The medical equipment maintenance market is hotter than ever—slated to grow at a compound annual growth rate of 11% from 2020 to 2027, reaching $70.1 billion. The major factor driving this increase? A rising focus on preventive maintenance. Impairing growth, however, are high initial costs and significant maintenance expenditures.
In 2019, North America held the highest share of the medical equipment maintenance market—a position that is projected to continue during the forecast period. One of the key reasons North America remains such a strong medical equipment maintenance market is the large presence of maintenance-related companies in the region, researchers say.
Globally speaking, the presence of a well-established healthcare infrastructure, improved connectivity to healthcare systems, and the growing adoption of advanced technologies are fueling market growth. Moreover, the adoption of innovative strategies for maintaining advanced medical equipment and the increasing adoption of refurbished medical devices are driving global growth.
Innovation in the infrastructure and the Internet of Things development of International Organization for Standardization are vital to the global medical equipment maintenance market, researchers say. In a highly fragmented and dynamic market, the biggest threat on the global medical equipment maintenance market is the survival of competitors. Nevertheless, market growth is hampered by substantial operating costs and the shortage of qualified workers. Moreover, the decline of profit margins for maintenance costs hinders the growth of the market for health imaging services over the forecast period.
But despite these obstacles, the medical equipment maintenance market is more profitable than ever, researchers say.