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London, United Kingdom, 12/02/2008 – It has therefore become essential for service providers in the European medical imaging services market to remain competitive and constantly improve their services and contract penetration rates.
New analysis from Frost & Sullivan (medicalimaging.frost.com) European Medical Imaging Equipment Services Market, finds that the market earned revenues of $1.52 billion in 2007 and estimates this to reach $1.98 billion in 2014.
"The increase in high-end modality installations will spur growth in the related services market," notes Frost & Sullivan Research Analyst Smruti Munshi. "In particular, the expansion in high-end modality installations for magnetic resonance imaging (MRI) and computed tomography (CT) is a solid driver for the European medical imaging equipment services market."
As hospitals and other healthcare organisations want to keep pace with new developments and maintain state-of-the-art equipment, they opt for timely software and hardware upgrades. They also want to be prepared for the anticipated increase in the number of applications and improvements in diagnosis and image quality.
"The one-size fits all approach is no longer applicable as customers seek a more personal approach and customised service solutions," says Munshi. "The different healthcare scenarios where medical imaging is performed should be studied properly by service providers to plan flexible service contracts."
The installation of high-end modalities such as CT and MRI in hospitals requires specially planned and equipped rooms with designed infrastructure. Thus, consultancy, installation and commissioning generate considerable expenditure, above and beyond the cost of the hardware.
There is also a need to train staff for effective usage of the equipment, particularly when upgrades occur or new software is installed. Training is therefore an important area from which OEMs derive their revenues.
"Developing a consultative and flexible approach towards end users is important as the medical imaging equipment market becomes saturated," states Munshi. "Service providers can reduce the scepticism and cynicism of customers about buying comprehensive service contracts by taking a consultative approach to the provision of services."
An ideal way of tackling this market would be to review agreements and offer innovative solutions at every stage of the service cycle. Service contracts should be customised by reviewing an imaging department's set up, equipment and usage levels.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the European medical imaging equipment services market, then send an email to Patrick Cairns, Corporate Communications, at pcairns_pr[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.
European Medical Imaging Equipment Services Market is part of the Medical Imaging Growth Partnership Service programme, which also includes research in the following markets: mammography, radiology PACS and ultrasound. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
Frost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's TEAM Research, Growth Consulting and Growth Team Membership™ empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents.
European Medical Imaging Equipment Services Market
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