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Global Medical Equipment Maintenance Market Size to be Worth USD 118.08 Billion by 2032 at 10.5% CAGR Growth: Polaris Market Research
NEW YORK, Dec. 6, 2023 /PRNewswire/ -- A latest research report [110+] pages with 360-Degree visibility, titled "Medical Equipment Maintenance Market Share, Size, Trends, Industry Analysis Report, By Service Type (Corrective Maintenance, Preventive Maintenance, Operational Maintenance); By Equipment; By End User; By Region; Segment Forecast, 2023- 2032" published by Polaris Market Research in its research repository.
According to research report, the global medical equipment maintenance market size and share is predicted to grow from USD 43.72 billion in 2022 to USD 118.08 billion in 2032. It is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 10.5% from 2023 to 2032, according to the latest report by Polaris Market Research.
What is Medical Equipment Maintenance? How Big is Medical Equipment Maintenance Market Size and Share?
The management of medical devices has acquired a contemporary level of intricacy lately due to partiality in escalated refinement and adeptness of equipment, amalgamation with electronic networks, reliance on outsourcing for specific maintenance and repair, and a flourishing need for conformity, security, dependability, and precision. The rapidly rising demand for medical equipment maintenance market can be attributed to the aforementioned problems needing to be inscribed while preserving an equipment inventory competent of offering accurate equipment at the precise time for precise application.
The medical equipment maintenance market growth can be attributed to pre-emptive maintenance including systematic perusal and maintenance undertakings to recognize possible problems before they become crucial. This perspective reduces equipment downtime and notable enhances equipment dependability which especially is prized in healthcare settings where downtime can influence patient care.
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Which is the Largest Medical Distributor of Medical Equipment?
- Alliance Medical Group
- Althea Group
- Avensys UK Group
- B. Braun Melsungen AG
- BC Technical, Inc.
- Dragerwerk AG & Co. KGaA
- Elekta AB
- GE Healthcare
- Hitachi Healthcare
- Koninklijke Philips N.V.
- Siemens Healthineers
- STERIS plc
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Important Highlights from the Report
- Systematic perusal and maintenance undertakings to recognize possible problems are propelling market expansion.
- Preserving an equipment inventory competent of offering accurate equipment at the precise time for precise application is pushing the demand for the market.
- The medical equipment maintenance market segmentation is primarily based on service type, equipment, end user, and region.
- Asia Pacific has dominated the market with the largest share in 2022.
Medical Equipment Maintenance Market Details
Market value in 2023
USD 48.19 billion
Market value in 2032
USD 118.08 billion
10.5% from 2023-2032
Market's Prime Determinants of Growth, Trends, and Opportunities
- Maturation of medical equipment: Patient security remains a supreme worry in healthcare. The medical equipment maintenance market size is expanding as structured maintenance and servicing of medical equipment are crucial to make sure devices operate as planned, lessening the probability of breaking down that could create medical fallacies and untimely patient outcomes. Several healthcare prerequisites include maturing medical equipment. As these devices approach the climax of their usual lifespan, the demand for preservation and improvisation escalates. Maintenance services are important for expanding the functional life of maturing equipment and lessening the requirement for expensive substitutions.
- Stringent administrative needs: Strict administrative needs, such as those defined by concerns such as FDA and ISO, push the demand for tractable medical equipment maintenance. The medical equipment maintenance market sales are soaring as healthcare prerequisites must stick to these directives ascertaining that all medical devices are computed and operate accurately to encounter patient security and quality levels.
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Trends and Opportunities
- Technological progression: Healthcare provisions are growingly outsourcing their medical equipment maintenance to specific service providers. This showcases notable opportunities for firms providing thorough maintenance solutions involving preventive maintenance and equipment overhaul. The amalgamation of IoT technology into medical equipment authorizes auguring maintenance. Sensors can garner real-time data, forecasting when maintenance is needed depending on equipment production, utilization, and wear and tear. This perspective decreases accidental downtime and improves functional efficacy.
- Corrective Maintenance Segment Witnessed a Steep Surge
Based on service, the corrective maintenance segment witnessed a steep surge. The medical equipment maintenance market demand is on the rise as corrective maintenance pertains to unanticipated issues and disintegration in medical equipment. When equipment comes across problems or breakdown, instant initiatives are accepted to recognize the issues and impact obligatory patching up.
The predominant aim of corrective maintenance is to lessen equipment downtime. Speedy problem intention authorizes that the equipment can be bang-on reinstituted to optimum operational capacity preventing interference in patient care. Corrective maintenance should stick to established processes and protocols guaranteeing steadiness and conformity with governmental precondition. Strong testament also helps in monitoring equipment history and significance.
- Imaging Equipment Segment Dominated the Market
Based on equipment, the imaging equipment segment dominated the market. The medical equipment maintenance market trends include this realm circumscribing a broad gamut of diagnostic imaging equipment involving X-ray machines, MRI and CT scanners, ultrasound devices, and mammography systems. Maintenance is foundational to validate the distinctness and dependability of diagnostic returns. Imaging equipment stands are necessary in recognizing an array of medical conditions and ushering therapeutic resolution.
Ascertaining the preciseness of the diagnosis and the prosperity of patients entails prompt and diligent maintenance. The speedy advancement of imaging technology demands maintenance professionals to stay educated about the contemporary advancements. Technicians and engineers must be suitably qualified to handle the complications of progressive imaging systems.
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Asia Pacific: This region held the largest medical equipment maintenance market share. This region is observing an upswing in healthcare infrastructure augmentation. The setting up of contemporary hospitals and medical centers, together with the rejuvenation of prevailing facilities which, subsequently involves systemic maintenance and servicing to sanction maximum operations and durability.
North America: This landscape is famed for its continuous acquisition of modern medical technology. This involves diagnostic imaging equipment, robotic surgical systems, and electronic well-being documentation. The complexity of these devices requires specific maintenance to sanction them function at pinnacle production and encounter strict security caliber.
Browse the Detail Report "Medical Equipment Maintenance Market Share, Size, Trends, Industry Analysis Report, By Service Type (Corrective Maintenance, Preventive Maintenance, Operational Maintenance); By Equipment; By End User; By Region; Segment Forecast, 2023- 2032" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/medical-equipment-maintenance-market
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Key Questions Answered in the Report
- What is the current and expected medical equipment maintenance market value?
- At what CAGR is the market expected to grow during the forecast period?
- Which factors are driving the market growth?
- What are the key market trends and opportunities?
- Which segment accounts for the largest medical equipment maintenance market share?
- Who are the prominent players in the industry?
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About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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SOURCE Polaris Market Research