Medical Equipment Maintenance Market to 2027 - Global Analysis and Forecast 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 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 medical equipment maintenance market is estimated to grow with a CAGR of 9.0% from 2019-2027. The market is driven by factors such as, rising prevalence of chronic diseases and increasing purchase of refurbished medical systems and growing medical equipment market. 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 are 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.
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. Hence, the rise in the prevalence of chronic diseases is anticipated to drive the market during the forecast period.
Global 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) among others.
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