The market growth is propelled by the improvements in medical devices, rise in the awareness regarding preventive maintenance, and stringent regulatory ecosystem. At present, end users are entering into multi-vendor contracts to reduce the complexities and additional expenses related to different services offered under individual agreements with the producers of medical equipment.
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One of the key growth drivers for the medical equipment maintenance market is the advancements in the medical device industry. Manufacturers of medical equipment are developing an array of high-quality products by using innovative technologies, on account of the heavy investments in research and development (R&D) activities. Medical devices have a certain life expectancy and need maintenance or replacement after a certain time. Thus, the expansion of the medical device industry will boost the market growth during the forecast period.
Another factor supporting the medical equipment maintenance market growth is the rising awareness regarding preventive medical equipment maintenance. Healthcare facilities are emphasizing cleanliness due to the guidelines laid down by international organizations to prevent infections and improve the cleanliness regimen. For example, as per the hospital hygiene and infection control guidelines of the World Health Organization (WHO), hospitals must focus on equipment management. Due to this, healthcare facilities are adopting numerous types of maintenance services for various medical devices.
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Moreover, the Asia-Pacific medical equipment maintenance market is projected to exhibit the fastest growth during the forecast period. This market is stimulated by the rising number of diagnostic tests in the region and increasing incidence of chronic ailments, which need medical devices for early diagnosis. Moreover, the rapid rise in the number of hospitals in the region, especially in China, will drive the market growth in the future. The number of hospitals in China increased from 27,600 in 2015 to nearly 33,000 in 2019.
Thus, the largescale construction of hospitals, rapid installation of advanced medical equipment, and increasing awareness regarding preventive medical equipment maintenance will fuel the market growth in the coming years.
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