Medical Equipment Maintenance Market is Driven by Developments in Medical Devices

The medical equipment maintenance market was USD 48.9 billion in 2023, and it will touch USD 98.9 billion, powering at a 10.7% compound annual growth rate, by 2030.

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The growth in this industry is because of the enhancements in medical devices, increasing consciousness regarding preventive maintenance, and strict regulatory environments all over the world.

The imaging category, on the basis of type, will lead the industry throughout this decade. This can be mainly because of the extensive utilization of imaging equipment for different medical conditions, such as neurological disorders and cancer.

The preventive and predictive category, on the basis of service type, is likely to propel at the fastest compound annual growth rate, in the years to come. This can be mainly because of the extensive range of services provided by service providers in the category, which produces huge expense savings for public- and private-sector establishments.

North America was the largest contributor to the industry in 2023, and it will remain leading in the years to come. This can be mainly because of the surging aging populace, increasing burden of ailment, growing acceptance of medical imaging systems, and rising count of hospitals.

Asia-Pacific is likely to observe the highest compound annual growth rate in the years to come. The key factors boosting this progression would be the surging incidence of chronic illnesses that need medical devices for early diagnosis and the rising count of diagnostic tests conducted in this region.

It is because of the continuous progression of medical devices, the medical equipment maintenance industry will continue to progress in the years to come.

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How the Internet has Raised the Popularity of Scar Treatment?

As communication has become easier in today’s time, owing to the excessive use of internet and social media applications, such as Instagram, Snapchat, and Facebook, people are exposed to the whole world out there, which has brought in a heightened awareness regarding appearances and aesthetics. This has immensely contributed to the growing demand for cosmetic surgeries and scar treatment products. 

The American Society of Plastic Surgeons reported that in 2017, about 1,790,830 cosmetic surgeries were performed in the U.S., out of which 182,321 were for scar revision. The growing influence of international culture in people’s lives and the need to constantly look good are expected to add to the demand for scar treatment products and technologies. Advancements in the medical field have led to the invention of minimally invasive procedures, such as laser treatments that are highly effective in scar reduction, and that too in the shortest possible time.

A study published by P&S Intelligence estimated that the scar treatment market would grow at a 10.5% CAGR from $19.2 billion in 2017, ultimately generating a revenue of $34.9 billion. Scars are the body’s natural way of replacing and healing broken or damaged skin. They are made of fibrous tissue and may occur due to various reasons, such as injuries, infections, inflammation, and surgeries.

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Scar treatment aims at reducing the prominence of scars on the skin using various methods, including creams, ointments, and even laser treatments. The different types of scars are contracture, post-surgical, keloid and hypertrophic scars, and acne, and stretch marks. In 2017, the largest demand for treatment products was for post-surgical scars. It is further predicted that with the increasing number of surgical procedures in the coming years, the demand for effective post-surgical scar treatment would rise further.

The fastest growing scar treatment market is projected to be Asia-Pacific in the near future. This could be attributed to the importance of flawless skin that is embedded in many Asian cultures, as well as the growing focus on personal wellbeing. In India, as per the World Health Organization, every year, about 1,000,000 people suffer from burns of varying degrees; burns may also lead to scar formation. Factors such as the rising prevalence of skin diseases and even the increasing disposable income are instrumental in driving the demand for scar treatment products and technologies in the region. 

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