US Diagnostic Imaging Equipment Servicing Market to Remain Largely Flat Through 2017 Growth of Half a Percent per Year Expected, According to Millennium Research Group
TORONTO, Jan. 7, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the US market for diagnostic imaging equipment servicing will grow slowly to a value of just over $2.78 billion by 2017. Increases in diagnostic imaging system sales and the installed base will be counterbalanced by declines and slowed growth in diagnostic imaging procedures and the effects of economic and healthcare reform uncertainty.
The size and growth of the servicing market is dependent on sales of diagnostic imaging systems. A slowly expanding proportion of premium-priced imaging systems in the installed base benefits servicing because of the greater number of higher-priced and full-service contracts. A growing population of obese and elderly patients increases utilization, and thus wear and tear on these systems, increasing the need for servicing. But the growth in higher-end systems also restricts the total number of contracts, since fewer high-capability systems are needed to accommodate the same demand, thus shrinking the installed base.
Budget constraints have led facilities to delay the purchasing of expensive capital equipment or to purchase less-expensive refurbished units. This trend will negatively affect the service contract market as this type of equipment is less likely to be covered under a service agreement.
"Growth and contraction seem to be evenly balanced across this market," said MRG Analyst Felix Lam. "The computed tomography (CT) and ultrasound segments will grow through 2017, while magnetic resonance imaging (MRI) and general radiography will shrink."
The US diagnostic imaging equipment servicing market is controlled by manufacturers who compete in every segment. Together GE Healthcare, Siemens Healthcare and Philips Healthcare control more than two thirds of the market.
Millennium Research Group's US Markets for Diagnostic Imaging Equipment Servicing 2013 report includes unit, installed base, average selling price and revenue information, along with market drivers and limiters and competitive landscape for MRI system servicing, CT system servicing, general radiography system servicing and ultrasound system servicing in the United States.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group