Global Medical Equipment Maintenance Market is expected to grow at a CAGR of 10.33% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Medical Equipment Maintenance Market by Device (Endoscopic Devices, Surgical Instruments, Electro-medical Equipment, Imaging Equipment and Others), Service Type (Preventive, Corrective and Operational), Service Providers (Independent Service Organizations, Original Equipment Manufacturers and In-house Maintenance), End-users, Region, Global Forecast 2020-2027.
The global medical equipment maintenance market is expected to grow from USD 31.89 billion in 2019 to USD 70.022 billion by 2027, at a CAGR of 10.33% during the forecast period 2020-2027. North America holds the largest market share. The reason for this is the presence of advance technologies and stringent regulations by authorities. Asia-Pacific is expected to grow at a lucrative rate over the forecasted years. The increase in geriatric population and the outbreak of certain diseases are the reasons for the same.
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Key players of medical equipment maintenance market are Aramark Services, Inc., Olympus Corporation, Carestream Health, Althea Group, FUJIFILM Holdings Corporation, Agfa-Gevaert Group, BC Technical, Inc, Hitachi Medical Corporation, Drägerwerk AG & Co, Koninklijke Philips, Toshiba Medical System Corporation, Siemens Healthineers and others. A company named iFixit is preparing a database for the medical equipment which will help the professionals to monitor the physical condition of equipments.
The device includes endoscopic devices, surgical instruments, electro-medical equipment, imaging equipment and others. The imaging equipment is projected to grow at the highest CAGR. Imaging equipments need high maintenance. They have high replacement costs. Thus the maintenance is essential. The service type segment includes preventive, corrective and operational. Out of these, preventive segment holds the maximum market share. There is a need to prevent the medical equipments which are already in use as they have high procuring cost. The service providers segment includes independent service organizations, original equipment manufacturers and in-house maintenance. Among these, original equipment manufacturers constitute a significant part of market share. OEMs have extensive geographical presence and have strong technical expertise. The end-users segment includes hospitals, ambulatory surgical centres, diagnostics and others. Hospitals are the dominant end-users. Hospitals have broad applicability of medical equipments in comparison to the other end-users.
The demand for medical equipment is growing extensively for the last decade for prevention of any prevalence of the life-threatening diseases. Preventive approach has enabled the need of maintenance of these equipments. The maintenance of the types of equipment is necessary to ensure the proper functioning. It minimizes the risk of any breakdowns in equipments. The rise in health care expenses has created a market demand for medical equipment maintenance. The increased technological advancements have helped the market to grow over the years. These medical equipments have high procurement cost, which is why regular maintenance is necessary. The correct operation of the medical equipment is essential for the healthcare. The equipments are used in many surgeries, therapies, etc. They are used to operate a patient, and thus these equipments must be cleaned and sanitized regularly. The rise in instalment of expensive equipments is likely to drive the market. Also, the increase in the number of chronic diseases further creates a need for maintenance of the medical equipment.
About the report:
The global medical equipment maintenance market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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