Medical Equipment Maintenance Market Poised to Grow at 9.0% in 2021 | The Insight partners
The medical equipment maintenance market expected to be US$ 16,943.29 Mn in 2018 and is predicted to grow at a CAGR of 9.0% during the forecast period 2019 - 2027, to reach US$ 36,525.26 Mn by 2027.
North America held the largest market share and is expected to be the significant revenue contributor in forecast period. The growth in North America is characterized by growing medical device industry, strict regulations for medical device and increasing efforts in R&D activities as well as other activities undertaken by the market players operating in the market. In addition, technological advancements in the medical device industry has led to complex medical devices ecosystem in the regions and is likely to stimulate the growth of medical equipment maintenance market in North America.
Original Equipment Manufacturers segment is expected to grow the market for Medical Equipment Maintenance Over the Forecast Period for Service Provider Segment.
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The major players operating in the medical equipment maintenance market include, Stryker, Boston Scientific, Medtronic, Edward Lifesciences, Johnson & Johnson, Abbott Laboratories, Terumo, B. Braun Melsungen Ag, Aramark Services, Inc., and Althea among the others. The market has witnessed various organic as well as inorganic developments during recent years in the medical equipment maintenance market. During April 2019, Stryker launched the LIFEPAK CR2 defibrillator with LIFELINKcentral AED program manager, in the United States
Rising Prevalence of Chronic Diseases
Chronic diseases such as obesity, diabetes, stroke, and heart disease, are among the leading causes of death and account for most of the nation’s health care costs. According to the estimates by The Asia Pacific Burden of Disease, the death rate of CVD is approximately 272 per 100,000 people in India, which is comparatively higher than the Asia Pacific average (i.e., 235 per 100 000 population). Similar trends for the increased prevalence of diabetes is witnessed among Asian countries such as Australia, China, and South Korea. For instance, as per IDF Diabetes Atlas published by the International Diabetes Federation in 2017, South-East Asia consists of almost one-fifth of the Asia Pacific diabetes population.
Super Specialty and Multi-Specialty Hospitals are Expanding in the Asia Pacific
Multi-specialty hospitals are hospitals offering more than two unique treatments in their hospitals, whereas super-specialty hospitals offer newer subspecialties for a specific disorder. The physicians in multi-specialty hospitals possess degrees with specializations in particular areas such as, MD medicine, MD dermatology, MS surgery, and so on. Whereas, in super-specialty, the doctors hold degrees like DM neurology, McH urology, DM gastroenterology, McH neurosurgery.
Multi-specialty hospitals are a single doorway to the patients’ health care needs. They offer a wide range of treatments from newborn to the aged population. These hospitals primarily focus on prevention, disease management, and appropriate clinical interventions. Both multi-specialty and super-specialty hospitals provide and promote quality care in health & wellness at an affordable cost to society. However, super-specialty hospitals are currently existing only in few countries across the globe. Thus, with growing healthcare needs and a rising preference for specialized treatment, the super-specialty and multi-specialty hospitals hold several opportunities to grow during the forecast period.
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