Global Medical Equipment Maintenance Market
Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) — The “Global Medical Equipment Maintenance Market Analysis & Forecast 2024-2034” report has been added to ResearchAndMarkets.com’s offering.
The global medical equipment maintenance market is projected to experience a significant growth spurt, with expectations to ascend from USD 50.43 billion in 2023 to an estimated USD 163.09 billion by 2034, marking a Compound Annual Growth Rate (CAGR) of 11.26% during the forecast period from 2024 to 2034.
This market expansion can be attributed to several critical factors, including the intensifying emphasis on preventive medical equipment maintenance, an upswing in technological advancements, and the increasing incidence of chronic and lifestyle-induced medical conditions that necessitate sophisticated medical and diagnostic equipment.
Rising Demand for Skilled Maintenance Teams
An underpinning catalyst for market growth is the burgeoning requirement for consistent training and comprehensive maintenance of medical equipment. The utilization of intricate medical machines has heightened the need for specialized maintenance services, inevitably contributing to the market’s expansion. For instance, newly introduced MRI systems like the Vantage Fortian by Canon Medical are transforming the landscape with accelerated scanning technology, necessitating adept service to maintain optimal functionality.
Segmental Insights: Imaging Equipment Takes the Lead
The imaging equipment segment is poised to dominate the market, driven by an amplified demand for precise disease diagnostics and a spike in the adoption of imaging modalities such as computed tomography and nuclear imaging. Surgical equipment is also poised to grow rapidly, given the rise in surgical procedures and cutting-edge introductions in non-invasive and robotic surgeries.
Focused Expansion by Original Equipment Manufacturers (OEMs)
OEMs have emerged as significant contributors in the medical equipment maintenance market, offering cost-effective and advanced maintenance solutions. The segment’s growth is complemented by the effective strategies such as mergers and acquisitions by key market players, thereby enhancing their service offerings.
Corrective and Preventive Maintenance Services at the Forefront
Corrective maintenance services are recording the highest revenue within the market, with the aim to restore medical devices to their pristine condition. In contrast, preventive maintenance is anticipated to witness the fastest growth rate, promoting patient care quality and safety through regular maintenance and the reduction of extensive repair costs.
Hospitals Lead End-user Demand
Hospitals are the primary end-user segment for the global medical equipment maintenance market, due to their need for accurate and speedy diagnostics utilizing advanced systems. The market is witnessing a surge in partnerships and technological advancements, particularly in diagnostic imaging centers, which are expected to grow swiftly in the forecast period.
Regional Market Dynamics: North America and Asia Pacific in the Limelight
North America is slated to command the major market share, thanks to factors such as increased healthcare infrastructure spending and a rise in the prevalence of chronic diseases. Accelerating growth is also anticipated in the Asia Pacific region due to governmental healthcare initiatives and an aging population that demands enhanced medical care, exemplified by the establishment of facilities like the B. Braun Technical Service Center in Thailand.
The in-depth market analysis delves into detailed segmentation by product, services, service providers, end-user, and region. The research further explores the market dynamics, offering stakeholders and participants a comprehensive understanding of current trends and future growth prospects in the global medical equipment maintenance sphere. With this intensive market forecast now available, stakeholders in the healthcare sector can equip themselves with the insights needed to navigate the ever-evolving medical equipment landscape over the next decade.
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Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2034
Compound Annual Growth Rate
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