By Poornima Anil

According to Signify Research's latest report, the Medical Imaging Services and Maintenance market is projected to exceed $23 billion by 2029. This growth is driven by increased uptake for services in key modalities such as MR, CT, and interventional X-ray systems, which have high maintenance and service contract penetration rates.

The medical imaging sector is currently navigating a landscape marked by heightened geopolitical and macroeconomic challenges. The ongoing shortages of skilled staff and the growing need to enhance workforce efficiency are further fueling the expansion of the value-added services market. In response, imaging vendors are broadening their offerings, providing a variety of services, from providing training and workforce management to fleet management, designed to improve economic outcomes and operational efficiency for healthcare providers.
Minimizing downtime and enhancing patient throughput have become critical priorities for healthcare providers. There is an increased preference for predictive maintenance and remote diagnostics and repairs to proactively address potential issues, reducing reliance on on-site visits. This approach not only maximises system uptime but also ensures that medical equipment remains fully operational when it's needed most, ultimately improving patient care.

Moreover, procurement decisions are increasingly based on Total Cost of Ownership (TCO) rather than just the initial equipment or service costs. Healthcare providers are evaluating OEMs on the long-term costs, including service contracts and maintenance expenses, which influence their purchasing decisions. With the growing installed base of imaging equipment, healthcare facilities are placing more value on comprehensive maintenance contracts to ensure reliability, compliance, and access to specialized expertise.
 
Rise in recurring revenue models


The medical imaging industry is witnessing a pronounced shift toward recurring revenue models, driven by both OEM strategies and healthcare facility preferences. Budget constraints and economic volatility are pushing healthcare facilities to favour multiyear maintenance agreements, seeking cost predictability and risk mitigation. OEMs, in turn, are driving this adoption by transitioning into turnkey solution providers, offering comprehensive packages that include equipment, installation, and ongoing support. This strategy secures predictable income and fosters long-term customer partnerships.

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