How is Need for Ensuring Safety of Patients Driving Medical Equipment Maintenance Market?
Medical equipment in different healthcare facilities are of great importance, clearly, which is why it is crucial that these equipment types are maintained properly in order to ensure the safety of both patients and healthcare workers and to provide high quality service. For the same, the University of Michigan hospital has an equipment management program for making sure of the safety and reliable operation of medical equipment and effective treatment of patients, throughout the University of Michigan Hospital and Health Centers. Under the program, every classification of device is assigned a preventive maintenance inspection strategy and schedules for ensuring that the equipment provides reliable and accurate information to clinicians.
Access Detailed Report - Medical Equipment Maintenance Market Regional and Country Breakdown
Apart from this, the strict regulatory framework across the globe make it mandatory for the healthcare facilities to maintain medical equipment properly. For example, the U.S. Centers for Medicare and Medicaid Services regulations, state department of health rules, original equipment manufacturers (OEM), and equipment alerts and recalls from the U.S. Food and Drug Administration, make is necessary for hospitals to comply with several needs related to equipment maintenance. Because of these reasons, the global medical equipment maintenance market is projected to reach $45.1 billion by 2030, growing with a CAGR of 9.4% during the forecast period (2020–2030).
Different medical equipment services are offered by independent services organizations (ISO), OEMs, and in-house. The largest demand for medical equipment maintenance services is expected to be registered by OEMs in the coming years, as they offer reliable, timely, and better services as compared to other service providers. That being said, the utilization of services offered by ISOs is also projected to increase considerably in the coming years, which is attributed to the fact that they offer low cost services.
The requirement of these services is rising rapidly in the Asia-Pacific (APAC) region, which is why the region is predicted to emerge as the fastest growing medical equipment maintenance market in the near future. This is due to the rising technological advancements, which is resulting in the introduction of innovative and upgraded medical devices in the region. In addition to this, the prevalence of diseases and the number of hospitals in APAC is also rising rapidly, further leading to the requirement for medical equipment maintenance.
Hence, the need for medical equipment maintenance across the globe is growing due to the requirement for complying with stringent regulations.