How the Medical Equipment Maintenance Market Has Witnessed Substantial Growth in Coming Years?


Posted July 7, 2021 by PSMarketResearch12

The medical equipment maintenance market generated $17.4 billion in 2019, and it is expected to generate $45.1 billion in 2030, demonstrating a CAGR of 9.4% between 2020 and 2030 (forecast period).
 
The market growth is propelled by the improvements in medical devices, rise in the awareness regarding preventive maintenance, and stringent regulatory ecosystem. At present, end users are entering into multi-vendor contracts to reduce the complexities and additional expenses related to different services offered under individual agreements with the producers of medical equipment.

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One of the key growth drivers for the medical equipment maintenance market is the advancements in the medical device industry. Manufacturers of medical equipment are developing an array of high-quality products by using innovative technologies, on account of the heavy investments in research and development (R&D) activities. Medical devices have a certain life expectancy and need maintenance or replacement after a certain time. Thus, the expansion of the medical device industry will boost the market growth during the forecast period.

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The service provider segment of the medical equipment maintenance market is categorized into original equipment manufacturers (OEMs), independent service organizations (ISOs), and in-house. In 2019, the OEMs category generated the highest revenue due to the advanced and swift maintenance services offered by them. The OEMs category is bifurcated into multi-vendor OEMs and single-vendor OEMs. During the forecast period, the multi-vendor category will generate the higher revenue owing to the wider range of services offered by these vendors.
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Last Updated July 7, 2021