Asia Pacific Medical Equipment Maintenance Market to 2027 - Regional Analysis and Forecasts by Device Type (Electromedical Equipment, Endoscopic Devices, Surgical Instruments, and Other Medical Equipment); Service Type (Preventive Maintenance, Corrective Maintenance and Operational Maintenance); Service Provider (Original Equipment Manufacturers, Independent Service Organizations, and In-House Maintenance) and Geography
The Asia Pacific medical equipment maintenance market is expected to reach US$ 7,053.03 Mn in 2027 from US$ 3,079.23 Mn in 2018. The medical equipment maintenance market is estimated to grow with a CAGR of 9.8% from 2019-2027. The market is driven by factors such as, growth of the medical tourism industry and rising prevalence of chronic diseases. However, stringent regulatory policies may limit the growth of the market to a certain extent.
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, South Korea, and Australia. For instance, as per IDF Diabetes Atlas published by the International Diabetes Federation in 2017, South-East Asia consists of almost one-fifth (19%) of the Asia Pacific diabetes population. Additionally, by 2030, cardiovascular disease will cost $ 1,044 billion to the Chinese government. Rising geriatric population and related chronic diseases are expected to drive the sales of medical devices, hence leading to the growth of the market in the Asia Pacific over the forecast years. Obesity has been increasing at a significant rate in the developed as well as developing economies across the globe. Factors such as sedentary life and an unhealthy lifestyle are considered to contribute significantly to the rise in the obese population. This rate ranges from less than 6% in Korea and Japan to more than 30% in New Zealand, and Australia. The prevalence has increased rapidly in Australia and New Zealand in the recent decade. On the other hand, diabetes is one of the most significant health emergencies in the Asia Pacific during the 21st century. Every year the number of diabetic individuals has been witnessed to increase, resulting in life-changing complications. As per the data by The International Diabetes Federation (IDF), in 2017, the number of people with diabetes in India was approximately 73 million, which is expected to grow at 151 million in 2045. Hence, the rise in the prevalence of chronic diseases is anticipated to drive the market during the forecast period.
Asia Pacific medical equipment maintenance were segmented by device type, service type and service provider. The device type segment was categorized as electromedical equipment, endoscopic devices, surgical instruments, and other medical equipment. On the basis of service type, the market is segmented as preventive maintenance, corrective maintenance, and operational maintenance. Based on the service provider, the medical equipment maintenance market is segmented into original equipment manufacturers, independent service organizations, and in-house maintenance.
Some of the major primary and secondary sources included in the report include, Medical Equipment Management Programs (MEMPs), World Health Organization (WHO), Food and Drug Administration (FDA), Independent Service Organization (ISOs), National Key Economic Areas (NKEAs), Ministry of Health and Welfare (MOHW) and among others.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook