LONDON, Feb. 15, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the medical equipment maintenance market, the increase in demand for medical devices is significantly contributing to the growth of the medical equipment maintenance market. Medical devices are instruments, machines, and apparatus that are used for medical purposes to prevent, diagnose, or treat diseases. The rising demand for medical devices requires effective medical equipment maintenance services to lower dispatch costs, minimize patient dissatisfaction, ensure prompt patient treatment, and lower fatality and risk during patient care.
For instance, according to the International Trade Administration and U.S. Department of Commerce reports, the total production of medical devices and equipment in India reached $4.4 billion in 2020, which is an increase from $2.3 billion in 2019. Therefore, the increase in demand for medical devices is expected to propel the growth of the medical equipment maintenance market.
Request for a sample of the global medical equipment maintenance market report
The global healthcare equipment maintenance market size is expected to grow from $28.14 billion in 2021 to $32.35 billion in 2022 at a compound annual growth rate (CAGR) of 15%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The medical equipment maintenance market is expected to reach $49.20 billion in 2026 at a CAGR of 11.1%.
Strategic partnerships and collaborations are shaping the medical equipment maintenance market. For instance, in February 2021, Siemens Healthineers, a Germany-based medical technology company, and the Kantonsspital Baden (KSB), a Switzerland-based hospital, formed a technological and strategic partnership for eight years. This partnership aims to help Kantonsspital Baden expand capabilities, optimize business processes, and advance innovation. It includes maintenance of medical imaging systems, technology needs, and capacity assessment, holistic technology management, process optimization, expansion of telemedicine solutions, and certified employee training programs. Additionally, in March 2021, Agiliti, a US-based medical equipment management company, acquired Northfield Medical, a US-based company that offers repair and maintenance services for surgical instruments, for $475 million. Through this acquisition, Northfield Medical now offers medical device care and repair on surgical instruments, endoscopes, and other operating room equipment.
Major players in the medical equipment market are GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Medtronic Plc., FUJIFILM Holdings Corporation, Canon Inc., Carestream Health Inc., Dräger, Toshiba International Corporation, Althea Group, Olympus Corporation, B. Braun Melsungen AG, KARL STORZ GmbH & Co. KG, Aramark Services Inc., and Johnson & Johnson.
The global medical equipment maintenance market is segmented by service type into preventive maintenance, corrective maintenance, operational maintenance; by device into imaging equipment, endoscopic devices, surgical instruments, electro-medical equipment; by technology into multi-vendor OEMs, single-vendor OEMs, independent service organization, in-house maintenance; by end user into hospital, diagnostic imaging centers, dialysis centers, ambulatory surgical centers, dental clinics and specialty clinics, others.
In 2021, North America was the largest region in the medical equipment maintenance market. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in TBRC’s medical equipment maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Medical Equipment Maintenance Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide medical equipment maintenance market overviews, analyze and forecast market size and growth for the whole market, medical equipment maintenance market segments and geographies, medical equipment maintenance market trends, medical equipment maintenance market drivers, medical equipment maintenance market restraints, medical equipment maintenance market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Not the market you are looking for? Check out some similar market intelligence reports:
Medical Device Cleaning Global Market Report 2021 - By Process (Disinfection, Automatic Cleaning, Manual Cleaning, Presoak/Precleaning), By Application (Surgical Instruments, Endoscopes, Ultrasound Probes, Dental Instruments), By End Users(Hospitals And Clinics, Diagnostic Centers, Dental Clinics), COVID-19 Growth And Change
Medical Equipment Global Market Report 2021 - By Type (In-Vitro Diagnostics, Dental Equipment And Supplies, Ophthalmic Devices, Diagnostic Imaging Equipment, Cardiovascular Devices, Hospital Supplies, Surgical Equipment, Orthopedic Devices, Patient Monitoring Devices, Diabetes Care Devices, Nephrology And Urology Devices, ENT Devices, Anesthesia And Respiratory Devices, Neurology Devices, Wound Care Devices), By End User (Hospitals And Clinics, Diagnostic Laboratories), By Type Of Expenditure (Public, Private), By Product (Instruments/Equipment, Disposables), COVID-19 Impact And Recovery
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
