U.S. Medical Equipment Maintenance Market To Generate Revenue Worth $21,358.3 Million by 2030
- Published: September 2020
One of the major drivers for the growth of the U.S. medical equipment maintenance market is the significant increase in the awareness about preventive medical equipment maintenance services among healthcare professionals, hospitals, and clinics. These services are frequently performed on medical equipment to reduce the probability of it breaking down. Moreover, the rising healthcare expenditure is further expected to drive the market to $21,358.3 million revenue by 2030, at a CAGR of 9.2% during the forecast period (2020–2030).
On account of the ongoing COVID-19 pandemic, the U.S. medical equipment maintenance market has witnessed a significant negative impact. The nationwide lockdown and social distancing norms across the U.S. have led to the shutdown of offices, which, in turn, has disrupted the supply chain and operations of maintenance service providers. Nevertheless, with the lifting of the lockdown, the market is likely to showcase recovery in the coming time.
Life Support Category To Grow at Highest CAGR during Forecast Period
The U.S. medical equipment maintenance market is classified into imaging equipment, electromedical equipment, life support equipment, surgical equipment, dental equipment, and endoscopes, on the basis of equipment type. Among these, the life support category is expected to witness the highest CAGR during the forecast period. This can be ascribed to the increasing incidence of acute cardiac and respiratory conditions and traumatic injuries in the country. According to the Society of Critical Care Medicine (SCCM), more than 5 million patients are admitted annually to the country’s intensive care units (ICUs). Therefore, life support devices must be maintained regularly, for providing emergency and critical care at any time.
Further, the U.S. medical equipment maintenance market, on the basis of end user, is categorized into public-sector and private-sector organizations. Of these, the public sector category accounted for the majority share in 2019, due to the presence of a large number of publicly-owned healthcare centers in the country. According to the American Hospital Association (AHA), there were 6,146 hospitals in the U.S. in 2018, of which 2,937 were non-government not-for-profit community hospitals and 1,296 were investor-owned (for-profit) community hospitals in the U.S.
Key Players Creating Lucrative Growth Opportunities through Mergers and Acquisitions
Players in the U.S. medical equipment maintenance market are consistently focusing on strategic partnerships and business collaborations, to remain competitive. For example, in July 2019, Agiliti Inc. completed the acquisition of Zetta Medical Technologies LLC, a medical equipment service and parts supplier headquartered in Lake Zurich III. Through the acquisition of the Swiss firm, Agiliti Inc. started offering full-service clinical engineering solutions for technically advanced imaging devices.
In September 2018, TRIMEDX Holdings LLC entered into an agreement to acquire Aramark Corporation’s healthcare technologies (HCT) business. Aramark Corporation is a provider of healthcare technology services ranging from repair and maintenance to clinical engineering service outsourcing. This acquisition has enabled TRIMEDX Holdings LLC to deliver technology-driven solutions to various healthcare customers, thus ensuring device safety and compliance and helping improve clinical results.
Some of the major players operating in the U.S. medical equipment maintenance market are General Electric Company, Siemens AG, Koninklijke Philips N.V., Drägerwerk AG & Co. KGaA, FUJIFILM Holdings Corporation, Hitachi Ltd., Agfa-Gevaert N.V., Agiliti Health Inc., Canon Inc., Carestream Health Inc., Shimadzu Corporation, Sodexo Group, Crothall Healthcare, and TRIMEDX Holdings LLC.