NEW YORK, April 5, 2021 /PRNewswire/ -- The awareness on the preventive maintenance and repairs of medical equipment and devices is increasing in North America. As a result, the North American market for medical device and equipment maintenance and calibration services by independent service organization (ISOs) is expected to grow from $1,468.8 million in 2019 to $3,612.9 million by 2030, at an 8.9% CAGR between 2021 and 2030. This is because properly functioning medical equipment is necessary for effective diagnosis and treatment.
Moreover, equipment that hasn't been repaired in a long time can malfunction and even be harmful. Similarly, as medical devices and equipment are used on multiple patients, not repairing them regularly can drastically increase the risk of hospital-acquired infections. In this regard, the key drivers for the North American market for medical device and equipment maintenance and calibration services by ISOs are the hospital hygiene guidelines of the World Health Organization (WHO) and mandates of various government agencies for regular medical equipment and device maintenance.
The North American market for medical device and equipment maintenance and calibration services by ISOs has been badly affected by the COVID-19 pandemic. Due to the alarming rate at which the cases are increasing in the U.S., most of the surgical and diagnostic centers have suspended operations, as the prime focus of the healthcare fraternity is COVID care. As a result, the usage of a number of medical devices and equipment has reduced, which has, in turn, decreased the demand for their regular maintenance and calibration.
North America Market for Medical Device and Equipment Maintenance and Calibration Services by ISOs Segmentation Analysis
In the past, the North American market for medical device and equipment maintenance and calibration services by ISOs was dominated by the primary imaging category, on the basis of device/equipment type. With the increasing prevalence of chronic diseases, the usage of ultrasound and endoscopy equipment is rising, thereby driving the demand for regular maintenance and calibration.
In the coming years, the floor-based category under the portability segment of the North American market for medical device and equipment maintenance and calibration services by ISOs will likely witness the highest CAGR, of 9.8%. Such systems are larger and more massive and feature a complex interplay of various components, which is why they need to be serviced regularly for keeping them in the prime working condition.
Historically, on-site bifurcation was the larger type bifurcation in the North American market for medical device and equipment maintenance and calibration services by ISOs. Medical centers are increasingly opting for annual maintenance contracts (AMCs), which offer benefits such as examination and servicing of numerous types of equipment and devices at once, at low costs.
The U.S. contributes the higher revenue to the North American market for medical device and equipment maintenance and calibration services by ISOs, and it will also witness the highest CAGR throughout this decade. Owing to its larger population, wider network of medical centers, high pace of technological advancements in the healthcare sector, and existence of several medical device companies and ISOs, the U.S. generates a higher demand for medical equipment maintenance and calibration services than Canada.
Key players in the North American market for medical device and equipment maintenance and calibration services by ISOs are Crothall Healthcare, Sodexo SA, TRIMEDX Holdings LLC, Renovo Solutions, Agiliti Inc., Ivy Technology, Northfield Inc., Diagnostic Equipment Service Corporation (DESCO), NovaMed Corporation, Signature Medical Services Inc., InterMed Group Inc., Althea US Inc., J2S Medical, Nortech Systems Incorporated, BC Technical Inc., and Atlantis Worldwide LLC.
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