(EMAILWIRE.COM, March 25, 2022 ) 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.
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Global Industry Growth Boosting Factors:
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.
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, fundamental market dynamics, and key player strategies.
Driver: Rising focus on preventive medical equipment maintenance
The focus on the preventive maintenance of medical equipment has grown in recent years, as healthcare institutions seek to enhance patient safety and care quality. This involves a carefully designed program where maintenance tasks are performed in a scheduled manner to avoid larger and costly repairs down the line. It also helps in reducing equipment downtime, which enhances day-to-day operations and improves device reliability.
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Restraint: High initial cost and significant maintenance expenditure
Maintenance programs for medical devices enable healthcare providers to track and monitor their condition, and thereby ensure efficient utilization and maximum uptime. This is also essential, given the current focus on preventive maintenance and cost pressures, to control total expenditure against a background of austerity measures. Such programs include the deployment of asset management solutions, which use advanced technologies.
However, the deployment of these solutions incurs high initial installation costs and significant maintenance expenditure, while the installation of advanced medical equipment incurs a service contract cost (~12% of the cost of medical equipment) to be paid per year. The service cost thus paid during the lifespan of the equipment is usually more than the cost of the equipment. The high cost associated with the purchase and maintenance of advanced medical equipment is restraining end users from adopting them.
Opportunity: Emergence of ISOs
The medical equipment maintenance and services sector was initially dominated by OEMs. However, OEMs typically charge more than third-party vendors, and often take longer for maintenance, resulting in higher associated costs as well as downtime. This situation, especially given the backdrop of continuing austerity measures and the need for cost-curtailment in healthcare systems, has led to the emergence of ISOs dedicated to solely providing maintenance services.
With a strong team of experts, these organizations can cater to customers in situations where OEMs fail to offer satisfactory and time-efficient solutions. Moreover, ISOs offer services for multiple brands of medical devices, providing end users with a central, independent management platform for uniform service delivery across all asset groups, while reducing maintenance costs.
Challenge: Survival of players in a highly fragmented and competitive market
The medical equipment maintenance market is highly fragmented and competitive and comprises a broad range of players, including multinational companies and small local players. The high capital required in retaining biomedical engineers, logistics of medical devices, and regulatory approval make it difficult for several companies (especially start-ups and small organizations) to sustain their presence in the industry.
As a result, companies are focusing on the development of better and improved technologies to gain a competitive edge. A few companies have also emphasized acquisitions and partnerships to maintain and improve their market sustainability, expertise, and technological capabilities. This provides a highly competitive and dynamic environment, which makes it difficult for smaller companies to survive.
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