The global medical equipment maintenance market is predicted to grow to $26.4 billion by 2024, progressing at a compound annual growth rate (CAGR) of 8.7%, according to a new report by ResearchAndMarkets.com. Advancements in the medical device sector, increased awareness regarding the benefits of preventive maintenance, and strict government regulations are some of the key factors propelling market demand.
On the basis of service provider, the market is categorized into original equipment manufacturers (OEMs), in-house HTM professionals, and independent service organizations (ISOs). Of these, OEMs are expected to hold the largest share of the market by 2024—accounting for 70% for it. However, during the forecast period, the ISO category is predicted to grow the fastest, due to the affordability of their services.
On an end-user basis, the medical equipment maintenance market is bifurcated into private-sector and public-sector organizations. Of these, during the historical period, public-sector organizations dominated the market, which can be ascribed to the existence of a huge number of publicly owned healthcare settings, such as nursing homes and hospitals. Moreover, due to the numerous 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 during the forecast period, surging at a CAGR of 9.2%. ResearchAndMarkets.com officials ascribe this phenomenon tothe greater number of hospitals and people living with chronic diseases in the region, as well as rapid advancements in the medical device sector.
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. And because of the continuous use of medical devices, it’s imperative that they undergo frequent maintenance to stay up and running—thus propelling the medical equipment maintenance market in the APAC.