Medical Equipment Maintenance Market to Reach USD 60.16 Billion by 2026 at a CAGR of 9.56% | Valuates Reports
BANGALORE, India, June 30, 2021 /PRNewswire/ -- The Medical Equipment Maintenance Market is Segmented by Device (Imaging Equipment Electromedical Equipment, Endoscopic Devices, Surgical Instruments, Other Medical Equipment), Service Type (Preventive Maintenance, Corrective Maintenance, and Operation Maintenance), Service Provider (Original Equipment Manufacturers, Independent Service Organizations, In-house Maintenance), End User (Public Organizations and Private Organizations) and Geography (North America, Europe, APAC and RoW). This report is published on Valuates Reports in the Medical Facilities & Services Category.
The Medical Equipment Maintenance Market will grow from USD 34.79 Billion in 2020 to USD 60.16 Billion by 2026, with a CAGR of 9.56% during the forecast period.
Major factors driving the growth of the Medical Equipment Maintenance Market are:
- Increasing awareness of the preventive maintenance of medical equipment in order to avoid expensive and time-consuming down time.
- Increase in the purchase of refurbished medical equipment, as hospitals and clinics can reduce the capital expenditure while still maintaining quality.
- Growth in associated equipment markets, adoption of innovative funding mechanisms.
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TRENDS INFLUENCING THE GROWTH OF MEDICAL EQUIPMENT MAINTENANCE MARKET
A rising focus on preventive medical equipment maintenance is expected to drive the growth of the medical equipment market. In recent years, as healthcare organizations strive to improve patient safety and care quality, a greater emphasis has been placed on preventive maintenance of medical equipment. This is a meticulously planned program in which maintenance chores are completed on a regular basis in order to avoid more expensive and time-consuming repairs in the future. It also aids in the reduction of downtime, which improves day-to-day operations and device reliability. Planned inspections and medical device maintenance can help to avert bad occurrences and medical device-related accidents, therefore the preventive maintenance strategy is gaining traction.
A raise in the purchase of refurbished medical equipment is expected to increase the growth of the medical equipment maintenance market. The refurbished equipment allows buying of necessary devices at affordable prices, without compromising quality; therefore, healthcare facilities, including small and medium ones, purchase refurbished medical devices. Refurbished medical devices are preferred by hospitals, especially in developing countries, because they need less capital investment and allows them to provide healthcare services at a lower cost to patients.
Furthermore, various firms' expansion strategies and untapped potential among developing countries will further increase various opportunities, resulting in the medical equipment maintenance market's growth over the forecast period.
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MEDICAL EQUIPMENT MAINTENANCE MARKET SHARE
Based on service type, the preventative maintenance segment is expected to hold the largest medical equipment maintenance market share. The benefits of preventive maintenance services, such as scheduled inspections to ensure safety and avoid costly repairs in the future, are particularly popular in the medical repair market.
Based on device type, the Imaging equipment device segment is expected to hold the largest medical equipment maintenance market share. This is attributed to the high requirement of the maintenance services incurred in the imaging equipment and high cost for the shifting of the device as well as the need of verification of the maximum active time of the equipment.
Based on end-user, public organizations have the largest share in the medical equipment maintenance market. Because of the higher frequency of use, these public healthcare facilities necessitate regular equipment maintenance.
Based on region, North America is expected to hold the largest medical equipment maintenance market share.
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MEDICAL EQUIPMENT MAINTENANCE MARKET SEGMENTS
Device Type:
- Imaging Equipment
- Advanced Imaging Modalitie
- Primary Imaging Modalitie
- Digital X-Ray
- Ultrasound
- Other Primary Medical Imaging Modalitie
- Electromedical Equipment
- Endoscopic Devices
- Surgical Instruments
- Other Medical Equipment
Service Type:
- Preventive Maintenance
- Corrective Maintenance
- Operational Maintenance.
Service Provider:
- Original Equipment Manufacturers
- Multi-Vendor OEMs
- Single-Vendor OEM
- Independent Service Organizations
- In-House Maintenance.
End-User:
- Public Organizations
- Private Organizations.
The key companies in the Medical Equipment Maintenance Market are
- GE Healthcare,
- Koninklijke Philips N.V,
- Canon Inc,
- Siemens Healthineers,
- Aramark Services, Inc,
- Fujifilm Holdings Corporation,
- Agfa-Gevaert Group,
- Althea, Drägerwerk AG & Co.
- KGaA,
- Olympus Corporation,
- Braun Melsungen AG,
- Carestream Health, Inc,
- Hitachi Medical Corporation,
- Bc Technical, Inc,
- Karl Storz GmbH & Co. Kg.
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SIMILAR REPORTS
- Endoscopic Devices Maintenance Market is segmented by Type Preventive Maintenance, Corrective Maintenance, Operational Maintenance, by Application Public-sector Organizations, Private-sector Organizations and by various regions.
- The global Medical Imaging Equipment market is projected to reach USD 21260 Million by 2027, from USD 18660 Million in 2020, at a CAGR of 2.2% during 2021-2027.
- The global Surgical Instrument Tracking System market was valued at USD 151 Million in 2019 and is expected to reach USD 408.4 Million by the end of 2026, growing at a CAGR of 15.1% during 2021-2026.
- The global Dental Imaging Equipment market is projected to reach USD 2115.3 Million by 2027, from USD 1680.2 Million in 2020, at a CAGR of 3.9% during 2022-2027.
- Portable Life Support Devices Market is segmented by Type Equipment Managing Cardiovascular System, Equipment Managing Respiratory System, Equipment Managing Cardio-Pulmonary System in Tandem, Equipment Managing Kidney Function, Equipment Managing Body Temperature, by Application End Stage Renal Failure, Acute Cardiac Failure, Trauma, Acute Respiratory Failure, Transplantation, Cardiopulmonary Resuscitation and by various regions.
- The global Medical Ultrasound Devices market is projected to reach USD 6680.5 Million by 2027, from USD 5466.2 Million in 2020, at a CAGR of 3.4% during 2021-2027.
- The global MRI (Magnetic Resonance Imaging System) market is projected to reach USD 7539 Million by 2027, from USD 6168.7 Million in 2020, at a CAGR of 3.4% during 2022-2027.
- The global CT Scanner market is projected to reach USD 11390 Million by 2027, from USD 9000.1 Million in 2020, at a CAGR of 4.0% during 2021-2027.
- The global digital therapeutics market was valued at USD 2.88 Billion in 2019 and is expected to reach USD 13.80 Billion by 2027 with a CAGR of 20.5% during the forecast period.
- The global Medical Supplies market is projected to reach USD 305490 Million by 2027, from USD 183930 Million in 2020, at a CAGR of 7.1% during 2021-2027.
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