is significantly boosting the demand for diagnostic imaging services worldwide. Medical imaging technologies play a crucial role in early detection, disease monitoring, and treatment planning.

According to the Global Cancer Observatory (GCO), the number of new cancer cases worldwide stood at 19.3 million in 2020, and this number is expected to reach 28.8 million by 2040. Similarly, cardiovascular diseases continue to be a leading cause of mortality globally.

Technological Advancements in Imaging Equipment

Rapid technological advancements in medical imaging systems, including faster processing capabilities and improved diagnostic accuracy, are also driving the demand for specialized service and maintenance solutions. Modern imaging systems require regular upgrades, calibration, and software updates to maintain optimal performance, creating strong demand for professional service providers.

Emergence of Independent Service Organizations (ISOs)

The increasing presence of independent service organizations has added a competitive dimension to the market. ISOs often offer flexible pricing models, customized maintenance services, and faster response times compared to traditional OEM service contracts. Their ability to provide cost-effective solutions is attracting healthcare providers seeking alternatives to expensive OEM service packages.

Market Challenges & Opportunities

Despite strong growth prospects, the medical imaging equipment services market faces certain challenges. High service costs associated with advanced imaging systems and stringent regulatory requirements for equipment maintenance can limit adoption in some regions.

However, these challenges also create opportunities for innovation and market expansion. The adoption of remote diagnostics, predictive maintenance technologies, and AI-driven monitoring tools can significantly reduce downtime and service costs. Additionally, growing healthcare infrastructure investments in emerging economies are expected to open new revenue streams for service providers.

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Market Segmentation

The global medical imaging equipment services market can be segmented based on service provider, modality, and end-user.

By Service Provider
• Original Equipment Manufacturers (OEMs)
• Independent Service Organizations (ISOs)

The OEM segment accounted for a significant share of the market in 2021 due to strong brand presence and extensive service capabilities. However, ISOs are expected to gain traction as healthcare providers increasingly adopt cost-effective service alternatives.

By Modality
• Computed Tomography (CT)
• Magnetic Resonance Imaging (MRI)
• X-ray
• Ultrasound
• Molecular Imaging
• Others

Among these, molecular imaging is expected to witness strong growth during the forecast period with an anticipated CAGR of 6.6%, owing to its ability to detect diseases at early stages and enable targeted therapies.

By End-user
• Hospitals
• Diagnostic Centers
• Others

Hospitals accounted for the largest share of the market in 2021 and are expected to grow at the fastest rate due to increasing adoption of advanced diagnostic technologies and the rising number of imaging procedures.

Regional Outlook

In terms of region, North America held the largest share of the global medical imaging equipment services market in 2021, accounting for around 35% of the total market. Growth in the region is driven by rising healthcare expenditure, strong presence of advanced medical infrastructure, and a high prevalence of chronic diseases across the United States and Canada.

Additionally, the increasing installed base of advanced imaging systems in hospitals and diagnostic centers continues to generate significant demand for maintenance and service solutions. Strategic investments are also contributing to market expansion. For instance, in July 2021, Canadian private equity firm Novacap announced an investment in Canada Diagnostic Centres (CDC) to support its global business expansion.

The EMEA region and intercontinental markets also represent significant demand for imaging equipment services. The increasing emphasis on early disease detection and improved healthcare accessibility across Asia and Latin America is expected to drive growth in these regions. Furthermore, the presence of major imaging equipment manufacturers such as Shimadzu, Canon Medical Systems Corporation, and Fujifilm Holdings is expected to support market development.

Among emerging regions, Latin America represents a larger market compared to the Middle East & Africa and is expected to expand at a faster pace during the forecast period.

Analysis of Key Players

The global medical imaging equipment services market is moderately consolidated, with both large multinational corporations and specialized service providers competing for market share. Key companies are focusing on expanding their service portfolios, strengthening their global distribution networks, and forming strategic alliances to enhance their market presence.

Prominent companies operating in the market include Althea Group, Agfa-Gevaert Group, Carestream Health (ONEX Corporation), Canon Medical Systems Corporation, Hitachi Ltd., GE Healthcare, Koninklijke Philips N.V., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Hologic Inc., Shimadzu Corporation, Siemens Healthineers AG, Universal Hospital Services Inc., TRIMEDX, United Imaging Healthcare Co., Ltd., and Drägerwerk AG & Co. KGaA.

Key Developments

• In April 2022, Wipro GE Healthcare, the first company to Make in India advanced medical technologies, announced the official launch of 'Made in India' CT System in order to build up access to high-quality medical infrastructure across India.

• In March 2022, Canon Medical Systems announced the acquisition of Nordisk Røntgen Teknik A/S, a Denmark-based medical equipment manufacturer, to expand its X-ray business globally.

• In March 2022, United Imaging Healthcare Co., Ltd. received a contract from Vizient, Inc. for its entire portfolio of MRI and X-ray systems.

• In May 2022, Koninklijke Philips N.V. received FDA 510(k) clearance for the high-performance MR 7700 system featuring an advanced gradient system designed to improve diagnostic imaging quality.

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FAQs

1. What is the projected size of the medical imaging equipment services market by 2031?
The market is expected to reach US$ 29.2 Bn by 2031.

2. What is the expected growth rate of the market?
The market is projected to grow at a CAGR of 6.1% from 2022 to 2031.

3. Which region dominates the medical imaging equipment services market?
North America holds the largest market share, accounting for around 35% in 2021.

4. Which segment is expected to grow fastest by modality?
The molecular imaging segment is expected to grow at a strong rate due to its early disease detection capabilities.

5. Who are the key players in the medical imaging equipment services market?
Major players include GE Healthcare, Siemens Healthineers, Philips, Canon Medical Systems, Shimadzu Corporation, and United Imaging Healthcare.

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