DUBLIN, February 29, 2016 /PRNewswire/ --
The global medical equipment maintenance market is expected to reach $2,242.0 million by 2020, according to a report published on Research and Markets. This market is experiencing remarkable growth due to the rising need to cut healthcare costs, reduce estimated time to repair (ETTR) of equipment, innovations in IT to minimize maintenance costs, and growing need to collect equipment data and integrate healthcare systems.
Toshiba, one of the key players in this market, has announced on Monday plans to sell its entire medical equipment unit. The Japanese multinational was rocked by an accounting scandal last year and its rising restructuring costs have prompted the sale of Toshiba Medical Systems Corp.
The sale is a blow to Toshiba, with the medical equipment market thriving in a number of different areas. A report on the refurbished medical equipment market expects it to reach $9.37 billion by 2019, at a CAGR of 12.5% from 2015 to 2019. Factors such as growing demand for low-cost medical devices due to financial constraints, increasing privatization in the healthcare sector, and rising adoption of refurbished medical devices in emerging countries are driving the growth of the global market. A similar report on this market predicted growth of 13.8% over the next five years to reach a value of $10.5 billion by 2020.
According to reports, aggressive bidding could value the business at much more than initial estimates of $3.5 billion. People familiar with the sale process believe it could be valued between $3.5 billion to $4.4 billion (400-500 billion yen). But they say that it could go for as much as 650 billion yen, due to the high growth prospects in the market.
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SOURCE Research and Markets