North America medical equipment maintenance market is anticipated to reach US$ 14,387.30 Mn in 2027 from US$ 6,542.44 Mn in 2018. The medical equipment maintenance market is expected to rise with a CAGR of 9.3% from 2019-2027.
The rise of the medical equipment maintenance market is driven by factors such as the prevalence of chronic diseases, growing medical equipment, and increasing purchase of refurbished medical systems are expected to boost the market over the years. But, stringent regulatory policies are likely to hinder the growth of the market in the future years.
Refurbishment is the systematic process of delivering used equipment to the same condition as when new or even better. In the medical device or equipment, refurbishing means extending its lifetime of the machine, generally from 5 or 7 to 10 or 14 years or above. Hence it fits as a form or reuse and waste prevention. Hospitals are the primary end-users of capital medical equipment, and has become increasingly cost-conscious because of the economic downturn and increasing cost burden on healthcare systems. The healthcare sector is increasingly facing heavy cost pressures. These cost-saving pressures affect the demand for medical devices as well as the characteristics of these devices. For example, customers may prefer standard products over premium products, Operating expenses (OPEX) for maintenance over innovation, and preference for refurbished systems over high-margin new devices. From a hospital's point of view, refurbished equipment is a winning choice, because it provides excellent functionality at a low cost and with a substantial warranty period. At the same time, there still are some end-user groups that value new over the perceived lower quality and innovativeness of pre-owned equipment. Based on the above factors, the market for refurbished medical devices will propel the medical equipment maintenance market.
US is expected to dominate the market in the North America region, owing to the increase in the medical device industry in the US. Moreover, the prevalence of chronic diseases, the presence of various well-established players in the medical device market, is anticipated to increase significantly during the future period. Hence, considering the mentioned factors, the medical equipment maintenance market is expected to grow at a significant pace in the US during the forecast period.
NORTH AMERICA MEDICAL EQUIPMENT MAINTENANCE – MARKET SEGMENTATION
By Device Type
By Service Type
By Service Provider
By Geography
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2018 | US$ 6,542.44 Million |
| Market Size by 2027 | US$ 14,387.30 Million |
| CAGR (2019 - 2027) | 9.3% |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By Device Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Medical Equipment Maintenance Market is valued at US$ 6,542.44 Million in 2018, it is projected to reach US$ 14,387.30 Million by 2027.
As per our report North America Medical Equipment Maintenance Market, the market size is valued at US$ 6,542.44 Million in 2018, projecting it to reach US$ 14,387.30 Million by 2027. This translates to a CAGR of approximately 9.3% during the forecast period.
The North America Medical Equipment Maintenance Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Medical Equipment Maintenance Market report:
The North America Medical Equipment Maintenance Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Medical Equipment Maintenance Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Medical Equipment Maintenance Market value chain can benefit from the information contained in a comprehensive market report.
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