Medical Equipment Maintenance Market to Grow With 9.4% CAGR Through 2030, says P&S Intelligence

NEW YORK, Oct. 13, 2021 /PRNewswire/ -- The medical equipment maintenance market value is projected to surge from $17.4 billion in 2019 to $45.1 billion by 2030, exhibiting a CAGR of 9.4% between 2020 and 2030. Factors such as the increasing advancements in medical devices, toughening regulations aimed at greater patient safety, and surging awareness about preventive maintenance are propelling the market growth.

The increasing awareness about the importance of cleanliness and infection prevention in healthcare facilities will continue to propel the demand for medical equipment maintenance services. In the coming years, original equipment manufacturers (OEMs) will be the dominant service provider in the medical equipment maintenance market due to the wide range of rapid and advanced services offered by them.

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Key Findings of Medical Equipment Maintenance Market Report

• North America will generate a huge requirement for medical equipment maintenance services in the foreseeable future due to the booming aging population, rising demand for medical imaging systems, surging disease burden, and increasing number of hospitals.
  
• The Asia-Pacific (APAC) medical equipment maintenance market is expected to exhibit the fastest growth in the upcoming years on account of the soaring volume of diagnostic tests, increasing number of hospitals, and growing incidence of chronic diseases.
  
• Market players are engaging in mergers and acquisitions to consolidate their position. For instance, in February 2020, Agiliti Inc. acquired Mobile Instrument Service & Repair Inc. to offer an expanded product portfolio to its clientele.
  
• Similarly, Agiliti Holdco Inc. (subsidiary of Agiliti Inc.) and Federal Street Acquisition Corp. entered into an agreement in December 2018, under which both the organizations agreed on reducing the aggregate consideration paid to the selling equity holders of Agiliti Holdco Inc. from around $1.58 billion to $1.44 billion.
  
• The forthcoming years will witness an extensive requirement for maintenance services for imaging equipment due to the extensive usage of computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, endoscopes, and digital X-ray devices for diagnostic, therapeutic, and monitoring purposes.

COVID-19 had a detrimental impact on the medical equipment maintenance market growth, as social distancing norms have restricted the face-to-face interactions conducted by medical science liaisons, sales representatives, and other field-based employees of medical device and pharmaceutical companies. Moreover, with the closing down of most hospital departments, the usage of medical devices reduced, which has kept them in the optimum working condition for a longer period.

Browse detailed report on Medical Equipment Maintenance Market Revenue, Industry Size and Growth Forecast to 2030

Key companies in the medical equipment maintenance market are Drägerwerk AG & Co. KGaA, TRIMEDX Holdings LLC, Agfa-Gevaert N.V., Shimadzu Corporation, Hitachi Ltd., Sodexo SA, FUJIFILM Holdings Corporation, Crothall Healthcare, Koninklijke Philips N.V., Carestream Health Inc., General Electric Company, Canon Inc., Agiliti Health Inc., and Siemens AG.

Medical Equipment Maintenance Market Report Coverage

Based on Equipment Type

• Imaging
• Advanced imaging modalities
• Computed tomography (CT)
• Magnetic resonance imaging (MRI)
• Primary imaging modalities
• Digital X-ray
• Ultrasound
• Endoscope
• Electromedical
• Life Support
• Surgical
• Dental

Based on Service Type

• Preventive and Predictive
• Corrective
• Operational

Based on Service Provider

• Original Equipment Manufacturers (OEMs)
• Multi-vendor OEMs
• Single-vendor OEMs
• Independent Service Organizations (ISOs)
• In-house

Based on End User

• Public-sector Organizations
• Private-sector Organizations

Geographical Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Russia
• Switzerland
• Poland
• Ukraine
• Netherlands
• Belgium
• Asia-Pacific (APAC)
• China
• Japan
• India
• Australia
• South Korea
• Singapore
• Indonesia
•  New Zealand
• Malaysia
• Latin America (LATAM)
• Brazil
• Mexico
• Argentina
• Chile
• Colombia
• Peru
• Middle East and Africa (MEA)
• Saudi Arabia
• South Africa
• U.A.E.
•  Israel

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U.S. Medical Equipment Maintenance Market - The technological innovations in the medical device sector, increasing awareness about preventive medical equipment maintenance, and presence of a strict regulatory environment are the most important factors that will drive the growth of the U.S. medical equipment maintenance market during 2020–2030 (forecast period). The advance, at a CAGR of 9.2%, will increase the size of the market from $8,262.2 million in 2019 to $21,358.3 million by 2030.

U.S. Endoscope Repair Market - Geographically, Texas is expected to account for the largest share in the U.S. endoscope repair market during the forecast period due to the booming geriatric population and surging prevalence of cancer in the state.

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SOURCE P&S Intelligence