The US medical imaging equipment services market is expected to reach US$ 5,848.2 Mn in 2027 from US$ 4,169.0 Mn in 2018. The market is estimated to grow with a CAGR of 3.9% from 2019-2027.
The growth of the market is driven by factors such as rising numbers of hospital and diagnostics centers, better quality performance due to service, and rising prevalence of chronic and acute diseases. However, the market is likely to get impacted by the risk factor such as lack of funds/grants for the diagnostic equipment during the forecast period.
There are has been a significant rise in the diagnostic industry in the last few years due to the transformation in the healthcare systems. For every minor and major health conditions, patients visit hospitals to get diagnosed with the problems. The hospitals and diagnostics centers assist doctors and physicians in offering the best treatment and helps to improve patient’s health. In the United States, the rising number of population is the critical factor that is leading to increasing numbers of hospitals and diagnostic centers. For instance, the names of hospitals are rising in the US. According to the recent data published for the year 2019, by the American Hospitals Association states that there is nearly 6,210 number of hospitals across the country. Also, it indicates that the number of hospitals has been increased by almost 700, and among them, approximately 400 are community hospitals. Therefore, owing to the above-mentioned factors, the market is likely to propel in during the forecast period.
Additionally, the presence of robust products has been witnessed in the medical imaging equipment services market. For instance, in February 2019, Royal Philips launched the advanced CT for helping the imaging departments and healthcare organizations to meet their most pressing financial, clinical and operational goals. Such launches are anticipated to help the companies strengthen their portfolio as well as to hold a better position in the medical imaging equipment services market.
The US medical imaging equipment services market is segmented based on the service type, service providers, modality, and end user. Among the service type segment, the equipment repair and maintenance segment is expected to grow at a significant rate of 4.5% during the forecast period. In 2019, the equipment repair and maintenance segment held the largest market share in the US medical imaging equipment services market.
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US MEDICAL IMAGING EQUIPMENT SERVICES– MARKET SEGMENTATION
By Service Type
- Equipment Repair and Maintenance
- Refurbished Systems
- Technical Training
- Equipment Removal and Relocation
- Software Upgrades
By Service Providers
- Original Equipment Manufacturers (OEM)
- Independent Service Organizations
By Modality
- X-Ray
- Ultrasound
- Magnetic Resonance Imaging (MRI)
- Computed Tomography (CT)
- Others
By End User
- Hospitals
- Diagnostic Centers
- Others
Companies Mentioned
- GENERAL ELECTRIC
- Siemens Healthineers AG
- Hitachi, Ltd.
- Hologic Inc.
- Koninklijke Philips N.V.
- Shimadzu Corporation
- Canon Inc.
- Carestream (Onex Corporation)
- Agility Health
- Althea Group
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Service Type, Service Providers, Modality, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 US Medical Imaging Equipment Services Market – By Service Type
1.3.2 US Medical Imaging Equipment Services Market – By Service Providers
1.3.3 US Medical Imaging Equipment Services Market – By Modality
1.3.4 US Medical Imaging Equipment Services Market – By End User
2. US Medical Imaging Equipment Services Market – Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. US Medical Imaging Equipment Services Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 US – PEST Analysis
4.3 Expert Opinions
5. US Medical Imaging Equipment Services Market – Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Rising Numbers of Hospital and Diagnostics Centers
5.1.2 Better Quality Performance Due to Services
5.1.3 Rising Prevalence of Chronic and Acute Diseases
5.2 Key Market Restraints
5.2.1 Lack of Funds/Grants for the Diagnostic Equipment.
5.3 Key Market Opportunities
5.3.1 Rising Technological Developments
5.4 Future Trends
5.4.1 Integrated Services
5.5 Impact Analysis of Drivers and Restraints
6. Medical Imaging Equipment Services Market – US Analysis
6.1 US Medical Imaging Equipment Services Market - Overview
6.2 US Medical Imaging Equipment Services Market – Revenue Forecasts and Analysis
6.3 Positioning of Key Players
7. US Medical Imaging Equipment Services Market Analysis– by Service Type
7.1 Overview
7.2 US Medical Imaging Equipment Services Market, By Service Type, 2018 & 2027 (%)
7.2.1 US Medical Imaging Equipment Services Market Revenue And Forecasts to 2027, By Service Type (US$ Mn)
7.3 Equipment Repair and Maintenance Market
7.3.1 Overview
7.3.2 Equipment Repair and Maintenance Market Revenue and Forecasts to 2027 (US$ Mn)
7.4 Refurbished Systems Market
7.4.1 Overview
7.4.2 Refurbished Systems Market Revenue and Forecasts to 2027 (US$ Mn)
7.5 Technical Training Market
7.5.1 Overview
7.5.2 Technical Training Market Revenue and Forecasts to 2027 (US$ Mn)
7.6 Equipment Removal and Relocation Market
7.6.1 Overview
7.6.2 Equipment Removal and Relocation Market Revenue and Forecasts to 2027 (US$ Mn)
7.7 Software Upgrades Market
7.7.1 Overview
7.7.2 Software Upgrades Market Revenue and Forecasts to 2027 (US$ Mn)
8. US Medical Imaging Equipment Services Market Analysis– by Service Providers
8.1 Overview
8.2 US Medical Imaging Equipment Services Market, By Service Providers, 2018 & 2027 (%)
8.2.1 US Medical Imaging Equipment Services Market Revenue And Forecasts to 2027, By Service Providers (US$ Mn)
8.3 Original Equipment Manufacturers (OEM) Market
8.3.1 Overview
8.3.2 Original Equipment Manufacturers (OEM) Market Revenue and Forecasts to 2027 (US$ Mn)
8.4 Independent Service Organizations Market
8.4.1 Overview
8.4.2 Independent Service Organizations Market Revenue and Forecasts to 2027 (US$ Mn)
9. US Medical Imaging Equipment Services Market Analysis– by Modality
9.1 Overview
9.2 US Medical Imaging Equipment Services Market, By Modality, 2018 & 2027 (%)
9.2.1 US Medical Imaging Equipment Services Market Revenue And Forecasts to 2027, By Modality (US$ Mn)
9.3 X-Ray Market
9.3.1 Overview
9.3.2 X-Ray Market Revenue and Forecasts to 2027 (US$ Mn)
9.4 Ultrasound Market
9.4.1 Overview
9.4.2 Ultrasound Market Revenue and Forecasts to 2027 (US$ Mn)
9.5 Magnetic Resonance Imaging (MRI) Market
9.5.1 Overview
9.5.2 Magnetic Resonance Imaging (MRI) Market Revenue and Forecasts to 2027 (US$ Mn)
9.6 Computed Tomography (CT) Market
9.6.1 Overview
9.6.2 Computed Tomography (CT) Market Revenue and Forecasts to 2027 (US$ Mn)
9.7 Others Market
9.7.1 Overview
9.7.2 Others Market Revenue and Forecasts to 2027 (US$ Mn)
10. US Medical Imaging Equipment Services Market Analysis– by End User
10.1 Overview
10.2 US Medical Imaging Equipment Services Market, By End User 2018 & 2027 (%)
10.2.1 US Medical Imaging Equipment Services Market Revenue And Forecasts to 2027, By End User (US$ Mn)
10.3 Hospitals Market
10.3.1 Overview
10.3.2 Hospitals Market Revenue and Forecasts to 2027 (US$ Mn)
10.4 Diagnostic Centers Market
10.4.1 Overview
10.4.2 Diagnostic Centers Market Revenue and Forecasts to 2027 (US$ Mn)
10.5 Others Market
10.5.1 Overview
10.5.2 Others Market Revenue and Forecasts to 2027 (US$ Mn)
11. Medical Imaging Equipment Services Market– Industry Landscape
11.1 Overview
11.2 Growth Strategies in the Medical Imaging Equipment Services Market, 2016-2019
11.3 Organic Growth strategies
11.3.1 Overview
11.3.2 Organic Growth Strategies in the Medical Imaging Equipment Services Market, 2016-2019 (%)
11.3.3 Product Launches
11.3.3.1 Recent Product Launches By Players In The Medical Imaging Equipment Services Market
11.3.4 Product Approval
11.3.4.1 Recent Product Approval By Players In The Medical Imaging Equipment Services Market
11.3.5 Others
11.3.5.1 Recent Other Activities By Players In The Medical Imaging Equipment Services Market
11.4 Inorganic Growth Strategies
11.4.1 Overview
11.4.2 Inorganic Growth Strategies in the Medical Imaging Equipment Services Market, 2016-2019 (%)
11.4.3 Agreement
11.4.3.1 Recent Agreement By Players In The Medical Imaging Equipment Services Market
11.4.4 Acquisition
11.4.4.1 Recent Acquisition By Players In The Medical Imaging Equipment Services Market
11.4.5 Partnerships & Mergers
11.4.5.1 Recent Partnerships & Mergers By Players In The Medical Imaging Equipment Services Market
12. US Medical Imaging Equipment Services Market – Key Company Profiles
12.1 Hitachi, Ltd.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Financial Overview
12.1.4 Product Portfolio
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Hologic Inc.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Financial Overview
12.2.4 Product Portfolio
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Koninklijke Philips N.V.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Financial Overview
12.3.4 Product Portfolio
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 General Electric Company
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Financial Overview
12.4.4 Product Portfolio
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Shimadzu Corporation
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Financial Information
12.5.4 Product Portfolio
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Siemens AG
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Financial Overview
12.6.4 Product Portfolio
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Canon Medical Systems Corporation
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Financial Overview
12.7.4 Product Portfolio
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Carestream Health
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Financial Information
12.8.4 Product Portfolio
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Agiliti
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Financial Overview
12.9.4 Product Portfolio
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Althea Group
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Financial Overview
12.10.4 Product Portfolio
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. US Medical Imaging Equipment Services Market Revenue And Forecasts to 2027, By Service Type (US$ Mn)
Table 2. US Medical Imaging Equipment Services Market Revenue And Forecasts to 2027, By Service Providers (US$ Mn)
Table 3. US Medical Imaging Equipment Services Market Revenue And Forecasts to 2027, By Modality (US$ Mn)
Table 4. US Medical Imaging Equipment Services Market Revenue And Forecasts to 2027, By End User (US$ Mn)
Table 5. Recent Product Launches in the Medical Imaging Equipment Services market
Table 6. Recent Product Approval in the Medical Imaging Equipment Services market
Table 7. Recent Other Activities By Players In The Medical Imaging Equipment Services Market
Table 8. Recent Agreement By Players In The Medical Imaging Equipment Services Market
Table 9. Recent Acquisition By Players In The Medical Imaging Equipment Services Market
Table 10. Recent Partnerships & Mergers By Players In The Medical Imaging Equipment Services Market
Table 11. Glossary of Terms, Medical Imaging Equipment Services Market
LIST OF FIGURES
Figure 1. Medical Imaging Equipment Services Market Segmentation
Figure 2. US Medical Imaging Equipment Services Market, Revenue (US$ Mn), By Geography 2018 & 2027
Figure 3. US Medical Imaging Equipment Services Market By Service Type, Market Share (%), 2018
Figure 4. US Medical Imaging Equipment Services Market By Service Providers, Market Share (%), 2018
Figure 5. US Medical Imaging Equipment Services Market By Modality, Market Share (%), 2018
Figure 6. US Medical Imaging Equipment Services Market By End User, Market Share (%), 2018
Figure 7. US PEST Analysis
Figure 8. Medical Imaging Equipment Market Impact Analysis of Drivers and Restraints
Figure 9. US Medical Imaging Equipment Services Market – Revenue Forecasts and Analysis – 2018- 2027
Figure 10. Prominent Players in the Medical Imaging Equipment Services Market
Figure 11. US Medical Imaging Equipment Services Market, by Service Type, 2018 & 2027 (%)
Figure 12. Equipment Repair and Maintenance Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 13. Refurbished Systems Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 14. Technical Training Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 15. Equipment Removal and Relocation Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 16. Software Upgrades Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 17. US Medical Imaging Equipment Services Market, by Service Providers, 2018 & 2027 (%)
Figure 18. Original Equipment Manufacturers (OEM) Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 19. Independent Service Organizations Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 20. US Medical Imaging Equipment Services Market, by Modality, 2018 & 2027 (%)
Figure 21. X-Ray Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 22. Ultrasound Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 23. Magnetic Resonance Imaging (MRI) Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 24. Computed Tomography (CT) Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 25. Others Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 26. US Medical Imaging Equipment Services Market, by End User 2018 & 2027 (%)
Figure 27. Hospitals Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 28. Diagnostic Centers Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 29. Others Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 30. Growth Strategies in the Medical Imaging Equipment Services Market, 2016-2019
Figure 31. Organic Growth Strategies in the Medical Imaging Equipment Services Market, 2016-2019 (%)
Figure 32. Inorganic Developments in the Medical Imaging Equipment Services Market, 2016-2019(%)
The List of Companies
- GENERAL ELECTRIC
- Siemens Healthineers AG
- Hitachi, Ltd.
- Hologic Inc.
- Koninklijke Philips N.V.
- Shimadzu Corporation
- Canon Inc.
- Carestream (Onex Corporation)
- Agility Health
- Althea Group
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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