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Medical Equipment Maintenance Market: Forecasted USD 88.9 Billion by 2029, CAGR 10.5% | MarketsandMarkets™

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CHICAGO, June 14, 2024 /PRNewswire/ — Projected to grow at a CAGR of 10.5%, the global medical equipment maintenance market is anticipated to reach USD 88.9 billion by 2029, up from USD 54.0 billion in 2024. This growth is fueled by the escalating prevalence of chronic diseases such as diabetes, cardiovascular conditions, and cancer, driving up the demand for essential medical devices. Healthcare facilities are increasingly investing in advanced equipment to ensure accurate diagnosis, treatment, and monitoring, necessitating regular maintenance to uphold optimal functionality and reliability. However, the significant initial costs of acquiring medical equipment, coupled with ongoing budget constraints in healthcare facilities, pose challenges, prompting providers to seek cost-effective maintenance solutions. Key players like GE Healthcare Technologies Inc., Siemens Healthineers, and Medtronic plc offer comprehensive maintenance services tailored to meet the diverse needs of healthcare facilities globally, ensuring operational excellence and patient safety.

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Industry Dynamics: Growth Drivers in Medical Equipment Maintenance

Growth in Medical Equipment Markets: The global expansion of various medical equipment markets is fueled by the need for safer, more efficient, and higher-quality healthcare. Innovations in the sector further drive this growth, with patients increasingly favoring technologically advanced devices due to improved affordability and accessibility. Distribution channels, including e-commerce platforms and third-party providers, contribute to this growth, facilitated by expanded delivery infrastructure and comprehensive networks.

Restraints: High Initial Costs and Maintenance Expenditure

High Initial Costs and Maintenance Expenditure: Maintenance programs for medical devices are crucial for effective utilization and uptime tracking, especially amid austerity measures. These programs often incorporate asset management solutions leveraging advanced technologies. However, substantial installation and ongoing maintenance expenses hinder adoption. Annual service contract fees, approximately 12% of equipment costs, and cumulative service costs exceeding purchase prices deter many end users from adopting advanced technologies.

Opportunity: Emergence of Independent Service Organizations (ISOs)

Emergence of Independent Service Organizations: Independent Service Organizations (ISOs) are rising, offering maintenance services that OEMs may lack in efficiency and satisfaction. ISOs service multiple device brands, providing centralized management platforms and significantly reducing maintenance costs. With ISOs charging 30-50% less than OEMs for maintenance and repairs, they become increasingly preferred by end users, offering flexible contracts and shorter response times.

Challenge: Survival of Small Players in a Competitive Market

Survival of Small Players: The highly fragmented and competitive medical equipment maintenance market poses challenges for smaller players, including startups and local entities, in sustaining their presence. Substantial capital requirements, logistical challenges, and regulatory hurdles make survival difficult. Larger companies focus on technology development, acquisitions, and partnerships, creating a competitive environment where cost becomes crucial for end users.

Market Ecosystem

Leading players like Siemens Healthineers, GE Healthcare Technologies Inc., Medtronic plc, Koninklijke Philips N.V., and FUJIFILM Holdings Corporation dominate the medical equipment maintenance market with diversified portfolios, advanced technologies, and global presence, shaping the industry landscape significantly.

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Diagnostic Imaging Equipment Leads Medical Equipment Maintenance Market

Segmented by device type, the medical equipment maintenance market covers various categories, including diagnostic imaging equipment, surgical equipment, dental equipment, and more. Notably, in 2023, the diagnostic imaging equipment segment held the largest market share. The rapid technological evolution in this sector necessitates frequent upgrades, driving demand for maintenance services. Staying current with technological advancements is crucial for healthcare facilities to maintain competitiveness and efficacy, prompting investments in maintenance to optimize equipment performance and deliver enhanced diagnostic capabilities.

Multi-Vendor OEMs Dominate Maintenance Services

Segmented by service provider, the market includes multi-vendor OEMs, single-vendor OEMs, ISOS, and in-house maintenance. Multi-vendor OEMs command the largest share, offering customized maintenance solutions tailored to the unique requirements and financial constraints of healthcare institutions. This tailored approach enhances operational efficiency and cost-effectiveness while ensuring the reliability and longevity of critical medical equipment.

Preventive Maintenance Foreseen for Substantial Growth

Segmented by service type, the market comprises operational, corrective, and preventive maintenance. The preventive maintenance segment is expected to witness significant growth due to its proactive benefits. By implementing preventive maintenance protocols, healthcare facilities cultivate continuous improvement, enhancing operational efficiency, minimizing downtime, and sustaining the reliability and performance of critical medical equipment assets.

Hospitals Lead End User Segment

Segmented by end users, hospitals account for the largest share, actively involved in improving operational efficiency and patient care quality. Maintenance services play a crucial role in ensuring the dependability, effectiveness, and durability of medical equipment assets, contributing to seamless healthcare delivery and enhanced patient outcomes and satisfaction.

Premium Contracts Dominate Contract Types

Segmented by contract type, premium contracts hold the largest share, offering customizable pricing models and flexible payment terms tailored to facility budgetary constraints. This bespoke approach ensures maintenance services remain accessible while optimizing cost-effectiveness and operational efficiency.

Asia Pacific Emerges as Fastest-Growing Market

The Asia Pacific region is estimated to be the fastest-growing market, driven by government healthcare reforms, investments in maintenance infrastructure, and increasing demand for high-quality healthcare services. The influx of medical tourists further boosts demand for well-maintained medical equipment in hospitals and medical centers, driving market growth in the region.

Recent Developments in Medical Equipment Maintenance:

In October 2023, GE Healthcare partnered with reLink Medical to offer asset management solutions, aiding healthcare providers in reducing medical device waste, enhancing operational efficiency, and maximizing equipment utilization. This collaboration aims to optimize resources by assisting in managing end-of-life medical equipment effectively.May 2023 witnessed Siemens Healthineers and CommonSpirit Health acquiring Block Imaging to provide sustainable options and meet the increasing demand for multi-vendor imaging parts and services in the U.S. hospitals, health systems, and other care sites.April 2023 saw Koninklijke Philips collaborating with Amazon Web Services (AWS) to develop and deploy generative AI applications. This partnership offers migration expertise, cost analysis, and cybersecurity technical support for customers transitioning from on-premises to cloud-based solutions, facilitating seamless integration and deployment.

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PEAC Institute Launches “24 Hour Pause for Peace: A Global Concert”

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24 Hour Pause for Peace Will Be the Largest Peace Initiative Ever Worldwide, Unifying 96 Countries on Six Continents Through Music

MONTCLAIR, N.J., Sept. 21, 2024 /PRNewswire-PRWeb/ — On this International Day of Peace, PEAC Institute, part of the 2017 Nobel Peace Prize winning team, has launched “24 Hour Pause for Peace: A Global Concert,” the largest peace initiative ever organized worldwide through music.

“Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.”

On October 4, 2025, this ground-breaking program will activate a massive network of youth ensembles that spans 96 countries and territories across six continents and host two 24-hour commercial festivals featuring some of the biggest acts in music and entertainment. This extraordinary day-long event will be live-streamed globally, allowing millions to participate simultaneously.

“It has been 40 years since Live Aid and We Are the World historically unified and changed the world through music,” said Rebecca Irby, president and CEO of PEAC Institute. “With our planet riddled with post-pandemic fatigue, climate chaos, unsettling wars and more, we believe it is time to create a new trajectory for humanity by inviting everyone around the globe to a 24 hour pause for peace to enjoy the sounds of music and feel the transformative power of human connection,” Irby explained.

Additionally, 24 Hour Pause for Peace plans to amass more than 100 million ambassadors to sign an appeal to the United Nations calling for a 24 hour ceasefire during the children’s concerts and commercial music events. All countries are welcome to participate with no exceptions. One of Pause for Peace’s core beliefs is everyone has the right to be equally respected and heard, particularly in collectively calling for peace.

“Achieving this ambitious global endeavor requires the support and participation from the most impactful brands, organizations, and influential leaders, artists and celebrities,” said Jennifer McKenna, 24 Hour Pause for Peace CEO.

Pause for Peace is a $165 million global initiative. Currently, it is in its first phase of raising seed capital through consumer brand-aligned sponsorships and private donors. Funding for the program is tax-deductible through PEAC’s 501(c)(3) status.

“We have assembled an exceptional executive team of change agents in entertainment, production, consumer marketing, charitable development and global security to make this extraordinary, worldwide peace event happen.” McKenna added. “Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.” To become involved in 24 Hour Pause for Peace: A Global Concert as a sponsor, partner or donor, sign up to be an Ambassador, or for more information, go to www.24hourpauseforpeace.org.

About PEAC Institute

PEAC Institute is a 501(c)(3) nonprofit organization based in the United States. PEAC stands for peace, education, art and communication. It was formed in 2016 through a campaign with partner organization, International Campaign to Abolish Nuclear Weapons (ICAN), which garnered a 2017 Nobel Peace Prize. PEAC now holds special consultative status with the Economic and Social Council of the United Nations and has a global presence working with countries and territories worldwide to reach the most marginalized youth through art and communication activities to help them explore and express. For more information on PEAC Institute, go to www.peacinstitute.org.

Media Contact

Chadwick Boyd, Pause for Peace, 1 4046060611, chadwick@24hourpauseforpeace.org, www.24hourpauseforpeace.org

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Global Times: China opens 12 nuclear research facilities to global scientists

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The involved facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.

VIENNA, Sept. 21, 2024 /PRNewswire/ — China will open 12 nuclear research facilities and testing platforms to international scientists and institutions to enhance global cooperation, a senior Chinese official said here on Monday.

These include the China Advanced Research Reactor, the new-generation tokamak device Huanliu-3, and the Beishan Underground Research Laboratory, Liu Jing, vice chairman of the China Atomic Energy Authority (CAEA), said at a meeting on the sidelines of the International Atomic Energy Agency’s (IAEA) annual general conference.

The facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.

Monday’s meeting, themed “Share for Development,” was organized by the CAEA to promote international cooperation in nuclear technology research and development, as China marks the 40th anniversary of its accession to the IAEA.

Yu Jianfeng, chairman of China National Nuclear Corporation, said at the event that the company aims to deepen cooperation with the IAEA and expand international collaboration. He expressed hope that opening China’s nuclear research facilities will contribute to advancing nuclear technology globally.

IAEA’s Deputy Director General Mikhail Chudakov commended China’s remarkable achievements in nuclear energy development and highlighted the long-standing, fruitful relationship between the IAEA and the CAEA.

Welcoming China’s decision to open up more of its nuclear research and development facilities, Chudakov said the move will further strengthen the agency’s technical capacity to support its member states.

On Monday evening, the CAEA and China’s permanent mission to the United Nations (UN) and other international organizations in Vienna jointly held a reception at the UN headquarters in Vienna to celebrate the 40th anniversary of China’s accession to the IAEA. More than 200 participants, including IAEA representatives and foreign envoys to Vienna, attended the event.

Li Song, China’s permanent representative to the UN and other international organizations in Vienna, said at the reception that China and the IAEA have expanded practical cooperation and jointly promoted the development of nuclear energy over the past 40 years.

China, he said, will continue to strengthen collaboration with the IAEA and its member states to address emerging challenges in international security, safeguard the global non-proliferation regime, and promote the use of nuclear energy and technology for the benefit of the Global South.

At the reception, Liu, Li and IAEA Director General Rafael Grossi jointly unveiled a bronze statue of Qian Sanqiang, a renowned Chinese nuclear physicist and one of the founders of China’s nuclear industry.

The statue, donated by China, will be permanently displayed at the IAEA headquarters, alongside sculptures of Polish-French physicist Marie Curie and other prominent figures who have made significant contributions to the peaceful use of nuclear energy.

Contact: xutianshu@globaltimes.com.cn

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SOURCE Global Times

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The Ar-King of Spirits: Ed Arking’s Impact on the Liquor Industry

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In the interest of providing luxury liquors in a convenient and stress-free format, Served Neat was born. When asked about his intentions for the company, Ed states, “My goal with Served Neat is to create a one-stop shop where customers can easily discover these rare gems.”

MOORESTOWN, N.J., Sept. 21, 2024 /PRNewswire-PRWeb/ — Served Neat is an emerging online platform with a curated selection of some of the world’s most popular luxury spirits. The website offers daily flash deals that highlight a variety of high-end international brands including Pappy Van Winkle, Buffalo Trace, Clase Azul, and more.

“While there are websites selling spirits, none have the decades of experience that we bring from WTSO. Served Neat will offer not only incredible bottles but also the best customer service in the industry.”

Ed and Joe Arking, the father-son team behind the concept of Served Neat, have decades of experience hand-selecting and supplying sought-after liquors. Ed Arking, CEO of New Jersey’s Roger Wilco, grew up in the world of wine and spirits and formed his own business aspirations.

“Growing up, I watched my father navigate and succeed in the ever-evolving wine and spirits industry,” Ed explains. “While I always aspired to create something similar, I knew I needed to wait for the right moment.” Ed has gone on to manage his own liquor store and lead projects for up-and-coming brands, such as the vodka-infused and non-carbonated Smooth Water.

As he evolved in his career, Ed discovered the perfect time to make his lifelong vision a reality. He recalls, “I noticed a gap in the market—especially for whiskey and tequila. These categories have surged in popularity, making it difficult for the everyday consumer to find those elusive sought-after allocated bottles.”

In the interest of providing luxury liquors in a convenient and stress-free format, Served Neat was born. When asked about his intentions for the company, Ed states, “My goal with Served Neat is to create a one-stop shop where customers can easily discover these rare gems.”

When it comes to Served Neat, quality and knowledge is key. Ed adds, “While there are websites selling spirits, none have the decades of experience that we bring from WTSO. Served Neat will offer not only incredible bottles but also the best customer service in the industry.”

Served Neat is the sister company to WTSO and The Wine Market, two online platforms dedicated to sourcing and distributing top-notch wines from every corner of the globe.

At The Wine Market, an online marketplace for the world’s most popular wine brands, convenience and quality are key. Each bottle in their curated collection is a testament to exceptional flavor and craftsmanship.

Since 2006, WTSO has enjoyed creating a unique wine experience and sharing it with new beginners and seasoned connoisseurs alike. Using an extensive network of wineries and wine makers, WTSO connects customers to thousands of brands from top wine appellations around the globe. The strong relationships they’ve formed within the wine world allow the business to deliver authentic and high-quality bottles to homes across the United States.

Wine and spirits lovers alike are invited to explore Served Neat, WTSO, and The Wine Market to find their next favorite bottle. Visit their websites to learn more about these one-of-a-kind online marketplaces!

Media Contact

Julie Blount, WTSO, 1 8669572795, marketing@wtso.com

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SOURCE WTSO

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