Developing Medical Devices Industry Driving Medical Equipment Maintenance Market

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In 2018, the global medical equipment maintenance market was valued at $16.1 billion, and it is expected to witness a CAGR of 8.7% during the forecast period (2019–2024). The presence of a stringent regulatory environment, rising awareness about preventive medical equipment maintenance, and advancements in the medical device industry are responsible for the growth of the market. Maintenance services, such as predictive, corrective, operational, and preventive maintenance of medical equipment, are offered for ensuring the safety and efficiency of the devices and minimizing failures.
In terms of equipment type, the medical equipment maintenance market is divided into electrochemical, dental, imaging, surgical, and life support. The imaging division is predicted to grow at the highest CAGR of 9.2% during the forecast period. This is due to the extensive use of imaging equipment in disease diagnosis and treatment, because of which it requires regular maintenance. Imagine equipment is further bifurcated into advanced and primary imaging modalities. Of these, advanced imaging modalities contributed higher revenue to the market during the historical period (2014–2017).

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Another among the key drivers of the medical equipment maintenance market is the advancements in the medical devices industry. Various technologically enhanced products are being adopted in healthcare settings in order to provide patients with better diagnostic and therapeutic facilities. As medical devices have a limited lifespan, after a certain amount of time, they require maintenance and even replacement in some cases. Due to these factors, the growing medical device industry is expected to drive the market for maintenance services.
The advancements and growth in the medical device industry and an increase in the awareness regarding preventive medical equipment maintenance are thus leading to the progress of the market.
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