North America Medical Equipment Maintenance Market to 2027 - Regional Analysis and Forecasts By Device Type; Service Type; Service Provider and Country

North America Medical Equipment Maintenance Market to 2027 - Regional Analysis and Forecasts by Device Type, Service Type, and Service Provider.

North America, the medical equipment maintenance market, is anticipated to reach US$ 14,387.30 Mn in 2027 from US$ 6,542.44 Mn in 2018. The market is projected to grow with a CAGR of 9.3% from 2019-2027.

The medical equipment maintenance market is growing primarily due to the prevalence of chronic diseases, growing medical equipment, and increasing purchase of refurbished medical systems are expected to boost the market over the years. Restraining factors, such as stringent regulatory policies, are likely to damage the growth of the market in the coming years. On the other hand, the growing public, private partnership in the healthcare industry is expected to have a positive impact on the growth of the North America medical equipment maintenance market in the coming years.

Medical equipment requires calibration, maintenance, repair, user training, and decommissioning; clinical engineers manage these activities. Medical equipment management programs (MEMPs) are conducted by most hospitals to fix, inspect, and maintain their medical devices. Preventive and corrective maintenance is concerned with frequency scheduled activities as well as repairs after the equipment is out of service.

Chronic diseases such as obesity, stroke, diabetes, and heart disease, are amongst the foremost causes of death and account for most of the nation’s health care costs. According to the data of the Centers for Disease Control and Prevention (CDC), in 2019, about 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 significant causes of death in the North American region. Additionally, the American Cancer Society (ACS) estimated that in 2018, there was a diagnosis of approximately 1,735,350 new cancer cases. According to the Kidney Foundation of Canada, it is estimated that 70% - 80% of the cases are diagnosed with calcium oxalate stones in 2018. The prevalence of nephrolithiasis was approximately 10% in men and 7% in women in 2015 in the US. Hence, the increase in the prevalence of chronic diseases is expected to drive the market during the forecast period.

In 2018, the electromedical equipment segment held the most significant market share of the medical equipment maintenance market by device type. The segment is also anticipated to hold a substantial share in the market in 2027. However, the endoscopic devices segment is expected to grow at the fastest rate during the coming year owing to an increase in the number of disorders needing the procedure of endoscopy and the various launches and product enhancements in endoscopes.

In 2018, the preventive maintenance segment held a most significant market share of the medical equipment maintenance market, by service type. This segment is also anticipated to hold a considerable portion of the market in 2027 owing to the advantage of preventive maintenance as it saves money in emergency improvements or total replacement of a device. The segment is also anticipated to witness growth at a significant rate during the forecast period, 2018 to 2027.

The independent service organizations segment is anticipated to grow at a CAGR during the forecast period, owing to factors such as they maintain, refurbish, or repair a complete device after distribution; also, they operate independently to meet the original intended use.

Some of the significant primary and secondary sources for medical equipment maintenance included in the report are World Health Organization (WHO), Food and Drug Administration (FDA), International Trade Administration (ITA), and others.

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