The technological innovations in the medical device sector, increasing awareness about preventive medical equipment maintenance, and presence of a strict regulatory environment are the most important factors that will drive the growth of the U.S. medical equipment maintenance market during 2020–2030 (forecast period). The advance, at a CAGR of 9.2%, will increase the size of the market from $8,262.2 million in 2019 to $21,358.3 million by 2030.
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The U.S. healthcare system uses advanced medical devices and associated products to offer high-quality facilities to patients. Healthcare professionals are optimistic about technological advancements such as automatic relocation machinery and hyper-automation, which utilize artificial intelligence (AI) and machine learning. These medical devices with cutting-edge technology need regular software updates and physical maintenance on a regular basis, which will boost the U.S. medical equipment maintenance market growth during the forecast period.
Maintaining medical equipment regularly, to offer patients the best-possible care and reduce the risk of mishaps, is mandatory in the U.S. The country has a stringent regulatory framework that requires end-users to follow preventive maintenance procedures and programs recommended by original equipment manufacturers (OEMs). End-users who do not want to comply with the OEMs' recommendations have to get a waiver executed and approved by the state department of health. Such a stringent framework will contribute significantly to the demand for medical equipment maintenances services in the nation in the future.
The equipment type segment is categorized into imaging, dental, life support, electromedical, surgical, and endoscopes. Of these, the imaging equipment category held the largest share in the industry in 2019. The increasing installation of advanced imaging modalities, including magnetic resonance imaging (MRI) and computed tomography, and primary imaging modalities, such as ultrasound and digital X-ray, will drive the growth of the U.S. medical equipment maintenance market during the forecast period. The high cost and extensive usage of these devices creates the need for regular maintenance.
Further, the service segment of the U.S. medical equipment maintenance market is divided into the operational, corrective, and preventive categories. Among these, the preventive maintenance category generated the highest revenue in 2019, and it is projected to demonstrate the fastest growth during the forecast period. This will be a result of the growing implementation of annual maintenance contract (AMC) policies by hospitals and other end-users in the U.S., as this guarantees a particular number of servicing and maintenance sessions for a monthly/quarterly, or yearly fee.
Of the 50 states, Texas accounted for the largest U.S. medical equipment maintenance market share in 2019, and it is expected to maintain its dominance during the forecast period. This can be attributed to the increasing expenditure on healthcare and presence of an umpteen number of hospitals in Texas. Government agencies, such as the Texas Health and Human Services Commission (HHSC), Texas Department of State Health Services (DSHS), and Texas Department of Aging and Disability Services (DADS), account for around 83% of all the healthcare spending annually, thereby contributing significantly to the market growth.
Therefore, the market is expected to be driven by government initiatives and the advancing medical device sector.
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