Medical equipment maintenance market size to increase by USD 39.28B

The medical equipment maintenance market by type, end-user and geography – Forecast and analysis 2023-2027 report has been published by Technavio. Market size is forecast to grow by USD 39.28 billion between 2022 and 2027 at a CAGR of 12.01%. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 34,885.29 million. By region, the global medical equipment maintenance market is segmented into North America, Europe, Asia, and Rest of World (ROW). North America will account for 36% of market growth during the forecast period. Factors such as favorable reimbursement policies, increasing expenditures and initiatives in health care, growing awareness among the general population about chronic diseases and the importance of health, and the rise in the number of product approvals are driving the growth of the medical equipment maintenance market in North America. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market.

Market dynamics
The market is driven by factors such as product innovation and advances leading to portfolio extension and product premiumization, increasing demand for UHD medical equipment maintenance, and rising popularity of large-display medical equipment maintenance. However, the demand-supply gap associated with LCD panels is hindering market growth.

Competitive analysis
The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share among others. Technavio