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Medical Equipment Maintenance Market to Hit USD 65 Bn by 2030

The medical equipment maintenance market size is projected to hit USD 65 billion by 2030 and is expanding growth at a noteworthy CAGR of 10.5% from 2021 to 2030.

/EIN News/ -- London, Dec. 06, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the global medical equipment maintenance market size was reached at USD 46 billion in 2021. The rapid growth of themedical equipment maintenance market is owing to increase in healthcare expenses and increase in advanced medical equipment. The increase in patient population, rising number of diagnostic centers, presence of large numbers of OEMs, and technological advancement in the equipment are the major factors for the growth of the medical equipment maintenance market.

Moreover, medical equipment maintenance is majorly used in the covid-19 pandemic. The pandemic has led to rise in demand for the medical devices such as ventilators. The wide usage of the ventilators in the pandemic has increased the demand for medical equipment maintenance. This is a major factor that boosts the growth of the global medical equipment maintenance market.

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The market has gain a major traction as preventive and corrective maintenance are gaining prominence as planned inspections, and medical device maintenance helps to reduce the incidents and related accidents. The medical equipment maintenance medical equipment maintenance is expected to change the way the hospitals and clinics operate by introducing innovative methods for the maintenance.

Scope of the Medical Equipment Maintenance Market

Report Coverage Details
Market Size in 2030 USD 65 Billion
Growth Rate From 2021 to 2030 CAGR of 10.5%
Fastest Growing Market Asia Pacific
Largest Market North America
Base Year 2021
Forecast Period 2021 to 2030
Companies Covered GE Healthcare, Medtronic, Siemens Healthineers, Koninklijke Philips N.V., Drägerwerk AG & Co. KGaA, B. Braun Melsungen AG, Althea Group, Aramark, BC Technical, Inc., Alliance Medical Group

North America dominated the market in 2020. This is attributed to the presence of strong base of healthcare facilities and growing installation base for advanced medical technologies in healthcare facilities in the countries like US and Canada. The presence of high number of health care companies along with the various contract manufacturing organizations and contract research organizations is benefiting the market in this region.

Asia Pacific is expected to be the most opportunistic market during the forecast period. The rising government expenditure to develop strong healthcare infrastructure and government policies to attract FDIs is expected to play a significant role in the growth of the medical equipment maintenance market in the region. The rising number of hospital admissions will foster the demand for the medical equipment maintenance in the Asia Pacific region, and will lead to the growth of the market during the forecast period.

The rising awareness regarding preventive maintenance of medical devices and increasing funding in innovative devices are the factors which led to the market in the coming years. Moreover, the increasing awareness of safety of devices, advanced in area of healthcare devices are the driving factors for the growth of the market.

The high costs associated with the maintenance of the devices may hamper the growth of the market. Further, lack of adequate infrastructure and capital in the underdeveloped and developing nations may hamper the market growth during the forecast period.

The introduction of latest technologies such as artificial intelligence and machine learning may provide growth prospects to the market players in the upcoming future, and drive the market growth.

Based on the equipment, the imaging equipment segment is the leading and the fastest-growing segment. This can be attributed to the rise in diagnostic procedures and increasing heart diseases are driving the segment.

Based on the service, the corrective maintenance segment dominated the market. It includes replacement or restoration of the devices or components of the devices to reinstate the physical integrity after unexpected failure.

In March 2021, iFixit, is an American e-commerce and how-to website which sells repair part, launched a massive repair database for ventilators and other devices in order to help hospitals and clinics during the Covid-19 pandemic.

Segments Covered in the Report

By Equipment

  • Imaging Equipment
  • Electromedical Equipment
  • Endoscopic Devices
  • Surgical Instruments
  • Other

By Service

  • Preventive Maintenance
  • Corrective Maintenance
  • Operational Maintenance

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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