Medical Equipment Maintenance Market Growth & Trends
The global medical equipment maintenance market size is expected to reach USD 61.7 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.9% from 2021 to 2027. Rising focus on preventive device maintenance, adoption of advanced funding mechanisms, growth of the associated devices markets, and increasing market share of refurbished medical devices are anticipated to drive the market over the forecast period.
In addition, a surge in the need for technologically advanced medical equipment and an increase in healthcare expenses are expected to propel the market growth. The maintenance of medical devices is a very essential procedure owing to the high use of devices in critical health matters. For instance, calibration is a vital procedure for any medical device to maintain and improve its precision and accuracy, thereby preventing any safety hazards.
Furthermore, the increasing prevalence of chronic diseases that require long-term patient care, coupled with a rapidly growing geriatric population, is anticipated to boost the market growth. Diseases such as pressure ulcers, diabetic foot, and cancer, which require long-term patient care, are expected to drive the market.
Growing demand and purchase of refurbished medical devices are other vital impacting factors that may propel the medical device maintenance market in the coming years. Additionally, the rising installation of technologically advanced medical devices in hospitals, diagnostic centers, and clinics is expected to drive the market over the forecast period. However, the higher maintenance cost is expected to restrain market growth.
Medical Equipment Maintenance Market Report Highlights
- Based on equipment, the imaging equipment segment dominated the market with a share of 35.8% in 2020 owing to increasing consumption of the devices in the industry. The surgical instruments segment is anticipated to register the highest CAGR over the forecast period owing to an increase in the global surgical procedures
- By service, the corrective maintenance segment dominated the market owing to the rising demand for these services as healthcare systems are installing refurbished devices on a large scale in the industry
- The preventive maintenance service segment is expected to expand at the highest CAGR of 8.7% over the forecast period as planned inspections shall be increased. Such initiatives by regulatory authorities help limit adverse incidents and medical device-related accidents
- North America dominated the market in 2020 with 38.4% of share due to the advanced healthcare infrastructure, higher healthcare spending, and increasing prevalence of chronic conditions within the region
- Asia Pacific is anticipated to register the highest CAGR over the forecast period owing to the increasing healthcare facilities and growing medical tourism in the region