Medical Equipment Maintenance Market To Hit Value .7 Billion By 2027
Posted by Mrudula Karmarkar on March 16th, 2022
The global medical equipment maintenance market size is expected to reach USD 61.7 billion by 2027 according to a, new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.9% from 2021 to 2027. Rising focus on preventive device maintenance, adoption of advanced funding mechanisms, growth of the associated devices markets, and increasing market share of refurbished medical devices are anticipated to drive the market over the forecast period.
In addition, a surge in the need for technologically advanced medical equipment and an increase in healthcare expenses are expected to propel the market growth. The maintenance of medical devices is a very essential procedure owing to the high use of devices in critical health matters. For instance, calibration is a vital procedure for any medical device to maintain and improve its precision and accuracy, thereby preventing any safety hazards.
Furthermore, the increasing prevalence of chronic diseases that require long-term patient care, coupled with a rapidly growing geriatric population, is anticipated to boost the market growth. Diseases such as pressure ulcers, diabetic foot, and cancer, which require long-term patient care, are expected to drive the market.
Growing demand and purchase of refurbished medical devices are other vital impacting factors that may propel the medical device maintenance market in the coming years. Additionally, the rising installation of technologically advanced medical devices in hospitals, diagnostic centers, and clinics is expected to drive the market over the forecast period. However, the higher maintenance cost is expected to restrain market growth.
Growing global demand for medical devices, rising prevalence of life-threatening diseases leading to higher diagnostic rates, and rising demand for the refurbished medical equipment are expected to drive the market for medical device maintenance during the forecast period. Currently, several medical devices such as syringe pumps, electrocardiographs, X-ray units, centrifuge, ventilator units, ultrasound, and autoclave are available in the healthcare industry. These are used for treatment, diagnosis, analysis, and educational purposes across the healthcare industry.
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Medical Equipment Maintenance Market Report Highlights
List of Key Players of Medical Equipment Maintenance Market
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About the AuthorMrudula Karmarkar
Joined: March 30th, 2020
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