Dublin, Oct. 22, 2021 (GLOBE NEWSWIRE) -- The "Medical Equipment Maintenance Market 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The medical equipment maintenance market is projected to reach USD 74.2 billion by 2026 from USD 45.2 billion in 2021, at a CAGR of 10.4% during the forecast period.
The growth of this market is mainly driven by the growth in the associated equipment markets, rising focus on preventive medical equipment maintenance, adoption of innovative funding mechanisms, and the increasing purchase of refurbished medical systems.
In terms of service provider, segment to register significant growth during the forecast period.
Based on the service provider, the medical equipment maintenance market is segmented multi-vendor OEMs, single-vendor OEMs, ISOs, and in-house maintenance. OEMs provide a wide range of services, such as corrective maintenance, operational maintenance, planned maintenance, and extended warranty, along with insurance maintenance programs. Thus rising demand for multi-vendor OEMs services has led to the growth of the multi-vendor OEMs segment.
In terms of service type, the preventive maintenance segment to register significant growth during the forecast period.
Based on the service type, the medical equipment maintenance market is segmented into corrective, preventive, and operational maintenance. The Preventive maintenance segment accounted for a larger share of the market in 2020.
Preventive maintenance is carried out for life support devices, equipment used for diagnosis and treatment, and devices that significantly impact the safety of patients (such as defibrillators, ECG machines, pulse oximeters, infusion pumps, and electrosurgical units). Preventive maintenance is critical for equipment present in radiology departments due to mandatory certifications and regulations, as well as the high cost of equipment. Benefits of preventive maintenance to support the growth of this segment
The diagnostic imaging equipment segment is expected to account for the largest share of the medical equipment maintenance market, by device type.
On the basis of device type, the medical equipment maintenance market has been segmented into diagnostic imaging equipment, patient monitoring & life support devices, endoscopic devices, surgical equipment, ophthalmology equipment, medical lasers, electrosurgical equipment, radiotherapy devices, dental equipment, laboratory equipment, and durable medical equipment.
Based on modality, this market segment is divided into CT scanners, MRI systems, X-ray systems, ultrasound systems, angiography systems, nuclear imaging equipment (PET/SPECT), mammography systems, and fluoroscopy systems. There is a significant demand for related maintenance services to avoid any possibility of equipment breakdown/downtime.
This market is primarily driven by the increasing number of diagnostic imaging procedures across the globe. A rise in the prevalence of chronic diseases is also expected to propel the use of advanced imaging equipment and subsequently drive the demand for associated maintenance services.
German market is expected to grow at the highest CAGR during the forecast period.
The German market is estimated to grow at the highest CAGR during the forecast period majorly due to the growth of service providers and favourable investments scenario and evolving healthcare infrastructure in the country.
Competitive Landscape
The medical equipment maintenance market is highly competitive with the presence of both OEMs and ISOs. GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Medtronic plc (Ireland), Fujifilm Holdings Corporation (Japan), and Dragerwerk AG & Co. KGaA (Germany) are some of the leading OEMs in this market.
Aramark (US), BC Technical, Inc. (US), Alliance Medical Group (UK), and Althea Group (Italy) are some of the leading ISOs operating in the medical equipment maintenance market.
Premium Insights
- Growing Trend of Preventive Maintenance is Expected to Drive Market Growth in the Next Five Years
- Preventive Maintenance to Form the Largest Service Type Segment in this Market
- Hospitals Form the Largest End-User Segment in this Market
- Market in China to Register the Highest CAGR During the Forecast Period
Market Dynamics
Drivers
- Growth in the Associated Equipment Markets
- Rising Focus on Preventive Medical Equipment Maintenance
- Adoption of Innovative Funding Mechanisms
- Increasing Purchase of Refurbished Medical Systems
Restraints
- High Initial Cost and Significant Maintenance Expenditure
- Fiscal Unsustainability due to Wasteful Spending
Opportunities
- Innovation in Service Offerings and Use of Iot
- Emergence of Isos
- Emerging Markets Across Central and Eastern Europe and APAC
Challenges
- Survival of Players in a Highly Fragmented and Competitive Market
- Compliance Issues with New Mdr Regulations and the Golden Rule
- Dearth of Skilled Technicians and Biomedical Engineers
Trends
- Preference for Multi-Vendor Contracts
- Consolidation of Dialysis Centers and Hospitals
- Managed Equipment Service Providers and Group Purchasing
- Equipment Maintenance Insurance Tools for Imaging Centers
Company Profiles
Major Players
- GE Healthcare (General Electric Company)
- Siemens Healthineers (A Subsidiary of Siemens Group)
- Koninklijke Philips N.V.
- Medtronic plc
- Fujifilm Holdings Corporation
Other Players
- Olympus Corporation
- Canon Inc.
- Dragerwerk AG & Co. KGaA
- Hitachi, Ltd.
- B. Braun Melsungen Ag
- Althea Group
- Agfa-Gevaert N.V.
- Bcas Bio-Medical Services Ltd.
- Agenor Mantenimientos
- Grupo Empresarial Electromedico
- Carestream Health
- Karl Storz GmbH & Co. Kg
- Alliance Medical
- Avensys UK Ltd.
- Aramark Services, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/xrahn6
