North America Medical Equipment Maintenance Market Analysis by Opportunities, Sales Revenue 2027

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 North America Medical Equipment Maintenance Market is experiencing significant growth, primarily driven by the increasing prevalence of chronic diseases and a growing installed base of medical equipment. Furthermore, the rising adoption of refurbished medical systems is expected to further fuel market expansion in the coming years. Refurbishment, defined as a systematic process that restores used equipment to its original or even improved condition, extends the lifespan of medical devices, typically doubling it from 5-7 years to 10-14 years or more. This aligns with the principles of reuse and waste prevention.

Hospitals, as the primary end-users of capital medical equipment, are increasingly prioritizing cost-effectiveness due to economic pressures and escalating healthcare costs. This cost-conscious approach influences their procurement decisions, leading to a preference for standard products over premium options, a focus on operating expenses (OPEX) for maintenance rather than solely on innovation, and a greater inclination towards refurbished systems compared to higher-priced new devices. From a hospital's perspective, refurbished equipment offers a compelling value proposition, providing excellent functionality at a lower cost while often including a substantial warranty. Consequently, the growing acceptance and adoption of refurbished medical devices are a key factor propelling the North America Medical Equipment Maintenance Market forward. However, it's important to note that some end-user segments still prioritize new equipment due to perceived concerns about the quality and innovativeness of pre-owned devices.

Within North America, the United States is projected to dominate the North America Medical Equipment Maintenance Market. This can be attributed to the robust growth of the medical device industry in the US, coupled with a high prevalence of chronic diseases and the presence of numerous well-established players in the medical device sector. Considering these factors, the medical equipment maintenance market in the US is anticipated to experience substantial growth during the forecast period.

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 Strategic Insights

Strategic insights for the North America Medical Equipment Maintenance market offer a data-driven analysis of the industry landscape, encompassing current trends, key market participants, and regional specificities. These insights provide actionable recommendations that empower stakeholders to differentiate themselves from competitors by identifying untapped market segments or developing unique value propositions. By leveraging data analytics, these insights enable industry players, including investors and manufacturers, to anticipate market shifts. Adopting a future-oriented perspective is crucial, allowing stakeholders to proactively position themselves for long-term success within this dynamic region. Ultimately, effective strategic insights facilitate informed decision-making, driving profitability and the achievement of business objectives within the North America Medical Equipment Maintenance Market.

North America Medical Equipment Maintenance Regional Insights

The geographic scope of the North America Medical Equipment Maintenance market defines the specific areas in which businesses operate and compete. Understanding local distinctions, such as varying consumer preferences (e.g., demand for specific plug types or battery backup durations), diverse economic conditions, and differing regulatory environments, is essential for tailoring effective market strategies. Businesses can expand their market reach by identifying underserved areas or adapting their product and service offerings to meet specific local demands. A focused market approach allows for more efficient resource allocation, targeted marketing campaigns, and improved competitive positioning against local players, ultimately driving growth within those specific geographic areas.

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights