|Published||Report Code||Available Format||Pages|
U.S. Medical Equipment Maintenance Market Overview
The U.S. medical equipment maintenance market was valued $7.7 billion in 2018 and is projected to register a CAGR of 9.0% during the forecast period, on account of rising healthcare expenditure as a percentage of gross domestic product (GDP), large pool of installed medical devices in hospitals and diagnostic centers, and huge presence of original equipment manufacturers (OEMs) as well as medical equipment maintenance service providers in the country.
On the basis of equipment type, the U.S. medical equipment maintenance market is categorized into imaging equipment, electromedical equipment, life support equipment, endoscopes, surgical equipment, and dental equipment. Imaging equipment held the largest share in the market in 2018, with a revenue contribution of 49.9%. The highest share of imaging equipment can be attributed to the high cost of imaging equipment as compared to other medical equipment; and increasing adoption of imaging modalities, such as X-Ray, computed tomography (CT), and ultrasound for clinical applications.
Based on service type, the U.S. medical equipment maintenance market is classified into preventive, corrective, and operational. Preventive medical equipment maintenance market is expected to witness the fastest growth, with a CAGR of 10.1% during the forecast period, generating $7.7 billion revenue by 2024. The higher growth rate of this market can be attributed to the growing popularity of annual maintenance cost (AMC) programs among hospitals and other end users in the country, due to various benefits offered by the AMC programs.
On the basis of service provider, the U.S. medical equipment maintenance market is categorized into OEMs, independent service organizations (ISOs), and in-house maintenance. OEMs category dominated the U.S. market with a share of 72.6% in 2018. The leading position of this category can be attributed to the provision of timely, reliable, and better services by OEMs, as compared to the other service providers (ISOs and in-house maintenance). On the basis of type, the OEMs market is further bifurcated into multi-vendor and single-vendor OEMs. The market for multi-vendor OEMs is expected to witness higher CAGR during the forecast period.
The U.S. medical equipment maintenance market is classified into public-sector and private-sector organizations, on the basis of end user. Public-sector organizations contributed higher revenue during the historical period with a revenue of $4 billion in 2018. However, the private-sector organizations are expected to witness the higher CAGR during the forecast period. The higher CAGR of private-sector organizations can be attributed to the growing private-sector healthcare industry and increasing healthcare expenditure in the country.
U.S. Medical Equipment Maintenance Market Dynamics
Continuous advancement in medical device industry is one of the key drivers in the U.S. medical equipment maintenance market. The U.S. medical device industry is highly diversified and produces a variety of products to diagnose and treat patients. Medical devices have a certain life span; and require maintenance or replacement in some cases, after a certain period of time. Therefore, the surging medical device industry in the country is predicted to drive the market demand in the coming years.
Rising awareness for preventive medical equipment maintenance and presence of stringent regulatory environment are some of the other key drivers in the U.S. medical equipment maintenance market. Maintenance of medical equipment helps to prevent infections caused by the use of medical devices during surgeries. Emphasis on cleanliness in healthcare facilities is increasing, with many prestigious organizations issuing guidance for improving cleanliness and preventing infections. The U.S. has a stringent regulatory framework that makes medical equipment maintenance a compulsory requirement for end users. These factors are further fueling the market growth.
U.S. Medical Equipment Maintenance Market – Competitive Landscape
The U.S. medical equipment maintenance market is highly diversified with the presence of several big and small players. Some of the key players in the market include General Electric Company, Siemens AG, Koninklijke Philips N.V., Drägerwerk AG & Co. KGaA, Agiliti Health Inc., TRIMEDX Holdings LLC, Crothall Healthcare, Sodexo Group, Shimadzu Corporation, FUJIFILM Holdings Corporation, Hitachi Ltd., Agfa-Gevaert N.V., Canon Medical Systems Corporation, and Carestream Health Inc. Other than these multinationals, several medium and small-sized medical equipment maintenance service providers are present in the U.S. market. Few of these players include Signature Medical Services Inc., NovaMed Corporation, and Diagnostic Equipment Service Corporation (DESCO)
These companies offer several types of equipment maintenance services and continue to further expand their offerings. For example, in November 2018, Alpha Source Inc. expanded its service portfolio, including a service team of field and depot engineers providing service for imaging and biomed medical equipment in all major markets in the U.S; technical services to be provided for ultrasound and densitometry other than CT, MRI, PET, PET/CT, and SPECT.