Frost: Encouraging Prospects for Euro Medical Imaging Equipment Services
December 15, 2008 // Published as a news service by IHS
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Services form an integral part of most original equipment manufacturer (OEM) revenues.
According to Frost & Sullivan, services have become essential for providers in the European medical imaging services market to remain competitive and constantly improve their services and contract penetration rates.
Recent analysis from Frost & Sullivan of the European medical imaging equipment services market found earned revenues of $1.52 billion in 2007, with estimates to reach $1.98 billion in 2014.
"The increase in high-end modality installations will spur growth in the related services market," said 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."
Analysts said as hospitals and other health care organizations 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"The one-size-fits-all approach is no longer applicable as customers seek a more personal approach and customized service solutions," said Munshi. "The different health care 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. Analysts said 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, analysts said, 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 toward end-users is important as the medical imaging equipment market becomes saturated," said Munshi. "Service providers can reduce the skepticism 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. Analysts said service contracts should be customized by reviewing an imaging department's set-up, equipment and usage levels.
Source: Frost & Sullivan.