Growing Importance of Medical Equipment Maintenance: A Comprehensive Market Overview
What is Medical Equipment Maintenance?
Medical equipment maintenance refers to the process of inspecting, testing, repairing, and replacing medical devices and equipment. This includes routine preventive maintenance, as well as responding to problems or malfunctions as they arise. Proper maintenance of medical equipment is essential to ensure its safe and effective use and to prevent breakdowns and the spread of infection.
Building Blocks of Global Growth:
Rise in demand and adoption of medical equipment: The demand for medical equipment has been rising due to the increasing burden of diseases and various chronic conditions. This has led to an increased adoption of medical equipment in healthcare facilities, leading to an increased need for medical equipment maintenance.
Increase in usage of medical equipment in remote areas: With the advancement of technology, medical equipment has become more accessible to remote areas. This has led to an increased usage of medical equipment in these areas, further increasing the need for medical equipment maintenance.
Increase in government initiatives: Governments of various countries have been providing financial support to healthcare facilities to purchase and maintain medical equipment. This has encouraged the use of medical equipment and also created a need for its maintenance.
Technological advancements: Technological advancements in medical equipment have enabled medical professionals to diagnose and treat various conditions more effectively. This has further increased the demand for medical equipment and its maintenance.
Increase in awareness about preventive healthcare: With the increased awareness about preventive healthcare, the demand for medical equipment has increased significantly. This has further increased the need for medical equipment maintenance.
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Projected Surge in Revenue Generation:
The global Medical Equipment Maintenance Market in terms of revenue was estimated to be worth $45.2 billion in 2021 and is poised to reach $74.2 billion by 2026, growing at a CAGR of 10.4% from 2021 to 2026.
Future Growth Opportunities:
The global medical equipment maintenance market is expected to experience significant growth over the forecast period. This growth can be attributed to factors such as the increasing demand for medical equipment, the rising awareness about preventive maintenance of medical equipment, the growing number of hospitals and healthcare facilities, developments in medical equipment maintenance services, and the increasing demand for sophisticated medical equipment.
The growing demand for medical equipment and technology, such as hospital beds, ventilators, imaging systems, etc., is expected to drive the growth of the medical equipment maintenance market. The increasing demand for preventive maintenance of medical equipment is expected to further fuel the market growth. Furthermore, the increasing adoption of advanced maintenance solutions, such as remote monitoring and predictive maintenance, is expected to offer lucrative opportunities to the market players.
Additionally, the increasing number of hospitals and healthcare facilities is expected to drive the demand for medical equipment maintenance services. The development of healthcare IT solutions, such as Electronic Health Records (EHRs), is expected to create significant opportunities for the medical equipment maintenance market. Moreover, the increasing investments in research and development activities related to medical equipment maintenance is expected to provide further impetus to the market growth.
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Recent Developments
In March 2021, FUJIFILM Corporation (Japan) acquired the Diagnostic Imaging-related Business of Hitachi, Ltd. (Japan) to support R&D, manufacturing, marketing, and maintenance services for diagnostic imaging systems (CT, MRI, X-ray, ultrasound systems, and others), electronic medical records, and other medical-related products and services.
In February 2021, Siemens Healthineers (Germany) entered into an eight-year technological partnership with Kantonsspital Baden (KSB, Switzerland) for procurement and maintenance of medical imaging systems, technology management, and the expansion of telemedicine solutions.
In December 2019 GE Healthcare (US) signed a six-year service contract for imaging technologies across Affidea’s network in the Netherlands
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