Published by TMR Research Insights
Posted on August 19, 2021
5 min readLast updated: February 16, 2026
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The growing demand for consumer-centric healthcare has underpinned promising avenues in the medical imaging equipment services market. The trend has paved way to new avenues in patient-cantered healthcare. Numerous operating models have come to the fore including services for repair and maintenances for medical imaging equipment.
Multi-specialty Healthcare Services Growing in Demand, Hospitals Keenly Tapping the Opportunity
Over the past few years, hospitals especially in developed nations, are making shift toward value based servicing offerings. One of the key focus areas is the wide adoption of cutting-edge medical imaging equipment for various specialty such as cardiology, obstetrics and gynaecology, and neurology. Subsequently, multispecialty hospitals patient care has grown in demand in emerging economies in the recent decade, and is a key factor spurring investments in the medical imaging equipment services market.
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On the other side of the spectrum, a growing number of hospitals in the developing regions have been keen on outsourcing one or more clinical services. A case in point is India. These hospitals prefer in-house service engineers. All these trends and factors enforce the prominence of hospitals segment. Indeed, research report on medical imaging equipment services market estimated that of all end-use, hospitals held the major share.
Growing Investments in Public Healthcare Systems Spur Providers to Opt for Constant Technology Upgrades
Market survey on the medical imaging equipment services market finds that number of economies, both developed and emerging, has been increasingly looking to adopt advanced technologies in imaging. This has led hospitals in particular to look for constant technological upgrades through medical imaging equipment services. As a result, both OEMs and vendors have seen new avenues for growth, and are offering value-based servicing offerings. In recent years, medical equipment automation companies have begun growing their stakes in the medical imaging equipment services market.
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Intense Level of Competition to Expand the Scope of New Revenue Streams for All Stakeholders
The medical imaging equipment services market has benefitted from a large influx of demand for high-volume, low-value modalities. Notable examples are ultrasound, bone densitometry, and X ray. A great deal of this trend is underpinned by rapidly rising demands for healthcare for aging population worldwide. In emerging economies notably in Asia, an unmet need exists in a growing patient base.
All these trends have spurred the demand for equipment repair & maintenance services. The competitive landscape of medical imaging equipment services market is thus expected to see some lucrative avenue for incumbent players as well for new entrants looking to gain a foothold by adopting competitive pricing strategies. However, this factor has also changed the course of the market in recent years, as the profit margins of OEMs have suffered due to growing preference of refurbished systems.
Some of the key players actively consolidating their shares or positions in the medical imaging equipment services market are Hitachi, Ltd., Universal Hospital Services, Inc., Siemens Healthineers AG, Koninklijke Philips N.V., and GE Healthcare (General Electric Company), Althea Group.
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Focus on Consumer-Centric Healthcare Makes North America Promising Market
Of the major regions, North America and Europe have been lucrative markets. The former held the major share in 2018, trailed by Europe. The presence of a favorable reimbursement coverage and promising macroenvironmental trends, mainly due to presence of a well-structured healthcare infrastructure, has helped the North America medical imaging equipment services market attain a prominent position. The vast adoption of consumer-centric healthcare is also a key trend.
On the other hand, Asia Pacific is also emerging as a promising region. The large unmet need for cutting-edge technologies for chronic disease management is a key driver.
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The medical imaging equipment services market is expected to grow at a CAGR of 3.5% between 2019 and 2027.
North America and Europe have been lucrative markets, while Asia Pacific is emerging due to unmet needs for advanced technologies.
The demand is driven by a shift towards consumer-centric healthcare and the need for technology upgrades in public healthcare systems.
Key players include Hitachi, Ltd., Universal Hospital Services, Inc., and Siemens Healthineers AG.
The competitive landscape is influenced by the demand for equipment repair and maintenance services, as well as the influx of high-volume, low-value modalities.
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