The global market for medical imaging equipment services is projected to reach a size of $21.7 billion by 2027, from an estimated $17.4 billion in 2020, according to the newly released report “Global Medical Imaging Equipment Services Industry.” This reflects a projected compound annual growth rate (CAGR) of 3.2% for this period and takes into account the impact of the COVID-19 crisis on the market.
OEM, one of the segments analyzed in the report, is projected to grow at a 3.4% CAGR to reach $19.4 billion by the end of the analysis period.
After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the other service providers segment is readjusted to a revised 1.9% CAGR for the next seven-year period. This segment currently accounts for a 11.8% share of the global medical imaging equipment services market.
The United States currently accounts for over 27% of global market size, with the country’s market estimated at $4.7 billion. China, the world’s second largest economy, is forecast to reach an estimated market size of $4.5 billion in the 2027 trailing a CAGR of 5.9% through 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.9% and 2.4%, respectively, over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.6% CAGR while the rest of European market (as defined in the study) will reach $4.5 billion by 2027.
The 173-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Read the full “Global Medical Imaging Equipment Services Industry” report.