Medical Imaging Equipment Services Market is Projected to Register a CAGR of more than 3.0% During the Forecast Period

Global Medical Imaging Equipment Services Market – Snapshot

The global medical imaging equipment services market is witnessing unprecedented dynamics due to shift toward value-based service offerings. This has induced market players to focus on technological upgrades in order to stand out among competitors. The global medical imaging equipment services market was valued over US$ 19.0 Bn in 2016, and is expected to surpass US$ 27.0 Bn by the end of 2025. The global medical imaging equipment services market comprises service providers such as Original Equipment Manufacturers (OEM) and Independent Service Providers (ISP), who provide the following services: equipment removal & relocation, equipment repair & maintenance, refurbished systems, technical training, and software upgrades. The market is projected to register a CAGR of more than 3.0% during the forecast period.

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Several key players are providing technological upgrades as a part of their maintenance services, which is a major factor propelling the demand for medical imaging equipment services during 2018-2026. Emergence of Hospital centric business model favoring long term partnerships, which is improving technological upgrades in service offerings is a major factor that is estimated to fuel the growth of medical imaging equipment services market by the end of 2025. However, reducing profit margins on servicing costs is likely to hamper the growth of the medical imaging equipment services market during the forecast period.

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The global medical imaging equipment services market has been segmented on the basis of service type, service providers, modality, and end-user. Based on service type, the global medical imaging equipment services market is categorized into equipment removal & relocation, equipment repair & maintenance, refurbished systems, technical training, and software upgrades. The equipment repair & maintenance segment accounted for the leading market share in 2016, and is projected to remain dominant throughout the forecast period. Limited availability of systems and skilled staff to meet the rising demand for diagnosis leads to higher wear and tear of instruments, which in turn, is projected to augment the market share of the segment by 2025.

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