June 09, 2022 08:30 ET | Source: MarketsandMarkets Research Pvt. Ltd. MarketsandMarkets Research Pvt. Ltd.

Chicago, June 09, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Medical Equipment Maintenance Market by Product (Imaging (MRI, CT, PET-CT, ultrasound, X-ray), Endoscopes, Lasers, Ventilators, Dialysis, Monitors), Provider (OEM, ISO, In-house), Service (Preventive, Operational), User (Hospital, ASCs) - Forecast to 2026", 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.

Browse in-depth TOC on "Medical Equipment Maintenance Market" 241 - Tables 53 - Figures 320 - Pages

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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.

Based on device type, the medical equipment maintenance market is 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. In 2020, the diagnostic imaging equipment segment accounted for the largest share of the medical equipment maintenance market. This segment is also expected to record the highest CAGR during the forecast period. The increasing demand for maintenance services for diagnostic imaging equipment is attributed to their substantial replacement cost and the need to ensure maximum equipment uptime.

Based on service type, the medical equipment maintenance market is segmented into corrective, preventive, and operational maintenance. The preventive maintenance segment is estimated to dominate the medical equipment maintenance market in 2020. The growing focus on implementing preventive maintenance strategies among healthcare organizations is expected to offer growth opportunities for service providers in the coming years.

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Based on a service provider, the medical equipment maintenance market has been segmented into multi-vendor OEMs, single-vendor OEMs, ISOs, and in-house maintenance. Among these, the multi-vendor OEMs segment accounted for the largest share of the market in 2020. Many healthcare providers opt for maintenance services offered by OEMs owing to their service quality, wide geographic presence, strong technical expertise, and easy access to spare parts (resulting in reduced downtime). Also, multi-vendor service contracts eliminate the complexity of dealing with multiple OEMs and external suppliers.

End Users of Medical Equipment Maintenance Market:

Based on end user, the medical equipment maintenance market is segmented into hospitals, diagnostic imaging centers, dialysis centers, ambulatory surgical centers, dental clinics & specialty clinics, and other end users. In 2020, hospitals accounted for the largest share of this market. The rising patient influx is encouraging hospitals to form alliances and partnerships with medical device maintenance service vendors for the establishment of state-of-the-art in-house maintenance facilities or outsourcing maintenance services.

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The medical equipment maintenance market covers five key geographies—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2020, Asia Pacific region is expected to offer significant opportunities for the growth of the medical equipment maintenance market. This is because of the region’s large population and its mix of growing and developed economies, such as Japan, China, and India. In addition, markets in developed countries are becoming increasingly saturated, thereby having manufacturers and suppliers shift their focus to Asian markets. In 2020, Asia Pacific region is expected to offer significant opportunities for the growth of the medical equipment maintenance market. Presence of a large number of OEMs, and strategic agreements and collaborations between service providers and end users are the major factors driving the growth of the medical equipment maintenance market.

Browse Adjacent Markets: Medical Devices Market Research Reports & Consulting

Diagnostic Imaging Market by Product (MRI (Open, Closed), Ultrasound (2D, 4D, Doppler), CT, X-Ray (Digital, Analog), SPECT, Hybrid PET, Mammography), Application (OB/Gyn, Cardiology, Oncology), Enduser (Hospitals, Imaging Centers) - Global Forecast (2022 - 2026)

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Ultrasound Market by Technology (Diagnostic (2D, 3D, Doppler), Therapeutic (HIFU, ESWL)), Display (Color, B&W), Portability (Trolley, POC), Application (Gynecology, Cardiology, Orthopedic), Component (Probe), End user (Hospitals) - Global Forecasts to 2026

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