Medical Equipment Maintenance Market Analyze the Opportunities in the Market for Stakeholders and Provide Details of the Competitive Landscape for Market Leaders | P&S Intelligence

In 2018, the global medical equipment maintenance market was valued at $16.1 billion, and it is expected to witness a CAGR of 8.7% during the forecast period (2019–2024). The presence of a stringent regulatory environment, rising awareness about preventive medical equipment maintenance, and advancements in the medical device industry are responsible for the growth of the market. Maintenance services, such as predictive, corrective, operational, and preventive maintenance of medical equipment, are offered for ensuring the safety and efficiency of the devices and minimizing failures.

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The medical equipment maintenance market is categorized into operational, preventive & predictive, and corrective, on the basis of service type. The largest market share (more than 60.0%) is projected to be held by the preventive & predictive maintenance category by 2024. This is attributed to the diverse range of services offered by the vendors in this category, which also saves cost for healthcare organizations in the public and private sectors. Additionally, the awareness regarding preventive medical equipment maintenance is increasing, which is also a major driving factor for the market.

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Among the major trends in the medical equipment maintenance market is the rising number of multi-vendor contracts by end-users. To reduce the additional expenses and complexities associated with separate services, end-users are focusing on multi-vendor contracts offered under agreements with medical equipment manufacturers. For example, Koninklijke Philips N.V. provides a portfolio of services under RightFit, a service contract agreement for ultrasound machines and patient monitoring devices. Consumers may opt for remote service support for proactive monitoring of imaging systems manufactured by Phillips as well as other firms under this agreement.

The advancements and growth in the medical device industry and an increase in the awareness regarding preventive medical equipment maintenance are thus leading to the progress of the market.

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