The hardware support services market involves servicing, maintenance, support, and repairs of medical equipment and devices being used by healthcare providers. Servicing medical devices helps ensure safety and optimal performance of systems through planned and corrective maintenance. It also helps extend the lifespan of expensive medical equipment by addressing issues before they escalate into costly repairs. The growing complexity and technological advancements in modern medical devices have increased the need for professional servicing and support.
The global hardware support services market is estimated to be valued at US$ 1335 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period of 2024 to 2031.
Growing investments in healthcare infrastructure and technological advancements are driving significant adoption of advanced medical devices that require specialized servicing and support. Hardware support services help healthcare providers avoid costly device downtime and ensure compliance with regulatory standards for device safety and performance.
Key Takeaways
Key players operating in the Hardware Support Services Market Size are ICU Medical, BD, 3M, Merit Medical Systems, Omnia Health, B. Braun SE, Agilent Technologies Inc., Biocrates Lifescience AG, Bio-Rad Laboratories Inc., Pursuit Vscular Inc., JCM Med.
Key opportunities in the market include growth in emerging markets through partnerships, managed equipment services to provide one-stop solutions, and digital platforms for remote monitoring and predictive maintenance of devices. Hardware support providers are also expanding globally through acquisitions and partnerships to cater to the growing servicing needs of multinational healthcare systems and medical device companies.
Market Drivers and Restraints
The key driver fueling growth in the hardware support services market is the rising installation base of advanced medical imaging systems, diagnostic equipment, and patient monitoring devices in hospitals and diagnostic centers globally. Growing investments and partnerships between private players and hospitals are also driving the need for comprehensive servicing programs. However, budget constraints in some developing regions and lack of skilled biomedical technicians may restraint market growth. Strict regulatory approval processes and intellectual property issues also pose challenges for hardware support service providers globally.
Segment Analysis:
The hardware support services market can be segmented into hardware maintenance and hardware repair services. The hardware maintenance services sub-segment currently dominates the market as it accounts for around 60% of the total market revenue. This is because hardware maintenance helps reduce downtimes and unplanned expenses, thereby prioritizing proactive and preventive maintenance over repairs. Regular maintenance can efficiently address minor issues before they aggravate and require costly repairs. This improves hardware performance and productivity in the long run.
Global Analysis:
North America currently holds the largest share in the global hardware support services market due to heavy investments in healthcare systems and rapidly growing healthcare spending in the region. The Asia Pacific region is projected to witness the highest growth during the forecast period. This is mainly attributed to growing demand for quality healthcare services, rising medical tourism, developing healthcare infrastructure, and increasing healthcare spending across emerging economies of China and India. Furthermore, growing foreign investments in local medical hardware companies are bolstering market growth in Asia Pacific.
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The Business Research Company’s Hardware Support Services Market covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market.The Business Research Company published its Hardware Support Services Global Market Report 2020 which provides strategists, marketers and senior management with the critical information they need to assess the global hardware support services market.
The report covers the hardware support services market’s segments- computer and peripherals support services, storage and servers support services, networking support services, others - hardware support services.View Complete Report: https://www.thebusinessresearchcompany.com/report/hardware-support-services-global-market-reportHardware Support Services Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country.
It covers all the regions, key developed countries and major emerging markets.
The major regions included in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Increased software installations and upgrades have led to the use of automated software installation tools.
