Medical Equipment Maintenance Market
Medical Equipment Maintenance Market By Devices (Imaging Equipment, Endoscopic Devices, Surgical Instruments, Electro-medical Equipment)- Global Market Insights 2020 to 2030
Medical Equipment Maintenance Market: About the Report
Medical equipment maintenance market will continue exhibiting a positive growth trajectory between 2020 and 2030. While the unprecedented COVID-19 pandemic might result in a temporary period of lull, consistently rising demand for medical and healthcare services will give tailwinds to growth even as market players struggle to cope with limitations. Fact MR’s report on the market offers a comprehensive overview, covering growth drivers as well as restraints. It offers insights into various segments within the market and examines growth exhibited across key regions.
Medical Equipment Maintenance Market Overview
Maintenance of medical equipment is a crucial process in order to preserve the device and ensure its operational efficiency and accuracy. Healthcare equipment are very expensive and sophisticated which makes the process of maintenance a necessity. Apart from this, it has a crucial role to play in calibration of the device and reducing risk of contamination.
These factors along with rising demand for technologically advanced healthcare equipment are the key drivers for the growth of global healthcare equipment maintenance market. According to Fact MR, the global market is projected to exhibit growth at an accelerated rate over the forecast period of 2020-2030. With medical equipment maintenance playing a prominent role in healthcare industry, the market is anticipated to reach valuation of nearly US$ 60 Bn by the end of forecast period.
Various factors contribute to this growth including rising awareness regarding preventive maintenance of medical equipment, increasing funding in innovative products, and rise in the sale of refurbished medical equipment among others. Rising awareness about safety and increasing demand for medical equipment are projected to remain key factors driving the global medical equipment maintenance market over the next decade.
Although the market is gaining momentum, the initial cost and essential expenditure are very high and might act as a deterrent to growth.
Increase in Number of Medical Facilities to Fuel Demand
Rising investments in medical facilities is expected to fuel demand for medical equipment maintenance service. Technical advancements in the field of medical equipment are likely to push the need for maintenance services further.
Moreover, governments across the world are focusing on developing healthcare facilities with technologically advanced equipment and state of the art infrastructure. Apart from this, companies are looking to tap potential in the developing countries where healthcare sector is still in the development phase
Also, public-private partnerships are on the rise in the healthcare sector. These factors are likely to have a positive impact on the global medical equipment maintenance market over the forecast period 2020-2030.
Rising Prevalence of Chronic Diseases Likely to Propel Growth
Chronic diseases such as obesity, diabetes, stroke, and heart disease, are on the rise across the world. These chronic ailments are causing increasing number of deaths and often account for a hefty percentage of any nation’s healthcare cost.
6 out of 10 people in the U.S. suffer from at least one chronic disease and 4 out of 10 people have two or more chronic conditions as per a study by the Centers for Disease Control and Prevention (CDC) in 2019.
Need for treatment, diagnosis and prevention of these ailments is pushing companies to invest more in technologically advanced medical equipment, boosting global medical equipment maintenance market.
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Advent of Advanced Medical Equipment to Drive Growth
Technological advancements in medical and diagnostic equipment is on the surge across the world. Companies in the healthcare devices industry are focusing on innovative products to diagnose and treat patients with different medical conditions.
As diseases and disorders are on the rise globally, players are coming up with new and complex devices with innovative features focusing on specific medical conditions. Highly diversified medical devices industry is likely to boost equipment maintenance market as these devices need replacement and maintenance owing to their limited lifespan.
Thus expansion of the medical equipment sector is projected to drive medical equipment maintenance market over the forecast period.
Enforcement of Regulatory Frameworks Likely To Boost Market Growth
Regulations enforced by various regulatory bodies across the world mandate the end user to employ medical equipment maintenance. Regulatory bodies such as the U.S. Centre for Medicare and Medicaid Services (CMS), state department of health rules, and equipment recalls and alerts from the U.S.
Food and Drug Administration (USFDA) and original equipment manufacturers (OEMs), make it necessary for hospitals to comply with requirements related to maintenance of equipment. Adoption of medical equipment services by healthcare facilities and hospitals is likely to drive growth of global medical equipment maintenance market in near future.
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COVID 19 Impact on Medical Equipment Maintenance Market
COVID 19 pandemic has impacted all aspects of businesses across world. The medical devices maintenance market was relentlessly working during the pandemic to ensure essential devices such as ventilators are working efficiently.
Though the industry faced challenges as social distancing norms were strictly implemented, it was working throughout the critical phase. Issues such as lack of labour and transport restrictions impacted the operations within the market as lockdowns were enforced across the world.
Medical Equipment Maintenance Market Insights by Device
Medical equipment maintenance market is segmented on the basis of device into imaging equipment, endoscopic devices, surgical instruments, electro-medical equipment and other devices.
The imaging equipment segment is projected to exhibit growth at leading rate over the forecast period, closely followed by endoscopic devices. Surgical instruments also are expected to register positive growth over the period of next 10 years.
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Regional Outlook of Medical Equipment Maintenance Market
The North America market, led by countries such as the U.S. and Canada is expected to show sustainable growth over the forecast period. Market in the region is anticipated to be driven by increasing geriatric population and rise in lifestyle related illnesses.
Factors such as healthcare accessibility, technologically advanced facilities, and established infrastructure also are expected to contribute towards market growth. Besides these, presence of several prominent medical equipment companies in the region is anticipated to propel growth in the next decade.
Asia Pacific is expected to register significant growth over the forecast period, led by countries such as India and China which are most populated countries in the world. The market is expected to reach valuation of nearly US$ 7 Bn by the end of 2030. Increasing population in the region along with developing healthcare infrastructure is projected to drive the market in the near future.
Europe is anticipated to emerge as another lucrative market in the global medical equipment maintenance market. Stricter regulations for healthcare industry is expected to drive the market in the region.
Medical Equipment Maintenance: Market Competitive Landscape
Players in the medical equipment maintenance market are focusing on mergers and acquisitions along with collaborations to provide improved services and increase market reach.
For instance, Alpha Source Inc., a healthcare technology company, acquired BC Technical Inc., a provider of all major medical imaging systems and technologies. Through this acquisition, Alpha Source Inc. has now become an independent full service and equipment repair solutions company in the U.S.
The Analyst’s Quote
“Growth in the medical device manufacturing industry is expected to have the considerable impact on medical equipment maintenance market. Rising focus on healthcare across world is anticipated to create lucrative opportunities for growth in the near future.”
Medical Equipment Maintenance Market – Segmentation
Fact.MR’s research study assesses the global medical equipment maintenance market in terms of raw material, form, application, and region. This report presents extensive market dynamics and trends associated with different segments of the market and their influence on the growth prospects of the global medical equipment maintenance market.
- Imaging equipment
- Endoscopic devices
- Surgical instruments
- Electro-medical equipment
- Other devices
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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