The medical equipment maintenance market is predicted to attain a size of $26.4 billion by 2024, progressing at an 8.7% CAGR during the forecast period. The increasing developments in the medical device sector, rising awareness on preventive equipment maintenance, and strict regulations are some of the key factors that are behind the progress of the market. On the basis of service provider, the market is categorized into original equipment manufacturers (OEM), in-house maintenance, and independent service organizations (ISO). Out of these, the OEM category is expected to hold the largest share of more than 70.0% in the market by 2024.
This is ascribed to the provision of reliable, timely, and better services by OEMs over other service providers. However, during the forecast period, the ISO category is predicted to exhibit the fastest growth in the market due to the affordability of the services offered by them. On the basis of end user, the medical equipment maintenance market is bifurcated into private-sector and public-sector organizations. Of these, during the historical period, public-sector organizations dominated the market, which can be ascribed to the existence of a huge number of publicly owned healthcare settings, such as nursing homes and hospitals.
Due to the significant number of diagnostic tests performed at these facilities, the need for frequent equipment maintenance is rapidly increasing. Globally, the Asia-Pacific (APAC) medical equipment maintenance market is projected to register the fastest growth at a CAGR of 9.2% during the 2019–2024 period. This is ascribed to the swift developments in the medical device sector, growing menace of chronic ailments, and an increasing number of hospitals. With the expanding medical device sector, a rapid introduction of technologically advanced medical devices is being witnessed in the market.
In addition, owing to the deployment of improved technologies, the market players in the APAC region are now able to offer a wide range of products to diagnose and treat patients. Because of the continuous use of medical devices, frequent maintenance for smooth functioning for a long period has become imperative. Hence, with the constant demand for maintenance from healthcare facilities, the medical equipment maintenance market is expected to progress during the forecast period. For instance, computed tomography scanners need periodic maintenance for their fans, glassware (X-ray tube), and bearings for proper functioning.
Thus, the progress of the medical device sector is predicted to ultimately fuel the growth of the medical equipment maintenance market during the forecast period. Besides, the surging number of hospitals is also expected to contribute to the prosperity of the market. For instance, the total number of hospitals in China has surged significantly over the past decade from around 18,700 in 2005 to around 27,600 in 2015.-PR Newswire