Medical Equipment Maintenance Market Demand, Sales and Consumption Status and Growth Opportunities

Medical equipment maintenance market is expected to generate $26.4 billion revenue by 2024, advancing at a CAGR of 8.7% during the forecast period.
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* Aurora - Colorado - US

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AURORA, Colo. - Aug. 27, 2019 - PRLog -- The medical equipment maintenance market is experiencing growth due to the increasing awareness among end users about preventive medical equipment maintenance and stringent regulatory requirements, and a steady progress in the medical equipment market. It generated a revenue of $16.1 billion in 2018, and it is projected to grow at an 8.7% CAGR during the forecast period (2019–2024). Market players offer corrective, preventive, operational, and predictive maintenance of medical equipment to end users to ensure safety and proper efficacy of these devices.

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Multi-vendor contracts signed by end users is trending in the medical equipment maintenance market. To reduce additional expenses and complexities associated with separate services mentioned in the agreements with medical equipment manufacturers, end users are inclining toward multi-vendor contracts. For instance, maintenance service for ultrasound machines and patient monitoring systems is offered by Koninklijke Philips N.V under the RightFit agreement.

One of the key factors driving the medical equipment maintenance market ( is the advancements in the medical devices industry. To provide better healthcare facilities to people, many technologically advanced products are being included in healthcare settings. To cater to the diversified demands from the medical industry, a variety of diagnostic and treatment-specific devices are available in the market. Even the most advanced medical devices have a certain lifespan and require either replacement or repairs, depending on the damage over time. Thus, the growing sales of medical devices is predicted to drive the demand for maintenance services.

The subdivisions of the equipment type segment of the medical equipment maintenance ( market are dental, imaging, surgical, electrochemical, and life support. Among all, the fastest growing subdivision during the forecast period is expected to be imaging equipment, progressing at a 9.2% CAGR. With the increasing use of imaging equipment due to the rising prevalence of diseases such as cancer, the machines experience daily wear and tear. To deal with this, the demand for medical equipment maintenance services is expected to boom during the forecast period.

Pramod Kumar
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Tags:Medical Equipment Maintenance
Location:Aurora - Colorado - United States
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