The global medical equipment maintenance market is set to grow by $39.2 billion from 2022 to 2027, driven by a rising focus on preventive maintenance, according to a new report from Technavio. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment.
Patient safety and raising the standard of care have received more attention in medical facilities as of late. As a result, proactive maintenance of medical equipment is becoming increasingly important to ensure its best performance. Furthermore, implementing regular maintenance services plays a crucial role in ensuring the safety, effectiveness, and prolonged use of medical equipment. The healthcare industry is increasingly prioritizing the adoption of preventive maintenance strategies, creating favorable growth factors for service providers during the forecast period. In fact, the market is estimated to be progressing at a CAGR of 12.01% during the forecast period.
The increasing adoption of advanced medical technologies in emerging countries is the major trend in the medical equipment maintenance market growth. Several innovative technologies have emerged in the medical field, including regenerative medicine, surgical robots, liquid biopsy, and wearable medical devices.
The high cost of medical equipment maintenance is a major challenge to the growth of the market. Maintenance programs for medical equipment allow healthcare providers to effectively monitor and track the condition of their equipment. This enables them to ensure efficient utilization and maximize uptime, minimizing potential disruptions in healthcare services. However, the implementation of these solutions involves high installation costs and ongoing maintenance expenses.
The high costs involved in purchasing and maintaining advanced medical equipment are acting as a barrier for end-users in adopting these technologies. Hence, these factors are expected to hinder the growth of this market during the forecast period.