Medical Equipment Maintenance Market: Current Analysis and Forecast (2021-2027)

Global Medical Equipment Maintenance Market is anticipated to grow with an elevated CAGR of around 10% over the forecast period (2021-2027). Medical device maintenance is an important process for maintaining a device and ensuring its operational efficiency and accuracy. Healthcare devices are so expensive and sophisticated that they require a maintenance process. Apart from that, it plays an important role in calibrating the device and reducing the risk of contamination. From diagnosis to surgery and treatment, medical devices are used to closely monitor a patient's health. Therefore, their maintenance also plays an important role in maintaining and improving the accuracy and accuracy of medical devices. Maintenance of the medical device ensures that the device is error-free and functions correctly. This includes determining the life of a device, from small devices such as sphygmomanometers to complex devices such as magnetic resonance imaging (MRI) devices. It also describes the frequency of activities, repairing out-of-service equipment, optimization, and setting maintenance intervals based on meaningful data.

The medical equipment maintenance market is expected can be attributed to the rising prevalence of various chronic diseases coupled with a rapidly growing geriatric population. According to the United Nations, the 60+ aged population was 962 million in 2017 which is more than twice that it was in 1980 at 382 million. The number of elderly is expected to double again by 2050 and reach nearly 2.1 billion worldwide. Also, according to the Centers for Disease Control and Prevention, approximately 85% of older adults have at least one chronic health condition, and 60% have at least two chronic conditions. Owing to these facts, there is a growing demand for effective and quicker diagnostic facilities which can detect diseases quickly and accurately. Thereby, boosting the medical equipment maintenance market.

The market is driven primarily by the increasing adoption of preventive maintenance to extend the life of medical devices in the healthcare sector. For example, in December 2020, Sodexo India launched the initiative "Sodexo Healthcare Technology Management (HTM)", a mobile-app-based service that will provide maintenance services for biomedical equipment and their life cycle management, in partnership with the Association of Healthcare Providers (AHPI). In addition, the rapid technological advancement of medical devices and the increasing need for continuous training and maintenance are stimulating market growth. However, some of the restraints in the market include a lack of skilled professionals and high initial costs for maintenance are impeding the growth of this market all over the world. GE Healthcare, Koninklijke Philips N.V., Toshiba Medical System Corporation, FUJIFILM Holdings Corporation, Carestream Health, Agfa-Gevaert Group, Hitachi Medical Corporation, Dragerwerk AG & Co. KGaA, Olympus Corporation, Althea Group are some of the prominent players operating in the medical equipment maintenance market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with maintenance services.

Insights Presented in the Report

"Amongst Device Type, imaging equipment segment holds the major share"

Based on device type, the medical equipment maintenance market is segmented into imaging equipment, advanced modalities, surgical instruments, endoscopic devices, and electromedical equipment. The imaging equipment segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe. Imaging is preferred by most medical professionals because it provides a quick primary diagnosis. Imaging devices have evolved rapidly with technological advancement and increased investment by healthcare providers to improve patient health.

"Amongst Service Type, preventive maintenance segment holds the major share"

Based on service type, the medical equipment maintenance market is divided into preventative maintenance, corrective maintenance, and operational maintenance. The preventive maintenance segment occupied the major share of the medical equipment maintenance market in 2020 and it is expected to grow with a substantial CAGR in the upcoming years. The growth of this segment is attributed to the increasing prevalence of various medical conditions and life-threatening diseases leading to an increase in diagnosis rates. Furthermore, a rise in focus on early diagnosis and various initiatives taken by the government and non-government organizations for preventive maintenance is likely to boost the growth of this segment.

"Amongst End-Users, hospitals segment holds the major share"

Based on end-users, the market is bifurcated into the hospitals, ambulatory surgical centers and others. The hospitals segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to the growing number of hospitals around the world to combat the epidemic of chronic diseases, a surge in the number of surgeries in the hospital setting and the adoption of annual maintenance policies by healthcare providers is expected to boost the growth of this segment.

"North America represents one of the largest markets of medical equipment maintenance market"

For a better understanding of the market dynamics of the medical equipment maintenance market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the medical equipment maintenance market industry and generated revenue of USD XX Million in 2020 owing to strong healthcare infrastructure and growing adoption of regular medical equipment maintenance in the region.

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• Deep dive regional level analysis of the industry

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