Medical Equipment Maintenance Market to Grow at a CAGR of 9.0% to reach US$ 36,525.26 Million from 2019 to 2027

The medical equipment maintenance market expected to be US$ 16,943.29 Mn in 2018 and is predicted to grow at a CAGR of 9.0% during the forecast period 2019 - 2027, to reach US$ 36,525.26 Mn by 2027.

North America held the largest market share and is expected to be the significant revenue contributor in forecast period. The growth in North America is characterized by growing medical device industry, strict regulations for medical device and increasing efforts in R&D activities as well as other activities undertaken by the market players operating in the market. In addition, technological advancements in the medical device industry has led to complex medical devices ecosystem in the regions and is likely to stimulate the growth of medical equipment maintenance market in North America.

Lucrative Regional Medical Equipment Maintenance Markets

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Market Insights

Rising Prevalence of Chronic Diseases

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, and South Korea. For instance, as per IDF Diabetes Atlas published by the International Diabetes Federation in 2017, South-East Asia consists of almost one-fifth 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.

According to the Kidney Foundation of Canada, it is estimated that 70% - 80% of the cases are diagnosed with calcium oxalate stones in 2018. Moreover, according to the European Medical Journal, the prevalence of the urinary tract stones across the world ranges approximately from 4% to 20%. Furthermore, it is estimated that the rise in the cases may witness the increase near about from 40% to 50% by 2050. The article also stated that in the USA, the prevalence of nephrolithiasis was approximately 10% in men and 7% in women in 2015. Furthermore, the statistic for the prevalence of the kidney stone was observed in the countries such as Italy, Spain, and Scotland, the percentage of the prevalence of the kidney stone were near about 1%, 10%, and 3.5% respectively. Hence, the rise in the prevalence of chronic diseases is anticipated to drive the market during the forecast period.

Super Specialty and Multi-Specialty Hospitals are Expanding in the Asia Pacific

Multi-specialty hospitals are hospitals offering more than two unique treatments in their hospitals, whereas super-specialty hospitals offer newer subspecialties for a specific disorder. The physicians in multi-specialty hospitals possess degrees with specializations in particular areas such as, MD medicine, MD dermatology, MS surgery, and so on. Whereas, in super-specialty, the doctors hold degrees like DM neurology, McH urology, DM gastroenterology, McH neurosurgery.

Multi-specialty hospitals are a single doorway to the patients’ health care needs. They offer a wide range of treatments from newborn to the aged population. These hospitals primarily focus on prevention, disease management, and appropriate clinical interventions. Both multi-specialty and super-specialty hospitals provide and promote quality care in health & wellness at an affordable cost to society. However, super-specialty hospitals are currently existing only in few countries across the globe. Thus, with growing healthcare needs and a rising preference for specialized treatment, the super-specialty and multi-specialty hospitals hold several opportunities to grow during the forecast period.

Device Type Insights

The Global medical equipment maintenance market by device type was led by electromedical equipment segment. In 2018, device type segment held the largest market share in the medical equipment maintenance market. The segment is also expected to witness growth at a significant rate during the forecast period as it forms an essential part of medical equipment maintenance, its demand is expected to grow at a considerable pace during the future years.

Medical Equipment Maintenance Market, by Device Type

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MEDICAL EQUIPMENT MAINTENANCE – MARKET SEGMENTATION

By Device Type

• Electromedical Equipment
• Endoscopic Devices
• Surgical Instruments
• Other Medical Equipment

By Service Type

• Preventive Maintenance
• Corrective Maintenance
• Operational Maintenance

By Service Provider

• Original Equipment Manufacturers
• Independent Service Organizations
• In-House Maintenance

BY GEOGRAPHY

• North America

  • U.S.
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • UK
  • Spain
  • Italy

• Asia Pacific (APAC)

  • China
  • India
  • Japan
  • Australia
  • South Korea

• Middle East & Africa (MEA)

  • Saudi Arabia
  • South Africa
  • UAE

• South and Central America

  • Brazil
  • Argentina

Company Profiles

• Stryker
• Boston Scientific
• Medtronic
• Edward Lifesciences
• Johnson & Johnson
• Abbott
• Terumo Corporation
• B. Braun Melsungen Ag
• Aramark Services, Inc.
• Althea