OEM to dominate medical equipment maintenance market

The medical equipment maintenance market is predicted to attain a size of USD 26.4 billion by 2024, progressing at a CAGR of 8.7 percent during 2019 to 2024, predicts P&S Intelligence. The increasing developments in the medical devices 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 OEM category is expected to hold the largest share of more than 70 percent 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 2019 to 2024, the ISO category is predicted to exhibit the fastest growth in the market owing 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, public-sector organizations dominate the market, which can be ascribed to the existence of a huge number of publicly owned healthcare settings, such as nursing homes and hospitals. With 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 percent. This is attributed to the swift developments in the medical devices sector, growing menace of chronic ailments, and an increasing number of hospitals. With the expanding medical devices 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 over the next 5 years. For instance, CT scanners need periodic maintenance for their fans, glassware (X-ray tube), and bearings, for proper functioning. Thus, the progress of the medical devices sector is predicted to ultimately fuel the growth of the medical-equipment maintenance market in coming years.