NEW YORK, March 26, 2018 (GLOBE NEWSWIRE) -- According to P&S Market Research, Medical equipment maintenance market is forecasted to achieve a value of $27.5 billion by 2023, the market growth will be driven by various factors such as growing medical device industry and healthcare expenditure, rising awareness for preventive maintenance, and regulatory requirement for medical equipment maintenance.
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Imaging equipment, endoscopic devices, surgical instruments, electromedical equipment, and other medical equipment are the various types of devices for which maintenance services are being adopted by hospitals and other end users. As per the findings of the research, imaging equipment held the largest medical equipment maintenance market share in 2016, since these are costly and are used for the diagnosis of a large number of diseases. The medical equipment maintenance services include preventive maintenance, corrective maintenance, and operational maintenance services. Preventive maintenance is expected to be the fastest growing service type, as corrective maintenance is costlier than preventive maintenance and due to the tendency of medical device users to avoid this cost.
Geographically, North America is the largest medical equipment maintenance market, with the U.S. being the larger contributor to the regional market, as compared to Canada. The leading position of the North American market is mainly attributable to factors such as presence of many companies providing medical equipment maintenance services, large and growing medical devices industry, and high healthcare expenditure in the region. Presence of various regulatory authorities that have stipulated strict regulations to comply with for hospitals and other healthcare facilities also supports the growth in demand for these services in the North American medical equipment maintenance market.
According to the U.S. Centers for Medicare & Medicaid Services, in 2015, U.S. health care spending reached $3.2 trillion, or $9,990 per person. The growth in total health care spending in 2015 was driven by stronger growth in spending for private health insurance, hospital care, physician and clinical services. In 2015, the overall share of the U.S. economy devoted to health care spending was 17.8% in 2015, up from 17.4% in 2014. Spending for hospital care increased by 5.6% to $1.0 trillion in 2015 compared to 4.6% growth in 2014. The advancement in medical device technology is also supporting the growth of medical devices market, leading to growth in the medical equipment maintenance market.
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The key players in the medical equipment maintenance market are entering into long-term partnership with end users for the provision of maintenance services for medical equipment. For instance, in July 2016, Siemens AG received a ten-year cooperation contract worth $55.3 million (€50 million) from Sandwell and West Birmingham Hospitals NHS Trust, U.K. According to the terms of the contract, Siemens AG agreed to provide its management equipment services (MES) for all of its medical imaging equipment, to four hospital sites in mid-west of the U.K.
Some of the other key players operating in the medical equipment maintenance market include General Electric Company, B. Braun Melsungen AG, Koninklijke Philips N.V., Fujifilm Holdings Corporation, Canon Inc., Aramark Corporation, TBS Group S.p.A., Hitachi Ltd., Agfa Gevaert, and Drägerwerk AG & Co. KGAA.
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