Market Trends of Global Medical Equipment Maintenance Industry
This section covers the major market trends shaping the Medical Equipment Maintenance Market according to our research experts:
The Imaging Equipment Segment is Expected to Witness Significant Growth Over the Forecast Period
The majority of healthcare professionals favor imaging equipment because it quickly provides a primary diagnosis for all diseases.All the imaging modalities, including computed tomography and nuclear imaging, are extensively used for the diagnosis of various diseases. They are also majorly used in chronic diseases, which include health conditions such as heart disease, asthma, cancer, and diabetes. Therefore, this equipment is being utilized as both a diagnostic imaging and therapeutic modality and has a wide range of applications in the medical field.
The rising geriatric population and increasing rates of chronic diseases and lifestyle-related diseases across the globe are the major factors propelling the segment's growth. For instance, according to the data published by the IDF in 2021, around 537.0 million adults were living with diabetes, and by 2030, around 643.0 million people were expected to live with diabetes. It was also reported that 3 out of 4 adults live with diabetes, and around 1 out of 2 adults (240.0 million) are living with undiagnosed diabetes. Similarly, according to the report published by the CDC in 2021, around 5.0% of adults have been diagnosed with emphysema, chronic bronchitis, or chronic obstructive pulmonary disease (COPD). Furthermore, according to the NCBI report published in January 2022, the global prevalence of COPD is around 10.1% in people aged 40 or older. Furthermore, according to the data published by the NHS U.K. for the year 2021, around 1.17 million people in England were diagnosed with COPD, which constitutes around 1.9% of the population of England. The imaging equipment is helpful in the early diagnosis of chronic diseases.
Therefore, owing to the abovementioned factors, the segment is anticipated to witness considerable growth over the forecast period.
North America is Expected to Witness Considerable Growth Over the Forecast Period
North America is expected to dominate the overall medical equipment maintenance market over the forecast period. The growth is due to factors such as increasing chronic disorders and the growing demand for medical devices. For instance, according to the HeartLife Foundation 2021 report, more than 1.4 million Canadians were admitted to hospitals with the illness each year as a result of heart failure or cardiovascular disease. Similarly, as per the data from the American Heart Association for 2022, in Mexico, 56.1% of adults have high levels of LDL-C, or bad cholesterol, which is thought to be the primary risk factor for cardiovascular disease. Therefore, owing to the increasing prevalence of various diseases, the demand for medical equipment is anticipated to increase, which in turn may propel the use of medical equipment maintenance services in the North American region.
Key product launches, a high concentration of market players or manufacturers' presence, acquisitions and partnerships among major players, and increasing cases of chronic diseases in the United States are some of the factors driving the growth of the market in the country. For instance, according to the 2021 data from the CDC, every year, 805,000 people in the United States have a heart attack; 605,000 of these result in a first-time heart attack, while 200,000 are caused by previous heart attacks. Similarly, as stated by the American Heart Association 2021 journal, it is estimated that by the year 2035, more than 130.0 million adults in the United States will have some type of heart disease. Therefore, such instances indicate considerable market growth in the country over the forecast period.
Therefore, owing to the aforesaid factors, the growth of the studied market is anticipated in the North American region.
