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Global Medical Equipment Maintenance Industry to Gain Major Revenue in Near Future

A detailed market estimation approach was followed to estimate and validate the size of the Medical Equipment Maintenance Market and other dependent submarkets.

# The key players in the market were identified through secondary research, and their market shares were determined through primary and secondary research.

# The research methodology includes the study of the annual and quarterly financial reports of the top market players as well as interviews with industry experts for key insights on the Medical Equipment Maintenance market.

# All percentage shares, splits, and breakdowns were determined by using secondary sources and verified through primary sources.

# All the possible parameters that affect the market segments covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

The above-mentioned data was consolidated and added with detailed inputs and analysis from MarketsandMarkets and presented in this report.

Projected Surge in Revenue Generation:

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.

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Major Growth Fueling Factors:

The growth of this market is mainly driven by the growing number of medical vendors across globe, increasing adoption of patient-specific medical devices. Moreover, Growth in this market is primarily driven by the rising focus on preventive medical equipment maintenance, growth in associated equipment markets, adoption of innovative funding mechanisms, and the increasing purchase of refurbished medical equipment. However, the high initial costs and significant maintenance expenditure may hinder the growth of this market during the forecast period.

Data Triangulation:

After deriving the overall Medical Equipment Maintenance market value data from the market size estimation process, the total market value data was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments, data triangulation and market breakdown procedures were employed wherever applicable. The data was triangulated by studying various qualitative and quantitative variables as well as by analyzing regional trends for both the demand- and supply-side macro indicators.

Recent Developments:

# In March 2021, FUJIFILM Corporation (Japan) acquired the Diagnostic Imaging-related Business of Hitachi, Ltd. (Japan) to support R&D, manufacturing, marketing, and maintenance services for diagnostic imaging systems (CT, MRI, X-ray, ultrasound systems, and others), electronic medical records, and other medical-related products and services.

# In February 2021, Siemens Healthineers (Germany) entered into an eight-year technological partnership  with Kantonsspital Baden (KSB, Switzerland)for procurement and maintenance of medical imaging systems, technology management, and the expansion of telemedicine solutions.

# In December 2019 GE Healthcare (US) GE Healthcare signed a six-year service contract for imaging technologies across Affidea’s network in the Netherlands.

North America is expected to dominate the global medical equipment maintenance market in 2020

North America, comprising the US and Canada, accounted for the largest share of the medical equipment maintenance market in 2020. Increasing number of vendors manufacturing for medical equipment maintenance and a growing number of approvals for advanced, medical devices are the major factors driving market growth in North America. Customers in North America are moving towards outsourcing maintenance services for curbing expense, which is increasing demand for medical equipment maintenance. This trend will have a positive impact on the medical equipment maintenance market.

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COVID-19 Impact on the medical equipment maintenance market

As a result of the pandemic, during March 2020 and throughout the second quarter of 2020, access to customers to deliver the medical equipment maintenance diminished as hospitals became primarily focused on the critical care devices used in COVID-19 pandemic. The pandemic has led to a significant increase in the demand for critical care devices such as ventilators. Due to restrictions on the transportation of components, companies that are not serving critical care devices are going to face challenges in order to procure supplies such as accessories for the maintenance of non-critical medical equipment.

This is expected to increase the supply-demand gap for the maintenance services of non-critical devices. For critical care devices such as ventilators and respiratory care devices, whose demand is extremely high currently, the shortage of biomedical engineers can act as a limiting factor in their aftersales services.

on August 18 at 6:22

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