November 2008

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Global medical imaging equipment market to reach $9.3 billion by 2012

Global medical imaging equipment services market is forecast to reach $9.3 billion by 2012. Owing to worldwide phenomenon of reduced spending on medical and healthcare, the services market continues to face severe pressure on servicing and maintenance contracts.

San Jose, CA (PRWEB) October 28, 2008 -- Medical imaging equipment services are essential for health institutions to minimize downtime risks and prevent revenue loss. However, radiology or clinical engineering service centers' profits would be squeezed if they enter into comprehensive service agreements. Hence, low and declining prices for servicing and maintenance contracts are expected to be the order of the day, putting severe pressure on service providers.

Service providers are adopting new strategies to survive in the midst of rising pressure from governmental health policies and healthcare insurance companies across the world to reduce spending. Expanding service portfolio to include complete asset management services and multi-vendor services are expected to be the key initiatives that would help service providers to gain customers and market share.

Medical Imaging Equipment Services: A Global Strategic Business Report  
Global medical imaging equipment services market is forecast to reach US$9.3 billion by 2012, as stated by Global Industry Analysts, Inc. United States represents the largest market, accounting for an estimated 47 percent share in 2008. Asia-Pacific represents the fastest growing market, increasing at a CAGR of 4.9 percent over 2000-2010 period. Germany, the largest medical imaging equipment services market in Europe, is forecast to reach US$441 million by 2012. With a CAGR of 5.2 percent over 2000-2010 period, Spain is the fastest-growing market within Europe. OEM overwhelmingly dominates the world medical imaging equipment services market in terms of market size and growth rate. For 2008, medical imaging equipment services offered by OEMs are estimated to reach US$7.1 billion. Medical

Price competition has had a severe effect on the medical imaging equipment service providers, particularly independent service organizations (ISOs). As many end customers consider servicing a commodity, the most important parameter for choosing a service provider is the price. Service providers have been forced to lower prices to attract customers, which has resulted in thin margins for many ISOs. Consequently, these ISOs have become acquisitions targets of OEMs. Demand for servicing medical equipment is expected from other areas such as from the mobile medical imaging equipment sector. High-end static models used for medical imaging is giving way to less-expensive mobile medical imaging equipment. Apart from the cost factor, increasing digitization is also driving demand for mobile equipment.

The competitive landscape of the medical imaging equipment services market comprises of leading medical equipment manufacturers that operate through their own service centers, primarily in the OEM market. ISOs and leading OEMs provide multi-vendor services across various imaging modalities. Additionally, the market features small and medium-sized vendors, whose operations are restricted to single imaging modality. Leading players operating in the medical imaging equipment services market include Aloka Company Ltd., Aramark Healthcare, Barco N.V., Bio-Imaging Technologies Inc., Esaote S.p.A., Fonar Corp., GE Healthcare, Genesis Medical Imaging, Hitachi Medical Corporation, Hologic, Inc., Masterplan, Medison Co., Philips Medical Systems, Siemens Healthcare, Shimadzu Medical Systems, SourceOne Healthcare Technologies, and Toshiba Medical Systems Corp.

The report titled "Medical Imaging Equipment Services: A Global Strategic Business Report" published by Global Industry Analysts, Inc., has detailed analyses and coverage of the US, Canada, Japan, Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe), Asia-Pacific, Middle East and Latin America markets.

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