Medical Equipment Maintenance Market – Global Industry Growth Predictions

PUNE, India, 2020-May-12 — /EPR Network/ —

Driver: Rising focus on preventive medical equipment maintenance

The focus on preventive maintenance of medical equipment has grown in recent years, as healthcare institutions seek to enhance patient safety and care quality. This involves a carefully designed program where maintenance tasks are performed in a scheduled manner to avoid larger and costly repairs down the line. It also helps in reducing equipment downtime, which enhances day-to-day operations and improves device reliability.

Restraint: High initial cost and significant maintenance expenditure

Maintenance programs for medical devices enable healthcare providers to track and monitor their condition, and thereby ensure efficient utilization and maximum uptime. This is also essential, given the current focus on preventive maintenance and cost pressures, to control total expenditure against a background of austerity measures. Such programs include the deployment of asset management solutions which use advanced technologies.

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MarketsandMarkets forecasts the medical equipment maintenance market to grow from USD 28.97 billion in 2018 to USD 47.49 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period. The major factors that are expected to be driving the medical equipment repair market are rising focus on preventive medical equipment maintenance, growth in associated equipment markets, adoption of innovative funding mechanisms, and the increasing purchase of refurbished medical equipment.

The market for private-sector organizations is expected to grow at the highest CAGR in the medical equipment maintenance market during the forecast period.

On the basis of end user, the medical equipment maintenance market is segmented into public-sector organizations and private-sector organizations. In 2018, private-sector organizations are expected to register the highest CAGR during the forecast period. The increasing number of public-private partnerships is expected to boost the demand for medical equipment maintenance services.

North America is expected to lead the medical equipment maintenance market in 2023

On the basis of the region, the medical equipment maintenance market is segmented into North America, Europe, Asia, and the RoW. In 2018, North America is expected to account for the largest share of the market, followed by Europe, The largest share of the North American market is attributed to the factors such as the rise in aging population and incidence of lifestyle-related diseases, access to quality healthcare, well-established healthcare infrastructure, high adoption of advanced technology, and the presence of prominent players.

The medical equipment maintenance market is highly fragmented in nature, with several big as well as emerging players vying for market shares. Prominent players in this market include GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Toshiba Medical System Corporation (Japan), FUJIFILM Holdings Corporation (Japan), Carestream Health, Inc. (US), Agfa-Gevaert Group (Belgium), Drägerwerk AG & Co. KGaA (Germany), Hitachi Medical Corporation (Japan), Aramark Services, Inc. (US), Althea Group (Italy), Olympus Corporation (Japan), B. Braun Melsungen AG (Germany), and BC Technical, Inc. (US).

These players have adopted various strategies, such as partnerships, agreements, collaborations, and product launches to further expand their presence in the global medical equipment maintenance market. Partnerships, collaborations, and agreements have been the key growth strategies adopted during 2016 to 2018, by players such as Hitachi, Ltd. (Japan), Medtronic plc (Ireland), and Althea Group (Italy).

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