The size of the global medical-equipment maintenance market reached $46 billion in 2021, which was owed to an increase in healthcare expenses and advances in medical equipment. The increase in patient population, the rising number of diagnostic centers, the presence of large numbers of OEMs, and technological advancement in equipment are the major factors for the growth of the medical equipment maintenance market, according to data from Precedence Research.
Moreover, the wide usage of the ventilators in the pandemic has increased the demand for medical equipment maintenance. This is a major factor that boosts the growth of the global medical equipment maintenance market.
North America dominated the market in 2020, due to its strong base of healthcare facilities and growing installation base for advanced medical technologies in healthcare facilities in the countries like U.S. and Canada. Its presence of a high number of healthcare companies, along with the various contract manufacturing organizations and contract research organizations, is benefiting the market in this region.
Further, the Asia-Pacific is expected to be the most opportunistic market during the forecast period. The rise in government expenditure to develop strong healthcare infrastructure and government policies is expected to play a significant role in the growth of the medical equipment maintenance market in the region. The rising number of hospital admissions will foster the demand for the medical equipment maintenance in the Asia pacific region, and will lead to the growth of the market during the forecast period.
The rising awareness of preventive maintenance for medical devices and increased funding in innovative devices are factors which will lead the market in the coming years. Moreover, the increasing awareness of the safety of devices, and advancements in healthcare devices, are the driving factors for the growth of the market.
However, the high costs associated with the maintenance of the devices may hamper the growth of the market some. Further, lack of adequate infrastructure and capital in the underdeveloped and developing nations may hamper the market growth during the forecast period.
The introduction of newer technologies—such as artificial intelligence and machine learning—may provide growth prospects to the market players in the near future and drive the markets growth.
Based on the equipment, the imaging equipment segment is the leading and fastest-growing segment. Driving this segment is a rise in diagnostic procedures and the increase in heart diseases.
Based on the services, the corrective maintenance segment dominated the market. It includes the replacement or restoration of the devices, or components of the devices, to reinstate the physical integrity after unexpected failure.
In March 2021, iFixit, an American e-commerce and how-to website which sells repair part, launched a massive repair database for ventilators and other devices in order to help hospitals and clinics during the COVID-19 pandemic.