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North American Market for Medical Device and Equipment Maintenance and Calibration Services by ISOs To Generate Revenue Worth $3,612.9 Million by 2030

  • Published: February 2021

Technical advancements in the medical device industry, rise in awareness on preventive medical equipment maintenance, and stringent government regulations are some of the main factors positively impacting the growth of the North American market for medical device and equipment maintenance and calibration services by independent service organizations (ISOs). As a result of these factors, the industry is projected to generate $3,612.9 million revenue by 2030, with a CAGR of 8.9% during the forecast period (2021–2030).

Due to the ongoing COVID-19 pandemic, the North American market for medical device and equipment maintenance and calibration services by ISOs has been negatively impacted. This is due to the shortage of workforces, owing to the laid regulations by the governments of the region, such as lockdown and social distancing. Thus, these factors affect the demand for these services form end users, such as nursing homes and other healthcare facilities, as they not dealing face-to-face interactions typically conducted by sales representatives, medical science liaisons, and other field-based employees of pharmaceutical and medical device companies.

Patient Monitoring and Electromedical Category to Observe Fastest Growth

The North American market for medical device and equipment maintenance and calibration services by ISOs is categorized into primary imaging, patient monitoring and electromedical, laboratory instruments, and wearables, on the basis of device/equipment type. Among these, the patient monitoring and electromedical category is expected to witness the fastest growth during the forecast period, due to the rising incidence rate of chronic diseases and increasing installation of patient monitoring systems, including endoscope and ultrasound systems.

The North American market for medical device and equipment maintenance and calibration services by ISOs is bifurcated into automated devices and manual devices, based on automation. Between the two, the automated devices category held larger market share in 2019, owing to the continuous technological advancements in automation solutions, increase in number of government initiatives for medical automation, and rise in need for reproducibility and accuracy of these devices.

Geographically, the U.S. contributed larger share to the North American market for medical device and equipment maintenance and calibration services by ISOs in 2019. This is mainly on account of the presence of a large number of hospitals and established key players and rising technological advancements with respect to diagnostic tests, in the country.

Industry Players Are Involved in Mergers and Acquisitions to Expand their Position

The North American market for medical device and equipment maintenance and calibration services by ISOs is fragmented in nature with the presence of several key players in the industry, which are actively involved in mergers and acquisitions to gain a competitive edge. For instance, in July 2019, Agiliti Inc. acquired Zetta Medical Technologies LLC, a provider of medical equipment services and parts, based in Lake Zurich III, Switzerland. Through this acquisition, Agiliti Inc. aims to expand into full-service clinical engineering domain for high-end imaging devices.

Similarly, in January 2019, InterMed Group acquired Horizon CSA LLC, a U.S.-based provider of clinical engineering solutions for biomedical and imaging services at healthcare organizations. The acquisition of Horizon’s portfolio makes InterMed a sizeable player in the East Coast of the U.S.

Some of the major players operating in the market include Sodexo SA, Crothall Healthcare, TRIMEDX Holdings LLC, Agiliti Inc., Renovo Solutions, Ivy Technology, Northfield Inc., NovaMed Corporation, Diagnostic Equipment Service Corporation (DESCO), Signature Medical Services Inc., and J2S Medical.