Expanding Medical Device Industry Driving Medical Equipment Maintenance Market
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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In 2019, the North American market generated the highest revenue, and it will continue to dominate the global industry in the forecast years. This can be attributed to the soaring number of hospitals, booming geriatric population, escalating demand for medical imaging systems, and growing burden of diseases in the region. According to the U.S. Census Bureau, the elderly population of North America is expected to outgrow the youth population by 2030. The older population is more prone to diseases and requires institutional care for a longer time than the younger generation.