Emergency services were called to a fire at Goulburn Valley Imaging Group in Graham Street at about 11.50 am today.
CFA senior station officer Mick Masters said upon arrival the fire that started in the vicinity of an air conditioning compressor at the rear of the building was well established in the roof space of the building.
Five CFA tankers from Shepparton, Shepparton East and Mooroopna were in attendance with police.
The extent of the damage is yet to be determined but it has been confirmed that medical equipment including a CT imaging machine was among those severely damaged as a result.
"This fire's a significant fire for Shepparton," Mr Masters said.
"This is a $1 million plus fire."
Five staff were inside the building at the time but no one was injured.