The global medical equipment maintenance market is expected to exceed $33 billion by 2024, at a compound annual growth rate (CAGR) of 10% during the forecast period, according to a new report from Market Research Engine.

Major factors expected to drive the projected market growth include increased activity in the associated instrumentation markets, a rising level of expertise required for the preventive maintenance of medical instrumentation, adoption of innovative funding mechanisms, and stronger demand for refurbished medical equipment.

The new report coincides with data released from a separate analysis released in April by’s, which estimates the global medical device at a CAGR of 4.5% from 2018 to 2023, reaching $409.5 billion. The authors of that report cited increased healthcare expenditures, as well as technological developments, the aging population, and a rise in chronic diseases as the major drivers for the growth of the medical device market.