The medical equipment maintenance industry is expected to experience steady growth in the near future, due to the increasing number of aging medical devices and equipment that require regular upkeep.
Further reading: The Ongoing Value of Older Medical Devices
Additionally, technological advances in the field have made it easier to diagnose and repair medical equipment, resulting in more efficient and cost-effective maintenance services. As a result, the demand for equipment maintenance will continue to increase in the coming years.
In addition, the emergence of new medical technologies will drive the growth in the equipment maintenance industry. For instance, the emergence of advanced imaging systems, such as MRI and CT scanners, will require specialized maintenance and repair services. Similarly, the increasing popularity of wearable medical devices, such as fitness trackers, will also require regular maintenance. As a result, the equipment maintenance companies are expected to benefit from this trend.
The medical equipment maintenance market in terms of revenue was estimated to be worth $45.2 Billion in 2021 and is poised to reach $74.2 Billion by 2026, growing at a CAGR of 10.4% from 2021 to 2026, according to a latest report published by MarketsandMarkets.
The growth of this market is mainly driven by the growing number of medical vendors across globe, increasing adoption of patient-specific medical devices. Moreover, growth in this market is primarily driven by the rising focus on preventive medical equipment maintenance, growth in associated equipment markets, adoption of innovative funding mechanisms, and the increasing purchase of refurbished medical equipment.
However, the high initial costs and significant maintenance expenditure may hinder the growth of this market during the forecast period.