From $17.4 billion in 2019, the global medical equipment maintenance market revenue is predicted to surge to $45.1 billion by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 9.4% from 2020 to 2030 (forecast period). The market is being driven by the rapid advancements being made in medical devices, enactment of strict regulations, and growing public awareness about preventive maintenance all over the world.
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The expansion of the medical device industry is propelling the growth of the medical equipment maintenance market. In recent times, the healthcare sector has witnessed several rapid advancements, especially in diagnostic equipment. Moreover, the players operating in the industry are actively focusing on manufacturing high-quality diversified products with the help of advanced technologies and exhaustive research and development (R&D) activities. These devices have a certain lifespan and need replacement or maintenance after a certain period of time.
Besides, the growing public awareness about the significance of preventive medical equipment maintenance is also driving the expansion of the medical equipment maintenance market. For example, the World Health Organization has laid down guidelines for infection control and hospital hygiene, which focus heavily on equipment maintenance. Due to this factor, many healthcare providers are actively incorporating maintenance services for several devices. For example, Montana State Hospital implemented a preventive maintenance program in August 2017 for increasing the useful life of equipment and building and ensuring the safety of patients and personnel.
Depending on equipment type, the market is divided into electromedical, surgical, life support, dental, and imaging categories. Out of these, the imaging equipment category dominated the market in 2019. This was because of the fact that this device is heavily used for the diagnosis of several medical conditions, such as neurological issues, heart diseases, and tumors. When service provider is taken into consideration, the market is classified into independent service organizations (ISOs), in-house, and original equipment manufacturers.
Amongst these, the ISO category is predicted to register the fastest growth in the market in the coming years. This is credited to the high cost of the services provided by OEMs, which is subsequently propelling the popularity of ISOs. Across the globe, North America contributed the highest revenue to the medical equipment maintenance market in the past, and this trend is predicted to continue in the coming years as well. This is attributed to the mushrooming population of geriatric people, increasing number of hospitals, rising prevalence of diseases, and surging use of medical imaging systems in the region. As per the data released by the American Hospital Association in January 2019, in 2017, the total number of registered hospitals in the U.S. was 6,210.
Hence, it can be safely said that the demand for medical equipment maintenance services will surge sharply in the coming years, mainly because of the growing incidence of diseases and rising public awareness about hygiene all over the world.
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