The global medical equipment maintenance market was valued at approximately $ 26.2 billion in 2017 and is expected to generate revenue of around $ 51.9 billion by 2024, growing at a CAGR of around 10.26 per cent between 2018 and 2024, reports Zion Market Research.
Medical devices play an important role in disease diagnosis and treatment and are valuable assets to human lives. Medical equipment maintenance has become an essential practice for the healthcare sector. Medical devices require considerable investments. Scheduled and managed equipment maintenance plays a vital role for safe, reliable, and accurate test results for diagnostic procedures and patient monitoring therapy and treatment.
The worldwide demand for medical equipment is growing rapidly, owing to the increasing prevalence of life-threatening diseases. Preventive maintenance is widely accepted to maintain proper functioning and accidental breakdown of equipment. Thus, the growing focus on preventive maintenance is likely to drive the market. Technologically advanced and high costs of medical equipment are projected to drive the demand for refurbished medical equipment. Wide acceptance and consumption of refurbished medical equipment, in turn, is anticipated to drive the medical equipment maintenance market. Increasing installations of new and advanced medical equipment in hospitals, clinics, diagnostic centres, etc., are likely to further drive the medical equipment maintenance market in the future. Additionally, the high burden of chronic disorders and the increase in the aging population are other factors likely to indirectly contributing toward the medical equipment maintenance market. However, high maintenance cost might hamper the market for medical equipment maintenance market. Nevertheless, the increasing service offerings and the use of internet of things are likely to create further growth opportunities for the medical equipment maintenance market globally.
