SAN FRANCISCO, Dec. 15, 2020 /PRNewswire/ -- 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.
Key suggestions from the report:
- 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.
Read 110 page research report with ToC on "Medical Equipment Maintenance Market Size, Share & Trends Analysis Report By Equipment (Imaging Equipment, Surgical Instruments), By Service (Corrective Maintenance, Preventive Maintenance), And Segment Forecasts, 2021 - 2027" at: https://www.grandviewresearch.com/industry-analysis/medical-equipment-maintenance-market
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.
Grand View Research has segmented the global medical equipment maintenance market based on equipment, service, and region:
- Medical Equipment Maintenance Equipment Outlook (Revenue, USD Million, 2016 - 2027)
- Imaging Equipment
- CT
- MRI
- Digital X-Ray
- Ultrasound
- Others
- Life Support Devices
- Dental Equipment
- Electromedical Equipment
- Endoscopic Devices
- Surgical Instruments
- Other Medical Equipment
- Medical Equipment Maintenance Service Outlook (Revenue, USD Million, 2016 - 2027)
- Preventive Maintenance
- Corrective Maintenance
- Operational Maintenance
- Medical Equipment Maintenance Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- India
- China
- Japan
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
List of Key Players of Medical Equipment Maintenance Market
- GE Healthcare
- Siemens Healthineers
- Koninklijke Philips N.V.
- Drägerwerk AG & Co. KGaA
- Medtronic
- B. Braun Melsungen AG
- Aramark
- BC Technical, Inc.
- Alliance Medical Group
- Althea Group.
Find more research reports on Medical Devices Industry, by Grand View Research:
- Durable Medical Equipment Market – The global Durable Medical Equipment market size was valued at USD 168.87 billion in 2018 and is expected to witness a CAGR of 6.1% over the forecast period.
- Surgical Stapling Devices Market – The global surgical stapling devices market size was valued at USD 4.27 billion in 2018. It is projected to expand at a CAGR of 8.23% over the forecast period. Growing preference for staples over sutures has been one of the primary growth stimulants for the market.
- Medical Device Complaint Management Market – The global medical device complaint management market size was estimated at USD 5.37 billion in 2017. It is anticipated to register a CAGR of 7.6% during the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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