The medical equipment maintenance market expects to garner a positive growth trajectory across the assessment period of 2017-2025. The rising use of medical equipment for a plethora of purposes has widened the scope of the medical equipment maintenance market to a considerable extent. The increase in the rate of infections and other diseases is also expected to serve as a prominent growth generator for the medical equipment maintenance market.
- Most medical devices are complicated and are hard to maintain. Only trained professionals can maintain them extensively. This is where medical equipment maintenance services come into the picture. All these factors will invite exponential growth for the medical equipment maintenance market.
- Research and development activities play a major role in the growth of the medical equipment maintenance market. The players invest heftily in these activities. These activities help in increasing the revenues, eventually boosting the growth of the medical equipment maintenance market.
- Strategic collaborations are also an important part of the growth trajectory of the medical equipment maintenance market. Mergers, acquisitions, joint ventures, and partnerships help in strengthening the position of the players in the medical equipment maintenance market, eventually boosting the growth rate. These activities are also helpful in supporting expansion activities.
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Global Medical Equipment Maintenance Market: Overview
Increase in health care expenses and increase in need for technologically advanced medical equipment have significant increase in the medical equipment manufacturing market. This medical equipment is used for the people’s health. They have been broadly used for the health-checks of human lives in every department of healthcare industry. For instance, calibration is an important procedure for any equipment and device, to maintain and improve its accuracy and precision.
Right operative of medical equipment is extremely essential for almost all healthcare expert for instances doctors, nurses, and others. Medical equipment and devices allow healthcare experts to precisely check health of the patient. These are utilized from diagnostic methods to surgeries, therapeutic treatments, operating table, and helping specialists in emergency hospital room.
Based on device type, the global medical equipment maintenance market is sectioned into imaging equipment, endoscopic devices, surgical instruments, and electromedical equipment. Based on service type, the market is segmented into corrective, preventive, and operational maintenance. On the basis of service provider, the medical equipment maintenance market is categorized into original equipment manufacturers (OEMs), independent service organizations (ISOs), and in-house maintenance. Based on end user, the global medical equipment maintenance market is divided into public-sector organizations and private-sector organizations.
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Global Medical Equipment Maintenance Market: Drivers Restraints
The global medical equipment maintenance market is estimated to grow at a rapid pace in the forthcoming years. Quick implementations of new methods, global increase in number of life-threatening infections and disorders will drive the market. This will need cutting-edge medical devices, and increase in purchase of renewed medical systems drive the global medical equipment maintenance market.
The prime factors boosting the global medical equipment maintenance market are growing concentration on preventive medical equipment maintenance. Also, growing preference for buying of restored medical equipment as well as growing investments of major enterprises to build healthcare infrastructure is driving the market.
However, increase in cost of medical equipment and treatment, absence of health care expertise, and significant cost of maintenance of medical equipment are the restraining factors for the global medical equipment maintenance market. Nevertheless, developments for complex equipment maintenance and growing number of public-private partnerships is fueling the market.
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Global Medical Equipment Maintenance Market: Geographical Distribution
Geographically, North America is expected to lead the maximum revenue share of the medical equipment maintenance market. This market is also expected to grow at the highest CAGR in the forthcoming years. Some of the aspects like the growing old-age population, rising prevalence of lifestyle-related disorders is driving the market. Along with these, quality healthcare accessibility, existence of well-established infrastructure of healthcare, and rise in implementation of innovative technologies is also boosting the global market. And lastly, the presence of major companies is fuelling the growth of the medical equipment maintenance market in North America.
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Global Medical Equipment Maintenance Market: Competitive Landscape
The rising adoption in the medical equipment maintenance industry are the preference of multi-seller agreements by end users, and the implementation of equipment maintenance insurance for several medical equipment. To lessen the additional expenses and complexities related with distinct services provided under agreement by several producers, major enterprises are inclining towards multi-seller agreement aids. For example, RightFit service agreements for imaging systems was signed by Koninklijke Philips N.V. to offers ultrasound and patient monitoring devices. The increase in costs of maintaining and installing medical devices rise in demand for insurance of such devices.
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