Global Medical Imaging Equipment Services Market to Reach US$12.35 Billion by 2017, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Medical Imaging Equipment Services markets. The global market for Medical Imaging Equipment Services is forecast to reach US$12.35 billion by the year 2017. Principal factors driving market growth include rising aging population, growing need for imaging procedures, technological advancements, growing demand for high-end imaging and replacement systems, emerging clinical applications, and increasing preference for refurbished equipment. Expanding portfolios of service providers, multi-vendor services, and growing demand from the mobile medical imaging equipment sector constitute the other factors driving the market for Medical Imaging Equipment Services.

Medical Imaging Equipment Services: A Global Strategic Business Report

Follow us on LinkedIn – Pressure from the recession, which severely impacted most industrial sectors forced growth to slowdown in the healthcare industry, which was once widely opined to be recession resilient. With most medical equipment and systems, in particular medical imaging equipment, being capital intensive investments, tight liquidity, reduced credit availability, capital shortages, and high borrowing rates triggered by the recession forced hospitals and healthcare facilities to reduce capital expenditures on new equipment. In the United States, for instance, reductions in federal funding, coupled with declines in philanthropic donations, put hospitals under severe financial pressures to block investments in medical equipment. Subsequently, medical imaging equipment, including X-ray, Ultrasound, Magnetic Resonance Imaging, Computed Tomography, PET Scanners, Gamma Cameras also came under the yoke of recessionary pressure.

However, despite the reduction in new purchase orders for medical imaging equipment, the market witnessed a sudden spurt in demand for the servicing of older equipment. For instance, refurbished equipment registered encouraging gains in several regions, including the US and Europe. Procurement of used systems or refurbishment of existing machines became a common practice in the US and Europe. In addition, existing machines were overhauled to address the growing demand for imaging procedures. This, in turn, spurred the growth of equipment parts, and helped service providers to earn revenues. However, by the year 2010, the marketplace bounced back, primarily due to factors such as technological advancements, growing demand for high-end imaging and replacement systems, and emerging clinical applications.

Demand for medical imaging equipment services is expected to be stimulated by the growth in the installed base of advanced medical imaging equipment, such as magnetic resonance imaging (MRI) and positron emission tomography (PET). The US is the largest market for medical imaging equipment services, with Europe being at a distant second, as stated by the new market research report on Medical Imaging Equipment Services. The US medical imaging equipment services market is driven by aging population, emerging clinical applications, and technological advancements. Growth for medical equipment services is, however, expected to emanate from the developing regions, including Asia-Pacific, Latin America, and the Middle East. Of the three, Asia-Pacific is the fastest growing market, and is forecasted to exhibit a compounded annual rate of more than 6.71% during the analysis period 2009-2017. In terms of service providers, Original Equipment Manufacturers (OEMs) constitute for a major share of the market, and include leading medical equipment manufacturers, such as GE Healthcare, Philips Healthcare, Siemens, and Toshiba Medical. These manufacturers are also expected to project a faster growth compared to other service providers, such as Independent Service Organizations (ISOs) and Clinical Engineering Departments.

To meet increasing requirements of hospitals for total solutions in addition to the traditional maintenance and repairs, many service providers are expanding their portfolios to include technology assessment, asset management, education, training, and consultation services. The service providers are focusing on providing complete asset management services to hospital chains that are spread across different geographic regions. The one-stop strategy helps the beleaguered medical imaging equipment services industry that is experiencing falling repair rates in the traditional repairs and servicing areas to search revenues in the above non-traditional areas. Service providers are also focusing more on multi-vendor services. In addition, high-end static models used for medical imaging is giving way to less-expensive mobile medical imaging equipment. Demand for servicing medical equipment is expected from other areas such as from the mobile medical imaging equipment sector.

Major players profiled in the report include Agfa-Gevaert N.V, Aramark Healthcare, Barco N.V., BioClinica Inc., Esaote Biomedica, Fonar Corp., GE Healthcare, Genesis Medical Imaging Inc., Hitachi Medical Corp., Hitachi Aloka Medical, Hologic Inc., Samsung Medison Co., Ltd., Merry X-Ray Corp., Philips Healthcare, Siemens Healthcare, Shimadzu Medical Systems, Toshiba Medical Systems Corp., among others.

The research report titled “Medical Imaging Equipment Services: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the Medical Imaging Equipment Services markets, current market trends, key growth drivers, recent product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The study also provides a detailed analysis of the Medical Imaging Equipment market, including key modalities such as Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Nuclear Imaging, X-Ray, and Ultrasound. The report provides annual sales estimates and projections for Medical Imaging Equipment Services for the years 2009 through 2017 for the following geographic markets – The United States, Canada, Japan, Europe, Asia–Pacific (excluding Japan), The Middle East, and Latin America. Key segments analyzed include OEM (Original Equipment Manufacturer), ISO (Independent Service Organization), and Other Service Organizations. Also, a six-year (2003-2008) historic analysis is provided for additional perspective.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Medical_Imaging_Equipment_Services_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/
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