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Medical Equipment Maintenance Market Growth Insights Report

Medical equipment in different healthcare facilities are of great importance, clearly, which is why it is crucial that these equipment types are maintained properly in order to ensure the safety of both patients and healthcare workers and to provide high quality service. For the same, the University of Michigan hospital has an equipment management program for making sure of the safety and reliable operation of medical equipment and effective treatment of patients, throughout the University of Michigan Hospital and Health Centers. Under the program, every classification of device is assigned a

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Medical Equipment Maintenance Market Growth Insights Report

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  1. Expanding Healthcare Sector To Drive Medical Equipment Maintenance © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved Service Demand in Coming Years 1

  2. The healthcare sector is currently witnessing rapid technological developments and numerous innovations in medical devices owing to the rising requirement for better diagnosis and treatment options. Technological advancements in this sector can be primarily attributed to the hefty investments being made in research and development (R&D) activities to develop high-quality medical equipment and devices. As medical devices require constant maintenance or the timely replacement of parts, the expanding medical device industry will increase the requirement for medical equipment maintenance services in the coming years. Moreover, the mounting focus of healthcare facilities on cleanliness, on account of the escalating awareness about the benefits of preventive maintenance of medical devices, will drive the medical equipment maintenance market at a CAGR of 9.4% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue stood at $17.4 billion in 2019, and it will reach $45.1 billion by 2030. The World Health Organization (WHO) has drafted the Healthcare Technology Management (HTM) guidelines to ensure that healthcare facilities gather adequate information regarding medical devices and equipment maintenance and repair services. To receive free sample pages of this report@ https://www.psmarketresearch.com/market-analysis/medical-equipment-maintenance- market/report-sample Presently, original equipment manufacturers (OEMs) are the largest medical equipment maintenance service providers as they offer advanced and faster services than independent service organizations (ISOs) and in-house staff. These service providers offer corrective, operational, and preventive and predictive medical maintenance services for imaging equipment, such as computed tomography (CT), magnetic resonance imaging, digital x-ray, endoscope, and ultrasound modalities, dental equipment, surgical equipment, electromedical equipment, and life support equipment. In comparison to other equipment, imaging equipment requires maximum servicing due to the surging use of imaging systems to diagnose cancer and neurological diseases. The end user segment of the medical equipment maintenance market is bifurcated into private-sector organizations and public-sector organizations. Of these, the public-sector organizations category generates the higher revenue due to the surging number of government hospitals and increasing healthcare support being provided by governments to patients. As compared to private- sector organizations, public-sector organizations operate a greater number of medical centers, which adopt medical devices in abundance, owing to which they generate a higher demand for medical equipment maintenance services. Globally, North America emerged as the dominant customer of medical 2 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

  3. equipment maintenance services in the recent past, and it is also expected to retain the lead in the foreseeable future as well. This can be ascribed to the surging elderly population, growing disease burden, rising number of hospitals, and increasing deployment of medical imaging systems in the region. For instance, Urban Institute predicts that the number of individuals aged 65 years and more will reach over 80 million in the U.S. by 2040. Whereas, the Asia-Pacific (APAC) medical equipment maintenance market is expected to demonstrate the fastest growth during the forecast years, owing to the soaring number of hospitals, the rising volume of diagnostic tests being performed and surging incidence of chronic ailments in the region. For example, the Australian Institute of Health and Welfare (AIHW) states that there were 657 private hospitals and 693 public hospitals in Australia during 2017–2018. As per the organization, the number of private hospitals surged from 601 in 2012–2013 to 657 in 2016–2017. Therefore, the ongoing technological developments in the medical device industry and rising awareness about preventive equipment maintenance among healthcare organizations will generate an enormous requirement for medical equipment maintenance services in the forthcoming years. The research offers market size of the global medical equipment maintenance market for the period 2014–2030. Market Segmentation by Equipment Type Imaging • oAdvanced imaging modalities Computed tomography (CT) Magnetic resonance imaging (MRI) Others ▪ ▪ ▪ oPrimary imaging modalities Digital X-ray Ultrasound Endoscope Others Electromedical Life Support Surgical Dental Market Segmentation by Service Type Preventive and Predictive ▪ ▪ ▪ ▪ • • • • • 3 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

  4. Corrective Operational • • Market Segmentation by Service Provider Original Equipment Manufacturers (OEMs) • oMulti-vendor OEMs oSingle-vendor OEMs Independent Service Organizations (ISOs) In-house Market Segmentation by End User Public-sector Organizations Private-sector Organizations Market Segmentation by Geography North America Medical Equipment Maintenance Market • • • • • oBy equipment type oBy service type oBy service provider oBy end user oBy country – U.S. and Canada Europe Medical Equipment Maintenance Market • oBy equipment type oBy service type oBy service provider oBy end user oBy country – Germany, U.K., France, Italy, Spain, Russia, Switzerland, Poland, Ukraine, Netherlands, Belgium, and Rest of Europe Asia-Pacific (APAC) Medical Equipment Maintenance Market • oBy equipment type oBy service type oBy service provider oBy end user oBy country – China, Japan, India, Australia, South Korea, Singapore, Indonesia, New Zealand, Malaysia, and Rest of APAC Latin America (LATAM) Medical Equipment Maintenance Market • oBy equipment type oBy service type oBy service provider 4 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

  5. oBy end user oBy country – Brazil, Mexico, Argentina, Chile, Colombia, Peru, and Rest of LATAM Middle East and Africa (MEA) Medical Equipment Maintenance Market • oBy equipment type oBy service type oBy service provider oBy end user oBy country – Saudi Arabia, South Africa, U.A.E., Israel, and Rest of MEA 5 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

  6. Disclaimer: P&S Intelligence always keeps its customers’ interests at the core while carrying out research activities. P&S Intelligence ensures the reliability and accuracy of information and data provided in its market research publications. However, the information in publications is subject to fluctuations, as it is based on primary interviews of officials from various companies or organizations. P&S Intelligence is not responsible for any incorrect data provided by the key industry players of the concerned domain. The information or analysis in P&S Intelligence publications represents opinions based on research and should not be interpreted as statements of fact. Information in this report was believed to be correct at the time of publication, but cannot be guaranteed. P&S Intelligence does not endorse any product, service, or vendor depicted in its research publications. All intellectual properties, including trademarks and copyrights, belong to their respective owners and may be protected by copyright. Under no circumstance can these be reproduced in any form without prior written agreement of their owners. An order for market research report is intended for internal use of the company only and not for disclosure to third parties or any other publication in general. No service, report, or part thereof provided by P&S Intelligence can be reproduced, republished, resold, revealed, distributed, circulated, or sublicensed in any medium or form now realized or hereafter become realized, including but not limited to, all forms of optical-based media, magnetic, electronic, or digital, without a written permission from Prescient & Strategic Intelligence Pvt. Ltd. Kindly write to: enquiry@psmarketresearch.com B-13, Sector – 2, Noida, U.P. – 201301, INDIA Contact No: +91 120 4541 337 US/Canada Toll-Free: 1-888-778-7886 6 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

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