(PharmaNewsWire.Com, July 23, 2021 ) 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.
In 2018, Europe is expected to hold the second-largest share. Factors such as expanding patient population, rising focus on early diagnosis, growing number of diagnostic imaging procedures, and strategic agreements, partnerships, and collaborations between service providers and end users are expected to fuel market growth in this region.
Key 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).
Koninklijke Philips N.V. is one of the leading OEMs in the medical equipment maintenance market. The company provides vendor-neutral service offerings for various medical equipment such as imaging equipment, surgical equipment, and endoscopic devices (flexible/rigid/fiberoptic). To expand its geographic presence and service offerings, the company is entering into service agreements with various healthcare providers. In 2018, Koninklijke Philips N.V. signed an agreement with Governments of Ethiopia and the Netherlands to construct Ethiopia’s first specialized Cardiac Care Center, where Philips will offer full turnkey design, construction, equipping, and commissioning of the hospital location, staff education, and equipment maintenance for five years after completion.
Siemens Healthineers is among the key players in the medical equipment maintenance market, due to its trend-setting role in the medical imaging, laboratory diagnostics, medical information technology, and hearing aid sectors. The company focuses on putting maximum efforts into its selected growth fields and prioritizes business for resource allocation. It also focuses on entering into service agreements with end users to ensure a continuous demand for its diverse services offerings, including MES, consulting, and HCIT services. One example of this is its 2017 agreement with the Kingston Hospital NHS Foundation Trust, to provide MES services for all medical imaging systems.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
