Medical Equipment Maintenance Market Will Grow USD 63.31 Billion by 2026
According to the report, The global medical equipment maintenance market in 2019 was approximately USD 31.8 Billion. The market is expected to grow at a CAGR of 10.3% and is anticipated to reach around USD 63.31 Billion by 2026.
In recent years, the management of medical devices has taken on a new level of complexity due, in part, to the increased maturity and automation of hardware, convergence with electronic networks, and ever-increasing criteria for security, safety, reliability, and accuracy. Also, the ongoing COVID-19 pandemic has created a huge demand for medical equipment maintenance, which is propelling the growth of the global market. However, the lockdown situation in many leading countries also affected the supply of raw materials. Key manufacturers are also facing issues to run their facilities and operate at full capacity.
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The global medical equipment maintenance industry is expected to provide potential opportunities to the manufacturers, vendors, and customers across the globe. The sudden rise of the COVID-19 pandemic level has impacted the demand patterns of medical equipment maintenance. Growth in the associated equipment markets is a key factor driving the growth of the global market. Additionally, a growing focus on preventive medical equipment maintenance is another factor expected to boost the growth of the target market in the near future. Furthermore, the adoption of innovative funding mechanisms is anticipated to fuel the growth of the target market in the next few years. However, the high initial cost is a major factor to restrain the growth of the target market in the near future.
The global medical equipment maintenance market is segmented on the basis of device type, service type, service provider, and end-user. On the device type, the global market is categorized as electro medical equipment, imaging equipment, endoscopic devices, surgical instruments, and other medical equipment. Based on the service type segment the global market is divided into preventive maintenance, corrective maintenance, and operational maintenance. By service provider segment the global market is segregated as in-house maintenance, independent service organizations, and original equipment manufacturers. The global market can be divided into public organizations and private organizations based on the end-user segment.
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Some of the essential players operating in the medical equipment maintenance market, but not restricted to include Siemens Healthineers (A Division of Siemens AG), Aramark Services, Inc., Karl Storz GmbH & Co. Kg, FUJIFILM Holdings Corporation, Olympus Corporation, Hitachi Medical Corporation (Hitachi, Ltd.), Bc Technical, Inc. (Part of Alpha Source Group, Drägerwerk AG & Co. KGaA, Carestream Health, Inc. (Subsidiary of Onex Corporation), Althea (Previously Pantheon Healthcare Group, A Part of Permira Group), Agfa-Gevaert Group, B. Braun Melsungen AG, Koninklijke Philips N.V., Canon Inc., and GE Healthcare (A General Electric Company). Major companies in the global medical equipment maintenance market are trying to focus on the inorganic business strategies including launches of innovative products along with strategic partnerships.
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