Medical Equipment Maintenance Market Research 2020: Analysis and Forecast to 2027

Publisher: The Insight Partners

According to The Insight Partners market research study titled "Medical Equipment Maintenance Market to 2027 - Global Analysis and Forecasts by Device Type, Service Type and Service Provider". The Global medical equipment maintenance market is expected to reach US$ 36,525.26 Mn in 2027 from US$ 16,943.29 Mn in 2018. The market is estimated to grow with a CAGR of 9.0% from 2019-2027. The report highlights the trends prevalent in the global medical equipment maintenance market and the factors driving the market along with those that act as deterrents to its growth.

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Global medical equipment maintenance market, based on the service provider, was segmented as, original equipment manufacturers, independent service organizations, and in-house maintenance. In 2018, original equipment manufacturers held the largest share of the market, by service provider. In addition, the segment is also anticipated to grow at a significant rate during the forecast period.

The market for medical equipment maintenance is expected to grow, owing to factors such as increasing purchase of refurbished medical systems, growing medical equipment market and rising prevalence of chronic diseases. In addition, growing public private partnership in healthcare industry is likely to have a positive impact on the growth of the market in coming years.

The report segments the Global medical equipment maintenance market as follows:

Global medical equipment maintenance market – By Device Type

• Electromedical Equipment
• Endoscopic Devices
• Surgical Instruments
• Other Medical Equipment 

Global medical equipment maintenance market – By Service Type

• Preventive Maintenance
• Corrective Maintenance
• Operational Maintenance

Global medical equipment maintenance market – By Service Provider

• Original Equipment Manufacturers
• Independent Service Organizations
• In-House Maintenance

Chronic diseases such as obesity, diabetes, stroke, and heart disease, are among the leading causes of death and account for most of the nation’s health care costs. According to the estimates by The Asia Pacific Burden of Disease, the death rate of CVD is approximately 272 per 100,000 people in India, which is comparatively higher than the Asia Pacific average (i.e., 235 per 100 000 population). Similar trends for the increased prevalence of diabetes is witnessed among Asian countries such as Australia, China, and South Korea. For instance, as per IDF Diabetes Atlas published by the International Diabetes Federation in 2017, South-East Asia consists of almost one-fifth of the Asia Pacific diabetes population.

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According to the Centers for Disease Control and Prevention (CDC) in 2019, almost 6 in 10 people in the US suffer from at least one chronic disease and 4 in 10 people have two or more chronic conditions. Also, cancer is one of the leading cause of death in the North America region. Furthermore, the American Cancer Society (ACS) estimated that in 2018, there was a diagnosis of approximately 1,735,350 new cancer cases. As per the data published by the World Health Organization (WHO), in 2014, around 230 million people in China had CVD. Also, by 2030, the number is predicted to increase by 50% considering the aging Chinese population and growth. Additionally, by 2030, cardiovascular disease will cost $ 1,044 billion to the Chinese government.

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