North America Medical Imaging Equipment Services Market to 2027 - Regional Analysis and Forecasts By Service Type; Service Providers; Modality; End User, and Country

The North America medical imaging equipment services market is expected to reach US$ 8,916.28 Mn in 2027 from US$ 6,526.03 Mn in 2018. The market is estimated to grow with a CAGR of 3.6% from 2019-2027.

The growth of the medical imaging equipment services market is primarily attributed to the 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. On the other hand, rising technological developments is likely to have a positive impact on the growth of the North America medical imaging equipment services market in the coming years.

There are has been a significant rise in the diagnostic industry in the last few years due to the transformation in the healthcare systems. Also, the rapidly growing population demands good health and therefore, is leading to the rising numbers of hospitals and diagnostics centers. The hospitals and diagnostic centers have all imaging devices such as ultrasound, CT scan, MRI scans, and others. 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. Moreover, as per the data of the Ontario Hospital Association, in 2018, there was a total of 141 public hospital corporations in the city. Therefore, rising numbers of hospitals and diagnostic centers are likely to add up to the growth of medical imaging equipment services.

Moreover, the companies are receiving various approvals for the medical imaging equipment services for instance, Koninklijke Philips N.V., GE Healthcare and Siemens Healthineers has received approvals for products. Some of the recent approvals are mentioned below.

Table 1. Recent Approvals For Medical Imaging Equipment Services in the Market - Month & Year Company Description

• December, 2018 Siemens Healthineers Siemens Healthineers and INSIGHTEC received the CE approval of Exablate Neuro that is compatible with Magnetom Skyra, Prisma and Prisma Fit scanners from Siemens Healthineers.
• June, 2018 Koninklijke Philips N.V. Philips received FDA approval for its product Ingenia Elition MR solution and two clinical applications, Philips Compressed SENSE and 3D APT.
• March, 2018 GE Healthcare GE Healthcare received a license for SIGNA Premier, a new wide bore 3.0T magnetic resonance imaging (MRI) system.
• October, 2017 Siemens Healthineers Siemens AG received FDA approval for MAGNETOM Terra 7T MRI Scanner from Siemens Healthineers which was the first 7 Tesla (7T) MRI cleared for diagnostic imaging system.

In 2018, the equipment repair and maintenance segment held the most significant market share 54.9% of the medical imaging equipment services market, by service type. This segment is also anticipated to dominate the market in 2027 owing to inadequate accessibility of systems and trained staff to meet the growing demand for diagnosis leads to higher wear and tear of instruments. Also, the segment is anticipated to witness growth at a significant rate during the forecast period, 2019 to 2027.

The medical imaging equipment services market is dominated by original equipment manufacturers (OEM) segment in 2018 with a considerable market share of 77.5%, by service providers. This segment is also predicted to dominate the market in 2027 owing to the inventions and developments leading to fast processing and less test time. Also, the segment is anticipated to witness growth at a significant rate during the forecast period, 2019 to 2027.

In 2018, the X-ray segment held a considerable market share of 32.2% of the medical imaging equipment services market, by the modality. This segment is also predicted to dominate the market in 2027 owing to non-invasive and painless, guide medical personnel as they insert catheters, also support medical and surgical treatment planning. Also, the segment is anticipated to witness growth at a significant rate during the forecast period, 2019 to 2027.

In 2018, the hospitals segment held a considerable market share of 53.6% of the medical imaging equipment services market, by end user. This segment is also predicted to dominate the market in 2027 owing to the increasing number of hospitals across the country, and rapid growth of different surgical procedures. However, the diagnostic centers segment is anticipated to witness growth at a significant rate during the forecast period, 2019 to 2027, owing to rising involvement of private service providers and growing preference of patients for outpatient settings, rising the demand for affordable services.

Some of the major primary and secondary sources for medical imaging equipment services included in the report are Electronic Production Radiation Control (EPRC), Food and Drug Administration (FDA), World Health Organization, National Center for Chronic Disease Prevention and Health Promotion and others.