Medical imaging is the process of imaging the interior of a patient's body for medical intervention and clinical analysis. It further helps to understand the physiology of some organs or tissues. With medical imaging, the internal structures hidden by the bones or skin can be revealed, which aids in diagnosing and treating diseases. Imaging of removes tissues and organs can be performed for medical reasons. However, such procedures are considered as a part of the pathology. Medical imaging majorly uses the technology of magnetic resonance imaging (MRI), X-ray radiography, ultrasound, elastography, endoscopy, medical photography, and tactile imaging.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing a shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness significant growth in the future, owing to the demand for vaccines and treatment drugs for COVID-19.
With COVID-19 spreading all across the world, hospitalization rates declined dramatically. There were several reports of many hospitals operating at less than 50% capacity in order to curtail noncritical medical services and elective surgeries. People are even less likely to visit hospitals and clinics for medical imaging equipment services. Therefore, COVID 19 is expected to have a significant impact on the medical imaging equipment services market.
Top Impacting Factors
Strong emergence of independent medical imaging service providers in many developing nations of the world is the key factor driving the growth of the medical imaging equipment services market.
Major market players have come up with innovations in solutions and technologies, which have led to the development and launch of quality medical equipment. This factor has further helped boost the medical imaging equipment services market.
In addition, the growing number of hospitals all across the world has positively impacted the growth of the medical imaging equipment services market. This is attributed to the fact that medical imaging equipment services are often provided directly in hospitals.
However, high cost associated with medical imaging services is one of the factors that impede the growth of the medical imaging equipment services market in many developing nations of the world.
Key Market Trends
In 2020, the hospital segment held the major share of the medical imaging equipment services market in terms of revenue. Most hospitals have in-house service engineers who help maintain the medical imaging equipment.
In 2018, Althea Group at Taunton and Somerset NHS Foundation Trust announced its vendor-neutral managed equipment service contract for the period of 10 years. This has helped the Taunton and Somerset NHS Foundation Trust have 19 new items of radiology equipment.
In 2018, Kumamoto University and the University of Bordeaux collaborated with Canon Medical Systems Corporation for research on Deep Learning Reconstruction, which is an artificial intelligence-based technology in magnetic resonance imaging.
North America is expected to hold a major share of the medical imaging equipment services market, due to the increased number of key market players in this region.
Key Benefits of the Report
- This study presents the analytical depiction of the medical imaging equipment services industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the medical imaging equipment services market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Medical Imaging Equipment Services Report
- Which are the leading players active in the medical imaging equipment services market?
- How is each segment of the market expected to grow during the forecast period?
- What are the adoption trends for the medical imaging equipment services market in emerging economies and established economies across the world?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps in the market?
- What are the impacts of COVID-19 on the industry?
- What are medical imaging equipment services?
- What are the current and predicted trends of the market?
Medical Imaging Equipment Services Market Report Highlights
By Service Type
By Service Provider
By End User
Key Market Players
Koninklijke Philips N.V., Althea Group, Agfa-Gevaert Group, Shimadzu Corporation, Universal Hospital Services, Inc., Siemens Healthineers AG, GE Healthcare (General Electric Company), Hologic, Inc., Hitachi, Ltd., Canon Medical Systems Corporation (Canon Inc.), Carestream Health (ONEX Corporation)