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.
US Medical Equipment Maintenance Market Revenue and Forecasts to 2027 (US$ Mn)
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NORTH AMERICA MEDICAL EQUIPMENT MAINTENANCE – MARKET SEGMENTATION
By Device Type
- Electromedical Equipment
- Endoscopic Devices
- Surgical Instruments
- Other Medical Equipment
By Service Type
- Preventive Maintenance
- Corrective Maintenance
- Operational Maintenance
By Service Provider
- Original Equipment Manufactures
- Independent Service organization
- In-House Maintenance
By Geography
North America
- US
- Canada
- Mexico
Company Profiles
- Boston Scientific Corporation
- Stryker
- Medtronic
- Edward Lifesciences Corporation
- Johnson & Johnson Services, Inc.
- Abbott
- Terumo Corporation
- B. Braun Melsungen AG
- Aramark
- Althea Group
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Device Type, Service Type, Service Provider and Country
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Medical Equipment Maintenance Market – By Device Type
1.3.2 North America Medical Equipment Maintenance Market – By Service Type
1.3.3 North America Medical Equipment Maintenance Market – By Service Provider
1.3.4 North America Medical Equipment Maintenance Market – By Country
2. North America Medical Equipment Maintenance Market– Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Medical Equipment Maintenance Market – Market Landscape
4.1 overview
4.2 PEST Analysis
4.2.1 North America – PEST Analysis
5. North America Medical Equipment Maintenance Market - Key Market Dynamics
5.1 Key Market Drivers
5.1.1 Rising Prevalence of Chronic Diseases
5.1.2 Increasing Purchase of Refurbished Medical Systems
5.1.3 Growing Medical Equipment Market
5.2 Key Market Restraint
5.2.1 Stringent Regulatory Policies
5.3 Key Market Opportunities
5.3.1 Growing Public Private Partnership in Healthcare Industry
5.4 Future Trends
5.4.1 Super Specialty and Multi-Specialty Hospitals are Expanding in North America
5.5 Impact Analysis
6. Medical Equipment Maintenance Market – North America Analysis
6.1 North America Medical Equipment Maintenance Market Revenue Forecasts and Analysis
6.2 Positioning Of Key Players
7. North America Medical Equipment Maintenance Market Analysis And Forecasts To 2027 – Device Type
7.1 Overview
7.2 North America Medical Equipment Maintenance Market Share by Device Type 2018 & 2027 (%)
7.2.1 North America Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Device Type (US$ Mn)
7.3 Electromedical Equipment
7.3.1 Overview
7.3.2 North America Electromedical Equipment Market Revenue and Forecast to 2027 (US$ Mn)
7.4 Endoscopic Devices
7.4.1 Overview
7.4.2 North America Endoscopic Devices Market Revenue and Forecast to 2027 (US$ Mn)
7.5 Surgical Instruments
7.5.1 Overview
7.5.2 North America Surgical Instruments Market Revenue and Forecast to 2027 (US$ Mn)
7.6 Other Medical Equipment
7.6.1 Overview
7.6.2 North America Other Medical Equipment Market Revenue and Forecast to 2027 (US$ Mn)
8. North America Medical Equipment Maintenance Market Analysis And Forecasts To 2027 – Service Type
8.1 Overview
8.2 North America Medical Equipment Maintenance Market Share by Service Type 2018 & 2027 (%)
8.2.1 North America Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Type (US$ Mn)
8.3 Preventive Maintenance
8.3.1 Overview
8.3.2 North America Preventive Maintenance Market Revenue and Forecast to 2027 (US$ Mn)
8.4 Corrective Maintenance
8.4.1 Overview
8.4.2 North America Corrective Maintenance Market Revenue and Forecast to 2027 (US$ Mn)
8.5 Operational Maintenance
8.5.1 Overview
8.5.2 North America Operational Maintenance Market Revenue and Forecast to 2027 (US$ Mn)
9. Medical Equipment Maintenance Market Analysis And Forecasts To 2027 – Service Provider
9.1 Overview
9.2 North America Medical Equipment Maintenance Market Share by Service Provider 2018 & 2027 (%)
9.2.1 North America Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Provider (US$ Mn)
9.3 Original Equipment Manufacturers
9.3.1 Overview
9.3.2 North America Original Equipment Manufacturers Market Revenue and Forecast to 2027 (US$ Mn)
9.4 Independent Service Organizations
9.4.1 Overview
9.4.2 North America Independent Service Organizations Market Revenue and Forecast to 2027 (US$ Mn)
9.5 In-House Maintenance
9.5.1 Overview
9.5.2 North America In-House Maintenance Market Revenue and Forecast to 2027 (US$ Mn)
10. Medical Equipment Maintenance Market Revenue and Forecasts to 2027 – Country Analysis
10.1 North America Medical Equipment Maintenance Market Revenue and Forecasts to 2027
10.1.1 Overview
10.2 North America Medical Equipment Maintenance Market Revenue and Forecasts to 2027 (US$ Mn)
10.2.1 North America Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Device Type (US$ Mn)
10.2.2 North America Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Type (US$ Mn)
10.2.3 North America Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Provider (US$ Mn)
10.3 North America Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Country (%)
10.4 US Medical Equipment Maintenance Market Revenue and Forecasts to 2027 (US$ Mn)
10.4.1 US Medical Equipment Maintenance Market Revenue and Forecasts to 2027 (US$ Mn)
10.4.1.1 US Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Device Type (US$ Mn)
10.4.1.2 US Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Type (US$ Mn)
10.4.1.3 US Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Provider (US$ Mn)
10.5 Canada Medical Equipment Maintenance Market Revenue and Forecasts to 2027 (US$ Mn)
10.5.1 Canada Medical Equipment Maintenance Market Revenue and Forecasts to 2027 (US$ Mn)
10.5.1.1 Canada Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Device Type (US$ Mn)
10.5.1.2 Canada Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Type (US$ Mn)
10.5.1.3 Canada Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Provider (US$ Mn)
10.6 Mexico Medical Equipment Maintenance Market Revenue and Forecasts to 2027 (US$ Mn)
10.6.1 Mexico Medical Equipment Maintenance Market Revenue and Forecasts to 2027 (US$ Mn)
10.6.1.1 Mexico Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Device Type (US$ Mn)
10.6.1.2 Mexico Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Type (US$ Mn)
10.6.1.3 Mexico Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Provider (US$ Mn)
11. North America Medical Equipment Maintenance Market –Industry Landscape
11.1 Overview
11.2 Growth Strategies in the Medical Equipment Maintenance Market, 2016-2019
11.3 Organic Developments
11.3.1 Overview
11.3.2 Organic Growth Strategies in the Medical Equipment Maintenance Market, 2016-2019
11.4 Inorganic Developments
11.4.1 Overview
11.4.2 Inorganic Growth Strategies in the Medical Equipment Maintenance Market, 2016-2019
12. North America Medical Equipment Maintenance Market–Key Company Profiles
12.1 Boston Scientific Corporation
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Financial Overview
12.1.4 Service Portfolio
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Medtronic
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Financial Overview
12.2.4 Service Portfolio
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Stryker
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Financial Overview
12.3.4 Service Portfolio
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Edwards Lifesciences Corporation
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Financial Overview
12.4.4 Service Portfolio
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Johnson & Johnson Services, Inc.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Financial Overview
12.5.4 Service Portfolio
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Abbott
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Financial Overview
12.6.4 Service Portfolio
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Terumo Corporation
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Financial Overview
12.7.4 Service Portfolio
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 B. Braun Melsungen AG
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Financial Overview
12.8.4 Service Portfolio
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Aramark
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Financial Overview
12.9.4 Service Portfolio
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Althea Group
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Financial Overview
12.10.4 Service Portfolio
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
13.3 Methodology
13.3.1 Coverage
13.3.2 Secondary Research
13.3.3 Primary Research
LIST OF TABLES
Table 1. North America Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Device Type (US$ Mn)
Table 2. North America Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Type (US$ Mn)
Table 3. North America Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Provider (US$ Mn)
Table 4. North America Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Device Type (US$ Mn)
Table 5. North America Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Type (US$ Mn)
Table 6. North America Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Provider (US$ Mn)
Table 7. US: R&D investments by Medical Device Companies, (2018)
Table 8. US Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Device Type (US$ Mn)
Table 9. US Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Type (US$ Mn)
Table 10. US Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Provider (US$ Mn)
Table 11. Canada Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Device Type (US$ Mn)
Table 12. Canada Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Type (US$ Mn)
Table 13. Canada Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Provider (US$ Mn)
Table 14. Mexico Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Device Type (US$ Mn)
Table 15. Mexico Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Type (US$ Mn)
Table 16. Mexico Medical Equipment Maintenance Market Revenue and Forecasts to 2027, By Service Provider (US$ Mn)
Table 17. Recent Organic Growth Strategies in the Medical Equipment Maintenance Market
Table 18. Recent Inorganic Growth Strategies in the Medical Equipment Maintenance Market
Table 19. Glossary of Terms, Medical Equipment Maintenance Market
LIST OF FIGURES
Figure 1. Medical Equipment Maintenance Market Segmentation
Figure 2. North America Medical Equipment Maintenance Market Overview
Figure 3. Electromedical Equipment Segment Held Largest Share Of The Device Type Segment In Medical Equipment Maintenance Market
Figure 4. US Is Expected To Show Remarkable Growth During The Forecast Period
Figure 5. North America Medical Equipment Maintenance Market- Leading Country Markets (US$ Mn)
Figure 6. North America Medical Equipment Maintenance Market, Industry Landscape
Figure 7. North America PEST Analysis
Figure 8. Medical Equipment Maintenance Market Impact Analysis Of Driver And Restraints
Figure 9. North America Medical Equipment Maintenance Market – Revenue Forecasts and Analysis – 2018- 2027
Figure 10. Market Positioning Of Key Player In North America Medical Equipment Maintenance Market
Figure 11. North America Medical Equipment Maintenance Market Share By Device Type 2018 & 2027 (%)
Figure 12. North America Electromedical Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 13. North America Endoscopic Devices Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 14. North America Surgical Instruments Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 15. North America Other Medical Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 16. North America Medical Equipment Maintenance Market Share by Service Type 2018 & 2027 (%)
Figure 17. North America Preventive Maintenance Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 18. North America Corrective Maintenance Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 19. North America Operational Maintenance Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 20. North America Medical Equipment Maintenance Market Share by Service Provider 2018 & 2027 (%)
Figure 21. North America Original Equipment Manufacturers Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 22. North America Independent Service Organizations Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 23. North America In-House Maintenance Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 24. North America Medical Equipment Maintenance Market Revenue Overview, by Country (2018) (US$ Mn)
Figure 25. North America Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 26. North America Medical equipment maintenance Market Revenue and Forecasts to 2027, By Country (%)
Figure 27. US Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 28. Canada Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 29. Mexico Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 30. Growth Strategies in the Medical Equipment Maintenance Market, 2016-2019
The List of Companies – North America Medical Equipment Maintenance Market
- Boston Scientific Corporation
- Stryker
- Medtronic
- Edward Lifesciences Corporation
- Johnson & Johnson Services, Inc.
- Abbott
- Terumo Corporation
- B. Braun Melsungen AG
- Aramark
- Althea Group
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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