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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.
Drivers and Restraints in the North America medical equipment maintenance market
Several factors are driving the growth of the North America medical equipment maintenance market. These include the increasing prevalence of chronic diseases, the expanding volume of medical equipment in use, and the rising adoption of refurbished medical systems.
Refurbishment, a process that restores used equipment to a condition equal to or better than its original state, is playing a significant role. In the medical field, refurbishing extends the lifespan of equipment, typically from 5-7 years to 10-14 years or more. This aligns with the principles of reuse and waste reduction. Hospitals, major end-users of capital medical equipment, are increasingly focused on cost-efficiency due to economic pressures and rising healthcare costs.
This focus influences their procurement decisions, with a preference for standard products over premium ones, a greater emphasis on operating expenses (OPEX) for maintenance rather than innovation, and a shift towards refurbished systems over new, higher-priced devices. Refurbished equipment offers a compelling value proposition for hospitals, providing excellent functionality at a lower cost and often with a substantial warranty. However, some end-user segments still prioritize new equipment, perceiving it as superior in quality and innovation compared to pre-owned alternatives. The market for refurbished medical devices is, therefore, a key factor propelling the growth of the North America medical equipment maintenance market.
The US is expected to be a dominant force in the North American market. This is attributed to the growth of the medical device industry within the US, the high prevalence of chronic diseases, and the presence of many well-established players in the medical device sector. These factors are expected to contribute to significant market growth in the US during the forecast period.
North America medical equipment maintenance market: Strategic Insights
Strategic insights for the North American medical equipment maintenance market emphasize data-driven analysis of the industry, including current trends, key players, and regional characteristics. These insights offer actionable recommendations to help businesses differentiate themselves from competitors by identifying untapped market segments or developing unique value propositions. By leveraging data analytics, stakeholders can anticipate market shifts, whether they are investors, manufacturers, or service providers. A forward-looking perspective is crucial, enabling stakeholders to proactively position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower decision-makers to make informed choices that enhance profitability and achieve their business objectives within this market.
North America Medical Equipment Maintenance – Market Segmentation
North America medical equipment maintenance market By Device Type
Electromedical Equipment
Endoscopic Devices
Surgical Instruments
Other Medical Equipment
North America medical equipment maintenance market By Service Type
Preventive Maintenance
Corrective Maintenance
Operational Maintenance
North America medical equipment maintenance market By Service Provider
Original Equipment Manufactures
Independent Service organization
In-House Maintenance
North America medical equipment maintenance market By Geography
North America
US
Canada
Mexico
North America medical equipment maintenance market Company Profiles
Boston Scientific Corporation
Stryker
Medtronic
Edward Lifesciences Corporation
Johnson & Johnson Services, Inc.
Abbott
Terumo Corporation
B. Braun Melsungen AG
Aramark
Althea Group
North America Medical Equipment Maintenance Regional Insights
The geographic scope of the North America medical equipment maintenance market refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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About Us:
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.
Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
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