Summary: The medical equipment maintenance market, projected to grow at 9.1% annually, is driven by increased demand due to COVID-19, a focus on preventive maintenance, technological advancements, and the rising prevalence of chronic diseases, despite challenges like high maintenance costs.
Key Takeaways:
- The medical equipment maintenance market is expected to grow at a 9.1% annual rate, driven by the increased demand for reliable medical equipment highlighted during the COVID-19 pandemic.
- Key growth drivers include preventive maintenance, technological advancements, and increased investments by healthcare providers and governments, exemplified by innovations such as Canon Medical’s Vantage Fortian MRI system and Hospital Español La Plata’s acquisition of the DR 100e system.
- The rising prevalence of chronic diseases and an aging population necessitate regular maintenance of medical equipment, despite high maintenance costs posing a challenge to market expansion.
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The medical equipment maintenance market is projected to grow at an annual rate of 9.1%, according to Mordor Intelligence. The COVID-19 pandemic underscored the need for reliable medical equipment, increasing demand for maintenance services. During the pandemic, hospitals struggled with service information access, leading iFixit to launch a repair database for ventilators and other devices in March 2021.
Technological Advances Boost Equipment Maintenance
As the pandemic subsides, the market is gaining momentum. Key growth drivers include a focus on preventive maintenance, increased investments by healthcare providers and governments, and rapid technological advancements in medical equipment. For example, Canon Medical introduced Vantage Fortian in July 2022, an MRI system with advanced workflow solutions and accelerated scan technology, reducing MRI procedure times. Similarly, Hospital Español La Plata in Buenos Aires acquired an analog DR 100e system in October 2021 to enhance its diagnostic capabilities, highlighting the rising demand for advanced maintenance services.
Chronic Diseases Drive Equipment Maintenance Demand
The increase in chronic diseases and lifestyle-related disorders also fuels the need for medical equipment maintenance. According to the CDC, more than two-thirds of new cancer cases are diagnosed in adults aged 60 and older, with the number expected to exceed 2.2 million by 2050. This growing prevalence necessitates regular maintenance of medical equipment, driving market growth.
However, high maintenance costs pose a challenge to market expansion. Despite this, the market is expected to thrive due to the essential role of medical devices in healthcare and ongoing technological advancements.
Crucial Role of Imaging in Disease Diagnosis
The imaging equipment segment, in particular, is projected to grow substantially. Imaging modalities like computed tomography and nuclear imaging are crucial for diagnosing various diseases, especially chronic conditions such as heart disease, cancer, and diabetes. The increasing geriatric population and rising rates of chronic diseases globally are major drivers of this segment. The International Diabetes Federation reported in 2021 that 537 million adults live with diabetes, with the number expected to rise to 643 million by 2030, highlighting the growing need for diagnostic imaging and maintenance services.
Maintenance Market Growth
In summary, the medical equipment maintenance market is poised for robust growth, driven by the critical role of medical devices in healthcare, technological advancements, and the increasing prevalence of chronic diseases. Despite high maintenance costs, the market’s upward trajectory is expected to continue, ensuring reliable and efficient healthcare services worldwide.
