The impact the pandemic has had on the industry is poised to change service requirements associated with medical imaging equipment due to different usage levels for these systems amid the pandemic.
While mobile x-ray systems are anticipated to require high service needs owing to extensive use of the equipment to deal with infected patients, nuclear medicine, MRI, and mammography equipment are likely to hold limited service requirements.
Traditionally, services contracts related to diagnostic imaging equipment cover preventive maintenance and break-and-fix services, with OEM parts, remote diagnostics, technical support over telephone, preventive maintenance, and contracted onsite response time being the commonly used options. These services play an important role in accelerating the repair time and reducing downtime.
Growth in the Medical Imaging Equipment Services Market
Amid the COVID pandemic crisis, the global market for medical imaging equipment services estimated at $20.9 billion in 2022, is projected to reach a revised size of $24.6 billion by 2026, growing at a compound annual growth rate (CAGR) of 4% over the analysis period, according to the “Medical Imaging Equipment Services – Global Market Trajectory & Analytics” report.
Meanwhile, the medical iImaging equipment services market in the U.S. is estimated at $6.2 billion in the year 2022. The country currently accounts for a 29.96% share in the global market.
Equipment repair and maintenance, one of the segments analyzed in the report, is projected to grow, globally, at a 4.6% CAGR to reach $15.2 billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the equipment removal & relocation segment is readjusted to a revised 2.5% CAGR for the next seven-year period. This segment currently accounts for a 12.4% share of the global Medical Imaging Equipment Services market.
China, the world’s second largest economy, is forecast to reach an estimated market size of $2.6 billion in the year 2026 trailing a CAGR of 5.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 3.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR while Rest of European market (as defined in the study) will reach $2.8 billion by the end of the analysis period.