Medical facilities are mandated to keep their equipment in prime working condition by the Medicare and Medicaid Services (CMS), The Joint Commission (TJC), Det Norske Veritas CDNV), Healthcare Facilities Accreditation Program, the U.S. FDA, and state health departments. As a result, the global medical equipment maintenance market, which was valued at $17.4 billion in 2019, will grow to $45.1 billion by 2030, at a 9.4% CAGR between 2020 and 2030, according to a new report from P&S Intelligence.
This is because when being used on multiple patients, medical devices and equipment can become a petri dish for microbes, thereby raising the risk of hospital-acquired infections (HAI). Additionally, if not serviced regularly, x-ray-based imaging systems can lead to overexposure to radiation. To ensure regular maintenance, the CMS reimburses medical centers based on their compliance with the issued guidelines, which is a key reason behind the medical equipment maintenance market growth, P&S officials say.
Due to the lockdowns and movement restrictions imposed to deal with the COVID-19 pandemic, the face-to-face interactions usually conducted by medical science liaisons, sales representatives, and other employees of medical device and pharmaceutical companies have become nonexistent. This is hampering the growth of the medical equipment maintenance market, with the situation being made worse by the closure of many medical equipment manufacturing plants and reduction in product demand.
North America has generated the highest medical equipment maintenance market revenue in the past. The continent is home to the most developed healthcare infrastructure, as well as a rapidly rising geriatric population. Moreover, the increasing adoption of a range of medical devices and equipment to deal with the surging disease burden is propelling the demand for maintenance services.
In the years to come, the medical equipment maintenance market is predicted to grow the fastest in the Asia-Pacific (APAC). Due to the increasing incidence of chronic diseases, the usage of an array of medical devices and volume of diagnostic tests are surging. In addition, the number of hospitals is rising in the region on account of the strong government support for public healthcare.
The key players in the global medical equipment maintenance market include Siemens AG, General Electric Company, Drägerwerk AG & Co. KGaA, Koninklijke Philips N.V., Hitachi Ltd., FUJIFILM Holdings Corporation, Agiliti Inc., Agfa-Gevaert N.V., Carestream Health Inc., Canon Inc., Sodexo SA, Shimadzu Corporation, TRIMEDX Holdings LLC, and Crothall Healthcare.
Other key findings of P&S Intelligence’s Global Medical Equipment Maintenance Market Report include:
- Stringent government regulations are driving demand for medical equipment maintenance.
- End users are becoming aware about preventive maintenance.
- OEMs are providing the bulk of medical equipment maintenance services.
- Imaging equipment comprises the bulk of maintenance activities.
For more information, and to purchase the report, visit P&S Intelligence.