Medical Equipment Maintenance: Global Revenue Growth Predictions
Study Overview:
This research extensively utilized both primary and secondary sources to examine various industry factors. The goal was to identify market segmentation types, industry trends, key players, competitive landscape, major market dynamics, and strategies of key players.
Major Growth Influencing Factors:
Market growth is driven by the increasing number of diagnostic imaging procedures, a heightened focus on early diagnosis, an expanding patient population, strategic agreements and collaborations between service providers and end users, and the presence of numerous OEMs.
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Primary Research:
During the primary research phase, interviews were conducted with various sources from both supply and demand sides to gather qualitative and quantitative data. Supply side sources included industry experts such as CEOs, vice presidents, marketing and sales directors, technology and innovation directors, and other key executives from major companies in the medical equipment maintenance market. Demand side sources included medical OEMs, medical device ISOs, and service providers. Primary research aimed to validate market segmentation, identify key market players, and gather insights on industry trends and market dynamics.
Secondary Research:
The secondary research phase involved extensive use of sources such as directories, databases (including Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company documents, investor presentations, and SEC filings. This phase was crucial for gathering technical, market-oriented, and commercial information about the global medical equipment maintenance market. It also provided essential information on key players, market classification, segmentation, and significant industry and technological developments. A database of key industry leaders was also compiled using secondary research.
Projected Surge in Global Revenue:
The global medical equipment maintenance market was valued at $48.8 billion in 2023 and is projected to reach $80.7 billion by 2028, growing at a CAGR of 10.6% from 2023 to 2028.
Data Triangulation:
To finalize the overall market size, the market was divided into segments and subsegments. Data triangulation and market breakdown procedures were used to ensure accurate statistics for all segments. This involved analyzing various factors and trends from both demand and supply sides, and validating the market using both top-down and bottom-up approaches.
Geographical Growth Dynamics:
Germany is expected to register the highest CAGR in the European medical equipment maintenance market during the forecast period. The growth is attributed to the expansion of service providers (both OEMs and ISOs, as well as in-house maintenance), evolving healthcare infrastructure post-COVID-19, and a favorable investment climate in the country. Europe includes Germany, France, the UK, Italy, Spain, and the rest of Europe.
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Key Players:
As of 2022, prominent players in medical equipment maintenance are GE Healthcare Technologies Inc. (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and FUJIFILM Holdings Corporation (Japan) among others.