Global Medical Equipment Maintenance Market Size

Medical Equipment Maintenance Market Analysis

Over the next few years, the market for maintaining medical equipment is expected to register a CAGR of 9.1%.

The outbreak of the pandemic impacted the market. The need for critical medical equipment to tackle the pandemic crisis has sparked a surge in demand for medical equipment maintenance products and services. The broad range of medical devices used in the diagnosis and treatment of COVID-19 positively impacted market growth. In addition, hospitals were having trouble getting service information to fix medical equipment during COVID-19. Thus, to combat such situations, market players adopted certain strategic initiatives to sustain their positions in the market during the pandemic. For instance, in March 2021, iFixit launched a massive repair database for ventilators and other medical devices to help hospitals maintain and fix crucial equipment during COVID-19. Therefore, the market witnessed moderate growth during the pandemic. However, with the positive developments, upliftments of lockdowns, ease of restrictions, and declining cases of COVID-19, the market started to gain momentum and is expected to maintain the upward trend over the forecast period.

The focus on preventive maintenance of medical equipment and rising investments by healthcare providers and governments in infrastructure are the major factors driving market growth. Furthermore, rapid technological advancements in medical equipment and the increased need for continuous training and maintenance are also stimulating market growth. For instance, in July 2022, Canon Medical launched Vantage Fortian at ECR 2022. The new MRI system features innovative workflow solutions, image enhancement, and accelerated scan technology, which together contribute to reducing the time required for MRI procedures.

Similarly, in October 2021, Hospital Espaol La Plata in Buenos Aires, Argentina, acquired an analog DR 100e system to complement its portfolio of Agfa solutions. With this, the hospital can significantly reduce the diagnostic volume of bedside exams. As a result of the increasing number of medical devices launched by key players, the demand for medical equipment maintenance services is expected to rise; thus, significant market growth is anticipated over the forecast period.

In addition, increasing cases of chronic diseases and lifestyle-related disorders are also propelling market growth. For instance, according to CDC data updated in September 2021, more than two-thirds of all new cancers were diagnosed among adults aged 60 and older. It was also reported that as the number of adults living to older ages continues to increase, there will be more new cancer cases, and the number is expected to reach more than 2.2 million by 2050, with the largest percentage increase among adults who are 75 years old or older. In such cases, medical equipment is one of the essential requirements; therefore, increasing use of medical equipment may surge the demand for medical equipment maintenance services, thereby propelling market growth over the forecast period.

However, the high cost of medical equipment maintenance is expected to hinder market growth over the forecast period.