The global medical equipment maintenance market value is projected to surge from $17.4 billion in 2019 to $45.1 billion by 2030—exhibiting a compound annual growth rate of 9.4% between 2020 and 2030—according to a report published by P&S Intelligence, a provider of market research and consulting services.
Factors such as advancements in medical devices, regulations aimed at greater patient safety, and the benefits of preventive maintenance are propelling market growth.
Increasing awareness about the importance of cleanliness and infection prevention in healthcare facilities will continue to drive the demand for medical equipment maintenance services. According to the report, original equipment manufacturers will be the dominant service provider in the medical equipment maintenance market in the coming years due to the wide range of rapid and advanced services they offer.
Key Study Findings
According to the report, North America will experience an increased need for medical equipment maintenance services due to its aging population, a growing demand for medical imaging systems, a rising disease burden, and an increasing number of hospitals.
Further, the Asia-Pacific medical equipment maintenance market is expected to exhibit the fastest growth in the next decade because of the soaring volume of diagnostic tests, increasing number of hospitals, and growing incidence of chronic diseases.
Moreoever, the forthcoming years will see an extensive requirement for maintenance services for imaging equipment to keep up with the increased demand for computed tomography, magnetic resonance imaging, ultrasound, endoscopes, and digital X-ray devices for diagnostic, therapeutic, and monitoring purposes.
Of course, COVID-19 has had a detrimental impact on the medical equipment maintenance market growth, as social distancing norms have restricted the face-to-face interactions conducted by medical science liaisons, sales representatives, and other field-based employees of medical device and pharmaceutical companies. With the closing down of most hospital departments during this time, the usage of medical devices was reduced, which kept these devices in optimum working condition for a longer period.
Market players are engaging in mergers and acquisitions to consolidate their position, according to the report. For instance, in February 2020, Agiliti Inc. acquired Mobile Instrument Service & Repair Inc. to offer an expanded product portfolio to its clientele.
Similarly, Agiliti Holdco Inc. (a subsidiary of Agiliti Inc.) and Federal Street Acquisition Corp. entered into an agreement in December 2018, under which both the organizations agreed to reduce the aggregate consideration paid to the selling equity holders of Agiliti Holdco Inc. from around $1.58 billion to $1.44 billion.
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