NEW YORK, May 13, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, medical equipment maintenance market is expected to generate $26.4 billion revenue by 2024, advancing at a CAGR of 8.7% during the forecast period. Rising advancements in the medical devices industry, increasing awareness for preventive equipment maintenance, and presence of stringent regulatory environment are prominent factors driving the growth of the market.
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Original equipment manufacturers (OEMs), independent service organizations (ISOs), and in-house maintenance are the types of service provider available in the medical equipment maintenance market. OEMs are expected to hold the largest market share, of more than 70.0%, by 2024. The highest share of OEMs in the market can be attributed to the provision of timely, reliable, and better services offered by them, as compared to other service providers. However, ISOs category is expected to witness the fastest growth during the forecast period, mainly on account of low cost of services provided by them.
Based on end user, the medical equipment maintenance market is categorized into public-sector and private-sector organizations. Public-sector organizations were larger end users of medical equipment maintenance services during the historical period. This can be attributed to the presence of a large number of publicly-owned healthcare facilities like hospitals and nursing homes. These require frequent equipment maintenance services, due to a large number of diagnostic tests being conducted in these facilities.
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Globally, the APAC medical equipment maintenance market is expected to witness the fastest growth, and is projected to progress at a CAGR of 9.2% during the period 2019–2024. The growth of the market is mainly led by advancements in the medical devices industry, increasing chronic ailments, and growing number of hospitals in the region.
The medical devices industry is on its boom in APAC, owing to this, there is a rapid introduction of technologically advanced and upgraded medical devices in the region. Moreover, due to introduction and adoption of sophisticated technologies in APAC, the region now has highly diversified variety of products to diagnose and treat patients. Due to its frequent usage, the medical devices require services and proper time-to-time maintenance for smooth functioning.
For instance, computed tomography (CT) scanner is being used for diagnostic purposes more than magnetic resonance imaging (MRI) system, due to its better image quality and low side effects. This equipment requires time-to-time maintenance for its glassware (X-ray tube), fans, and bearings for proper functioning. Therefore, the increasing advancement in the medical devices industry is projected to boost the growth of the medical equipment maintenance market in the region, during the forecast period.
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The players in the medical equipment maintenance market are coming up with innovative solutions to enhance their market presence. For instance, in January 2018, FUJIFILM Medical Systems U.S.A. Inc. formed a strategic alliance with Renovo Solutions to offer technology management solutions, which consist of Multi-vendor service (MVS) options for the maintenance and management of medical imaging and biomedical equipment. This new alliance opens the option of customized service delivery solutions, including MVS to FUJIFILM customers.
Aramark, Agiliti Health Inc., BC Technical Inc., CTDI GmbH, DESCO, Signature Medical Services Inc., Crothall Healthcare, Atlantis Worldwide LLC, NovaMed Corporation, Althea Group, Nortech Medical, and Gamidor Technical Services Ltd. are the key ISOs operating in the global medical equipment maintenance market.
General Electric (GE) Company, Koninklijke Philips N.V., Siemens AG, Canon Medical Systems Corporation, Shimadzu Corporation, FUJIFILM Holdings Corporation, Drägerwerk AG & Co. KGaA, Agfa-Gevaert N.V., Hitachi Ltd., Karl Storz SE & Co. Kg, Olympus Corporation, and Carestream Health Inc. are some leading OEM players in the medical equipment maintenance industry.
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