Medical Equipment Maintenance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Medical Equipment Maintenance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Over the next few years, the market for maintaining medical equipment is expected to register a CAGR of 9.1%.

The outbreak of the pandemic impacted the market. The need for critical medical equipment to tackle the pandemic crisis has sparked a surge in demand for medical equipment maintenance products and services. The broad range of medical devices used in the diagnosis and treatment of COVID-19 positively impacted market growth. In addition, hospitals were having trouble getting service information to fix medical equipment during COVID-19. Thus, to combat such situations, market players adopted certain strategic initiatives to sustain their positions in the market during the pandemic. For instance, in March 2021, iFixit launched a massive repair database for ventilators and other medical devices to help hospitals maintain and fix crucial equipment during COVID-19. Therefore, the market witnessed moderate growth during the pandemic. However, with the positive developments, upliftments of lockdowns, ease of restrictions, and declining cases of COVID-19, the market started to gain momentum and is expected to maintain the upward trend over the forecast period.

The focus on preventive maintenance of medical equipment and rising investments by healthcare providers and governments in infrastructure are the major factors driving market growth. Furthermore, rapid technological advancements in medical equipment and the increased need for continuous training and maintenance are also stimulating market growth. For instance, in July 2022, Canon Medical launched Vantage Fortian at ECR 2022. The new MRI system features innovative workflow solutions, image enhancement, and accelerated scan technology, which together contribute to reducing the time required for MRI procedures.

Similarly, in October 2021, Hospital Espaol La Plata in Buenos Aires, Argentina, acquired an analog DR 100e system to complement its portfolio of Agfa solutions. With this, the hospital can significantly reduce the diagnostic volume of bedside exams. As a result of the increasing number of medical devices launched by key players, the demand for medical equipment maintenance services is expected to rise; thus, significant market growth is anticipated over the forecast period.

In addition, increasing cases of chronic diseases and lifestyle-related disorders are also propelling market growth. For instance, according to CDC data updated in September 2021, more than two-thirds of all new cancers were diagnosed among adults aged 60 and older. It was also reported that as the number of adults living to older ages continues to increase, there will be more new cancer cases, and the number is expected to reach more than 2.2 million by 2050, with the largest percentage increase among adults who are 75 years old or older. In such cases, medical equipment is one of the essential requirements; therefore, increasing use of medical equipment may surge the demand for medical equipment maintenance services, thereby propelling market growth over the forecast period.

However, the high cost of medical equipment maintenance is expected to hinder market growth over the forecast period.

The majority of healthcare professionals favor imaging equipment because it quickly provides a primary diagnosis for all diseases.All the imaging modalities, including computed tomography and nuclear imaging, are extensively used for the diagnosis of various diseases. They are also majorly used in chronic diseases, which include health conditions such as heart disease, asthma, cancer, and diabetes. Therefore, this equipment is being utilized as both a diagnostic imaging and therapeutic modality and has a wide range of applications in the medical field.

The rising geriatric population and increasing rates of chronic diseases and lifestyle-related diseases across the globe are the major factors propelling the segment's growth. For instance, according to the data published by the IDF in 2021, around 537.0 million adults were living with diabetes, and by 2030, around 643.0 million people were expected to live with diabetes. It was also reported that 3 out of 4 adults live with diabetes, and around 1 out of 2 adults (240.0 million) are living with undiagnosed diabetes. Similarly, according to the report published by the CDC in 2021, around 5.0% of adults have been diagnosed with emphysema, chronic bronchitis, or chronic obstructive pulmonary disease (COPD). Furthermore, according to the NCBI report published in January 2022, the global prevalence of COPD is around 10.1% in people aged 40 or older. Furthermore, according to the data published by the NHS U.K. for the year 2021, around 1.17 million people in England were diagnosed with COPD, which constitutes around 1.9% of the population of England. The imaging equipment is helpful in the early diagnosis of chronic diseases.

Therefore, owing to the abovementioned factors, the segment is anticipated to witness considerable growth over the forecast period.

North America is expected to dominate the overall medical equipment maintenance market over the forecast period. The growth is due to factors such as increasing chronic disorders and the growing demand for medical devices. For instance, according to the HeartLife Foundation 2021 report, more than 1.4 million Canadians were admitted to hospitals with the illness each year as a result of heart failure or cardiovascular disease. Similarly, as per the data from the American Heart Association for 2022, in Mexico, 56.1% of adults have high levels of LDL-C, or bad cholesterol, which is thought to be the primary risk factor for cardiovascular disease. Therefore, owing to the increasing prevalence of various diseases, the demand for medical equipment is anticipated to increase, which in turn may propel the use of medical equipment maintenance services in the North American region.

Key product launches, a high concentration of market players or manufacturers' presence, acquisitions and partnerships among major players, and increasing cases of chronic diseases in the United States are some of the factors driving the growth of the market in the country. For instance, according to the 2021 data from the CDC, every year, 805,000 people in the United States have a heart attack; 605,000 of these result in a first-time heart attack, while 200,000 are caused by previous heart attacks. Similarly, as stated by the American Heart Association 2021 journal, it is estimated that by the year 2035, more than 130.0 million adults in the United States will have some type of heart disease. Therefore, such instances indicate considerable market growth in the country over the forecast period.

Therefore, owing to the aforesaid factors, the growth of the studied market is anticipated in the North American region.

The medical equipment maintenance market is fragmented with the presence of original equipment manufacturers and third-party service providers. Market players are focusing on simplifying service access and expanding regionally to increase their market shares. The key players operating in the market include Siemens AG, Koninklijke Philips NV, Stryker Corporation, Canon Inc., and GE Healthcare, among others.

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