Medical Equipment Maintenance Market is anticipated to grow at a ~10% CAGR from 2019 to 2030.

Market Industry Reports (MIR) has published a new report titled “Medical Equipment Maintenance Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the medical equipment maintenance market is estimated to be over US$ 30.5 billion in 2019. It is anticipated to grow at a ~10% CAGR from 2019 to 2030.

The growth of the medical equipment maintenance market can be attributed to several factors such as technological advancements, innovations in healthcare industry coupled with growing awareness on preventive equipment maintenance. Increasing purchase of refurbished medical equipment is further contributing to the growth of the market during the forecast period.

Increasing privatization in the healthcare sector, which are new, are opting for alternate options to cut down on the initial capital investments are fueling the demand for medical equipment maintenance market globally. Companies that provide refurbished devices, upgrade equipment’s with the latest technology and are backed by the same warranty as new models, so it becomes difficult for anyone to tell the difference between old and brand-new equipment. Key players in the market are setting up refurbishment facilities to meet high demand of hospitals and diagnostic centers.

In recent years, medical equipment preventive maintenance focus has increased as it aims to extend the life of the equipment and reduces failure rates. Preventive maintenance is basically a planned maintenance or scheduled maintenance. Regular maintenance ensures safety, prevents malfunctioning of equipment, increases performances and extends device life. Preventive maintenance also saves time and avoids emergency repairs. Increasing focus on preventive maintenance strategy is anticipated to offer growth opportunity for service providers and in medical equipment maintenance market globally.

Browse key industry insights spread across 170 pages with market data tables & figures & charts from the report, Medical Equipment Maintenance Market by Equipment Type (Imaging Equipment, and Electromedical Equipment), Service Type (Preventive Maintenance, Corrective Maintenance, and Operational Maintenance), Service Provider (Original Equipment Manufacturers, Independent Service Organizations and, In-House Maintenance), End User (Public Organizations and Private Organizations) – Global Analysis & Forecast 2019-2030 in detail along with the table of contents:

Equipment maintenance professional requires knowledge about correct and appropriate procedures for maintaining equipment. Each type of equipment requires a careful review to know whether equipment is reliable and functioning properly. It’s a complicated process and requires technical personnel from the clinical engineering department. Lack of presence of skilled professionals can hinder the market to certain extent.

Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing number of hospitals, huge patient population base, and growing demand for low-cost medical devices due to budget constraints in developing nations are the key factors driving the growth of this market. North America dominates the global market due to supportive regulatory policies for maintaining medical equipment and technological advancements for complex equipment maintenance.

The prominent players in the global medical equipment maintenance market are GENERAL ELECTRIC COMPANY, Siemens Healthcare Private Limited, CANON MEDICAL SYSTEMS CORPORATION, Fujifilm Holdings Corporation., Koninklijke Philips N.V., Carestream Health., Drägerwerk AG & Co. KGaA, OLYMPUS CORPORATION, B. Braun Melsungen AG and Hitachi, Ltd among others.

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