Global Medical Imaging Equipment Services Market to Reach US$29.7 Billion by 2030

The global market for Medical Imaging Equipment Services estimated at US$21.7 Billion in the year 2023, is expected to reach US$29.7 Billion by 2030, growing at a CAGR of 4.6% over the analysis period 2023-2030. OEM, one of the segments analyzed in the report, is expected to record a 4.6% CAGR and reach US$26.1 Billion by the end of the analysis period. Growth in the Other Service Providers segment is estimated at 3.5% CAGR over the analysis period.

The U.S. Market is Estimated at US$6.4 Billion While China is Forecast to Grow at 6.1% CAGR

The Medical Imaging Equipment Services market in the U.S. is estimated at US$6.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.3 Billion by the year 2030 trailing a CAGR of 6.1% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.6% and 4.0% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR.

Global Medical Imaging Equipment Services Market - Key Trends & Drivers Summarized

Medical imaging equipment services are crucial for maintaining the functionality and reliability of imaging devices used in diagnostics and treatment. These services encompass a wide range of activities, including installation, preventive maintenance, calibration, repair, and technical support for various imaging modalities such as MRI, CT scanners, X-ray machines, ultrasound, and PET scanners. Ensuring these machines operate at peak performance is essential for accurate diagnosis and patient safety. Service providers often offer comprehensive service contracts that include regular inspections, software updates, and emergency repairs, helping healthcare facilities minimize downtime and extend the lifespan of their equipment. Additionally, the increasing complexity of imaging technologies necessitates specialized knowledge and training for technicians, further emphasizing the importance of dedicated medical imaging equipment services.

Technological advancements have significantly impacted the medical imaging equipment services sector. Modern imaging devices are increasingly sophisticated, incorporating advanced features such as artificial intelligence, digital imaging, and automated workflows. These innovations have improved diagnostic capabilities but also require more advanced and frequent servicing to ensure optimal performance. Remote monitoring and diagnostics have emerged as key trends, allowing service providers to proactively identify and address issues before they lead to equipment failure. This approach not only reduces downtime but also enhances the efficiency of maintenance processes. Furthermore, the integration of IoT (Internet of Things) in medical imaging equipment enables continuous performance monitoring and predictive maintenance, ensuring that potential problems are detected and resolved promptly.

The growth in the medical imaging equipment services market is driven by several factors. The increasing demand for advanced diagnostic imaging procedures is one major driver, as more healthcare facilities invest in cutting-edge imaging technologies to enhance their diagnostic capabilities. Additionally, the rising prevalence of chronic diseases and the aging population are leading to higher utilization rates of imaging equipment, necessitating regular maintenance and servicing. Technological advancements in imaging equipment also require specialized service expertise, further boosting the demand for professional services. Rise in demand for refurbished medical imaging equipment is also driving demand for services. Moreover, the trend towards value-based healthcare is encouraging hospitals and clinics to focus on maintaining their equipment in top condition to ensure high-quality patient care. Regulatory requirements mandating strict maintenance and calibration standards for medical imaging equipment are also contributing to market growth. Finally, the expansion of healthcare infrastructure in emerging markets is creating new opportunities for service providers, as these regions invest in modern medical imaging technologies to meet the growing healthcare needs. Together, these factors are fostering a dynamic and expanding market for medical imaging equipment services, presenting significant opportunities for continued growth and innovation.