United States Medical Equipment Maintenance Market To Generate $21,358.3 Million Revenue by 2030 | CAGR 9.2%

A number of factors such as the surge in awareness for preventive medical equipment maintenance among hospitals, clinics, and healthcare professionals; developments in the medical sector; and the presence of a stringent regulatory environment in the country are projected to drive the growth of the U.S. medical equipment maintenance market at a CAGR of 9.2% in the coming years. According to P&S Intelligence, the market size is expected to reach $21,358.3 million by 2030 from $8,262.2 million in 2019. Moreover, the market is witnessing a trend of the rising number of multi-vendor contracts.

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One of the prime factors aiding the U.S. medical equipment maintenance market is the developments in the medical sector. To provide world-class facilities to patients, a number of technologically advanced medical equipment and related devices are used by healthcare facilities and professionals in the U.S. As per the Information Technology News in January 2020, healthcare professionals are looking forward to the developments in technologies and systems, including hyper automation, artificial intelligence, machine learning, and automatic relocation machinery. As these medical devices require software updates, regular maintenance, and other services, their demand is rising.

The equipment type segment of the U.S. medical equipment maintenance market is categorized into imaging equipment, dental equipment, life support equipment, electromedical equipment, surgical equipment, and endoscopes. Out of these, the life support category is projected to record the fastest growth in the coming years, owing to the surging prevalence of traumatic injuries, acute cardiac conditions, and respiratory diseases in the country. As per the Society of Critical Care Medicine (SCCM), over 5 million patients are admitted to intensive care units annually. Thus, life support systems must be maintained regularly for offering emergency care at any time.

Moreover, the U.S. medical equipment maintenance market is bifurcated into private sector and public sector. Between the two, the private sector category is projected to hold the largest market share in 2030. This can be mainly attributed to the growing private healthcare companies and the surging healthcare expenditure by private players in the U.S. For instance, as per the Centers for Medicare & Medicaid Services (CMS), healthcare spending increased by 4.6% in the country to $3.6 trillion in 2018, as compared to $3.5 trillion in 2017.

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Geographically, Texas accounted for the largest share in the U.S. medical robotic systems market in 2019, and the state market is also projected to record the fastest growth in the coming years. This can be ascribed to the presence of big market players and a large number of hospitals, and high healthcare expenditure in the state. For instance, state agencies, namely the Texas Department of Aging and Disability Services (DADS), the Texas Health and Human Services Commission (HHSC), and the Texas Department of State Health Services (DSHS), account for around 83% of annual healthcare spending in Texas.

Thus, the surge in awareness for preventive medical equipment maintenance among healthcare professionals and developments in the medical sector are expected to propel the market growth in the future.

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