Medical equipment requires calibration, maintenance, repair, user training, and decommissioning, these activities are managed by clinical engineers. Medical equipment management programs (MEMPs) are conducted by most hospitals to fix, inspect, and maintain their medical devices. Preventive and corrective maintenance is concerned with frequency scheduled activities as well as repairs after the equipment is out of service.
The Global medical equipment maintenance market is expected to reach US$ 36,525.26 Mn in 2027 from US$ 16,943.29 Mn in 2018. The market is estimated to grow with a CAGR of 9.0% from 2019-2027. The report highlights the trends prevalent in the global medical equipment maintenance market and the factors driving the market along with those that act as deterrents to its growth.
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The prominent players in the medical equipment maintenance market focus on various growth strategies to enroot their presence and garner significant market share across the globe.
The medical equipment maintenance market majorly consists of the players such as Stryker, Boston Scientific, Medtronic, Edward Lifesciences, Johnson & Johnson, Abbott Laboratories, Terumo, B. Braun Melsungen Ag, Aramark Services, Inc., and Althea among others. The major market players within recent years have been observed to invest a substantial amount towards the development of new products. This implies a bright picture of the type of strategies majorly incorporated by the market players to retain their positions as well as to generate increased growth revenue in the medical equipment maintenance market. The global leaders in the market have been majorly adopting strategies such as mergers & acquisitions and agreements as key strategies to improve its product offerings in order to build up customer-centric benefits to its end users and enhance its geographic diversification.
In order to strengthen their customer base, global leaders have adopted strategies such as product launch and product approvals to expand their business. For instance, in August 2019, Boston Scientific Corporation received FDA approval for its ImageReady MRI labeling for the Vercise Gevia Deep Brain Stimulation (DBS) System to be used in a full-body magnetic resonance imaging (MRI) environment.
Apart from inorganic growth strategies, the companies have also adopted organic growth strategies such as acquisitions during recent years. For instance, in February 2018, Stryker acquired Entellus Medical, which is a high-growth Asia Pacific medical technology company that is focusing on delivering superior patient and physician experiences through products designed for the minimally invasive treatment for ENT.
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