Medical Imaging Equipment Services Market – Competitive Analysis with Forecast to 2031

Medical imaging is the process of generating images of internal human body parts for diagnosis, medical intervention, or disease investigation. It aids in the identification of anomalies by utilizing the physiology and anatomy database collected from medical imaging. Elastography, endoscopy, X-ray radiography, tactile imaging, fluoroscopy, thermography, magnetic resonance imaging (MRI), and medical ultrasonography are all used in this procedure. 

Medical imaging is also used to monitor the progression of previously identified disorders. X-ray radiography and ultrasonography are critical in many areas of health care. It is an efficient and safe method for producing high-quality images. This procedure allows health practitioners to comprehend and evaluate several aspects of the human body.

Due to the rising frequency and severity of diseases such as cardiovascular disease and cancer, the number of diagnostic and surgical treatments is rising. This is a major factor projected to boost the sales of medical imaging equipment services market

As per the Global Cancer Observatory (GCO), an interactive web-based platform that represents global cancer information, the number of newly diagnosed cancer cases in 2020 was 217,282,798. According to data given by the American Heart Association, a non-profit organization based in the United States that promotes cardiovascular medical research globally, almost 18.5 million patients died from cardiovascular disease (CVDs) in 2019, a 16.1% rise over the previous decade. Such figures display the demand for advanced imaging systems, propelling the global medical imaging equipment services market throughout the forecast period.

The global medical imaging equipment services market is projected to reach US$ 29.2 Bn by the end of 2031, advancing at a CAGR of 6.1% from 2022 to 2031 (forecast period). 

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Medical Imaging Equipment Services Market to Witness Massive Growth Post COVID-19 Pandemic

Increased attention to reinforcing healthcare systems and enhancing healthcare facility standards are likely to boost the demand for new imaging equipment in the post-COVID-19 period. Large-scale expenditures in advanced healthcare technology, such as medical imaging equipment, will increase the demand for equipment maintenance services. As a result, the global medical imaging equipment services market is likely to experience massive growth in the years ahead. Moreover, due to their constantly expanding healthcare infrastructure, developing countries like India, China, Brazil, and Russia provide a wealth of options. Larger and more mature markets, such as Europe and the United States, are expected to develop at a slower pace as CT scan operations fall in a few of these economies.

North America to Remain Leader in Worldwide Market

North America led the global medical imaging equipment services market and is expected to continue during the projected period. Increased spending on research and innovation and a rise in the number of patients with cardiovascular and oncological disorders are the primary aspects driving the medical imaging equipment services market in North America. Furthermore, the regional market is expected to be pushed by a strong existence of healthcare centers, notably diagnostic imaging centers and hospitals, and an expansion in the installed base of novel medical imaging technologies throughout the healthcare sector. Additionally, Novacap, Canada’s leading private capital firm, invested in Canada Diagnostic Centres (CDC), a multi-modality medical diagnostic equipment provider, in July 2021 to assist CDC’s global expansion. Such encouraging investments open up revenue-generation opportunities in medical imaging equipment services market.

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Leading Market Players to Focus on Increasing Product Offerings

Leading competitors in the global medical imaging equipment services market are expanding R&D spending in order to diversify their product offerings. Furthermore, numerous businesses are working on technical developments in order to achieve faster processing and shorter test times. Aside from that, top firms in the medical imaging equipment services market use tactics such as mergers and acquisitions to keep their dominant positions. These efforts are expected to contribute to the overall growth of the global market in the near future.

Author: Rohit Bhisey

As Head of Marketing at TMR Research, Rohit brings to the table over a decade of experience in market research and Internet marketing. His dedication, perseverance, and passion for perfection have enabled him to achieve immense success in his field. Rohit is an expert at formulating new business plans and strategies to help boost web traffic. His interests lie in writing news articles on technology,healthcare and business.

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