Global Medical Equipment Maintenance Market Worth Over USD 51.9 Billion By 2024: Zion Market Research

According to the report, the global medical equipment maintenance market was valued at approximately USD 26.2 billion in 2017 and is expected to generate revenue of around USD 51.9 billion by 2024, growing at a CAGR of around 10.26% between 2018 and 2024.

| Source: Zion Market Research Zion Market Research

New York, NY, Dec. 20, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Medical Equipment Maintenance Market by Service Type (Preventive, Operational, and Corrective), by Device Type (Electromedical Equipment, Imaging Equipment, Surgical Instruments, Endoscopic Devices, and Other Medical Equipment), by Service Provider (Original Equipment Manufacturers, Independent Service Organizations, and In-House Maintenance), and by End-User (Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, and Other End-Users): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024”. According to the report, the global medical equipment maintenance market was valued at approximately USD 26.2 billion in 2017 and is expected to generate revenue of around USD 51.9 billion by 2024, growing at a CAGR of around 10.26% between 2018 and 2024.

Medical devices play an important role in disease diagnosis and treatment and are valuable assets to human lives. Medical equipment maintenance has become an essential practice for the healthcare sector. Medical devices require considerable investments. Scheduled and managed equipment maintenance plays a vital role for safe, reliable, and accurate test results for diagnostic procedures and patient monitoring therapy and treatment.

Browse through 119 Tables & 34 Figures spread over 110 Pages and in-depth TOC on “Global Medical Equipment Maintenance Market Size, Share, Trends and Forecast, 2017—2024”.

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The worldwide demand for medical equipment is growing rapidly, owing to the increasing prevalence of life-threatening diseases. Preventive maintenance is widely accepted to maintain proper functioning and accidental breakdown of equipment. Thus, the growing focus on preventive maintenance is likely to drive the market. Technologically advanced and high costs of medical equipment are projected to drive the demand for refurbished medical equipment. Wide acceptance and consumption of refurbished medical equipment, in turn, is anticipated to drive the medical equipment maintenance market. Increasing installations of new and advanced medical equipment in hospitals, clinics, diagnostic centers, etc., are likely to further drive the medical equipment maintenance market in the future. Additionally, the high burden of chronic disorders and the increase in the aging population are other factors likely to indirectly contributing toward the medical equipment maintenance market. However, high maintenance cost might hamper the market for medical equipment maintenance market. Nevertheless, the increasing service offerings and the use of internet of things are likely to create further growth opportunities for the medical equipment maintenance market globally.

The global medical equipment maintenance market is divided based on service type, device type, service provider, and end-user. By service type, the market is categorized into preventive maintenance, operational maintenance, and corrective maintenance. Preventive maintenance segment held the largest market share in 2017, due to the increasing use of medical equipment and the need to prevent equipment break down. By device type, the market is segmented into endoscopic devices, imaging equipment, electromedical equipment, surgical instruments, and other medical equipment. The imaging equipment segment is sub-segmented into advanced imaging modalities and primary imaging modalities. Advanced imaging modality segment is further categorized into computed tomography (CT), Magnetic resonance imaging (MRI), and other advanced medical imaging modalities, such as angiography systems, PET-CT, PET, SPECT-CT, gamma cameras etc. The primary imaging modalities include digital X-ray, ultrasound, and other modalities, such as mammography systems, general X-ray systems, bone densitometers etc. By service provider, this global market includes independent service organizations, original equipment manufacturers, and in-house maintenance. The end-user segment of the medical equipment maintenance market comprises hospitals, diagnostic centers, ambulatory surgical centers, and other end-users. Hospitals dominated the market in 2017, in terms of revenue share, and are projected to hold the leading position over the forecast time period as well.

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North America held almost 43% revenue share in 2017. It represents an important regional market for medical equipment maintenance. Technological advancements, huge investments, and government funding for medical equipment by healthcare practitioners are projected to contribute toward the region’s medical equipment maintenance market. Additionally, the increasing disease burden and patient population, rising health awareness, and growing healthcare expenditure are likely to fuel the medical equipment maintenance market. The increase in the demand for medical equipment, in turn, drives the medical equipment maintenance market. Government funding for hospitals and wider acceptance of technologically advanced high-end medical equipment to provide cutting-edge health services to patients are some other factors anticipated to boost the North American medical equipment maintenance market. During the forecast time period, the region is likely to experience huge growth and retain its leading market position. At the country level, the U.S dominated in 2017. The need to adhere to regulatory compliance and the necessity to provide better health services with safe, accurate, reliable test results of diagnostic procedures, treatment, and patient, are anticipated to drive this country’s market in the future. Additionally, the presence of dominant key players and manufacturers are likely to further accelerate the market growth in the U.S.

Europe held the second largest share in 2017 and is another dominant regional market for medical equipment maintenance. In 2017, Germany held the leading position in the European medical equipment maintenance market at the country level, followed by UK. Stringent regulatory compliance requirements, growing lifestyle-related disorders, growth in medical imaging procedures, and increased healthcare spending are major factors that are likely to propel this market’s growth in Germany, France, and UK in the upcoming years.

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Huge healthcare expenditure, increased disposable income, greater awareness about health disorders, and rise in lifestyle-related disorders, such as diabetes, cardiovascular diseases, arthritis, etc. are likely to contribute toward the Asia Pacific medical equipment maintenance market. This region is anticipated to be the fastest growing region over the forecast time period, due to a huge population base, increasing health disorders, and the growing geriatric population. To meet the growing demand for uninterrupted diagnostic and imaging health solutions, medical equipment maintenance is vital. The increasing focus on refurbished medical equipment purchase is likely to further boost the Asia Pacific medical equipment maintenance market.

The Middle Eastern and African medical equipment maintenance market is expected to experience slow growth over the forecast timeframe. Latin America is estimated to experience considerable growth in the medical equipment maintenance market, due to an increase in the imaging procedures and rise in health awareness over the forecast time period.

Browse the full "Medical Equipment Maintenance Market by Service Type (Preventive, Operational, and Corrective), by Device Type (Electromedical Equipment, Imaging Equipment, Surgical Instruments, Endoscopic Devices, and Other Medical Equipment), by Service Provider (Original Equipment Manufacturers, Independent Service Organizations, and In-House Maintenance), and by End-User (Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, and Other End-Users): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024" Report At https://www.zionmarketresearch.com/report/medical-equipment-maintenance-market

Some key players of the global medical equipment maintenance market include Siemens Healthineers, GE Healthcare, Koninklijke Philips N.V., Toshiba Medical System Corporation, Carestream Health, Inc., FUJIFILM Holdings Corporation, Agfa-Gevaert Group, Hitachi Medical Corporation, Drägerwerk AG & Co. KGaA, Aramark Services, Inc., Olympus Corporation, Althea Group, BC Technical, Inc., and B. Braun Melsungen AG, among others.

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This report segments the global medical equipment maintenance market into:

Global Medical Equipment Maintenance Market: By Service

  • Preventive Maintenance
  • Corrective Maintenance
  • Operational Maintenance

Global Medical Equipment Maintenance Market: By Device

  • Imaging Equipment
    • Advanced Imaging Modalities
      • Computed tomography(CT)
      • Magnetic Resonance Imaging (MRI)
      • Other Advanced Medical Imaging Modalities (SPECT-CT, PET-CT, PET, Gamma Cameras, and Angiography Systems)
    • Primary Imaging Modalities
      • Digital X-Ray
      • Ultrasound
      • Other Primary Medical Imaging Modalities (General X-ray Systems, Mammography Systems, and Bone Densitometers)
  • Electromedical Equipment 
  • Endoscopic Devices 
  • Surgical Instruments
  • Other Medical Equipment
    • Life Support Devices
    • Dental Equipment

Global Medical Equipment Maintenance Market: By Service Provider

  • Original Equipment Manufacturers
  • Independent Service Organizations
  • In-House Maintenance

Global Medical Equipment Maintenance Market: By End-User

  • Hospitals
  • Ambulatory Surgical Centers
  • Diagnostic Centers
  • Other End-Users

Global Medical Equipment Maintenance Market: By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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