Medical Equipment Maintenance Market Analysis and Forecast to 2032: By Equipment (Imaging Equipment, Electromedical Equipment, Endoscopic Device, Surgical Instruments, Others), Service (Preventive Maintenance, Corrective Maintenance, Operational Maintenance), and Region
The global medical equipment maintenance market was valued at USD 45.4 billion in 2022 and it is anticipated to grow further to USD 121.9 billion in 2032, at a CAGR of 10.4% during the forecast period.
To accurately assess patients' health, medical equipment is used in diagnostic procedures as well as operations and therapies. As a result, maintaining and enhancing the accuracy and precision of medical devices depends greatly on their maintenance. Maintenance of medical equipment makes sure the tools are accurate and error-free. It entails determining the expected lifespan of machinery that ranges from simple devices like sphygmomanometers to complex ones like Magnetic Resonance Imaging (MRI) machines. Additionally, it is involved with frequency-scheduling tasks, fixing broken equipment, optimizing, and deciding on maintenance schedules based on user data. With the rise in demand for refurbished medical equipment and the incidence of life-threatening disorders, there has been a growing necessity for maintaining medical equipment in recent years.
Global Medical Equipment Maintenance Market Scope and Report Structure
Market Trends and Drivers
In recent years, as healthcare organizations have worked to improve patient safety and care quality, there has been a greater emphasis on preventive maintenance of medical equipment. This entails a properly planned program where scheduled maintenance chores are carried out to prevent greater and more expensive problems in the future. Additionally, it aids in lowering equipment downtime, improving device reliability and enhancing daily operations.
Preventive maintenance strategies are becoming more popular as planned inspections and maintenance of medical devices help prevent unfavorable incidents and accidents involving medical devices. The safe, effective, and long-lasting use of medical devices is guaranteed by routine maintenance services. In the upcoming years, development possibilities for service providers are anticipated as a result of the increasing emphasis that healthcare organizations are placing on the implementation of preventative maintenance practices.
Market Restraints and Challenges
Healthcare professionals can track and monitor the state of medical devices through maintenance programmes, ensuring effective use and optimal uptime. Given the present emphasis on preventive maintenance and cost pressures, this is especially crucial in order to control total expenditure in the context of austerity measures. These initiatives involve the use of cutting-edge technology-based asset management solutions. However, the deployment of these solutions comes with high initial installation costs and hefty maintenance costs, whilst the installation of advanced medical equipment comes with a service contract cost that must be paid on a yearly basis (around 12% of the cost of the medical equipment). Consequently, during the equipment's lifetime, the servicing costs incurred are typically higher than the equipment's purchase price. End customers are being discouraged from utilising advanced medical technology because of the high expense of installation and upkeep.
Global Medical Equipment Maintenance Market Segmental Overview
The report analyses the global medical equipment maintenance market based on equipment, service, and region.
Global Medical Equipment Maintenance Market by Equipment
Based on the equipment, it is segmented into imaging equipment, electromedical equipment, endoscopic devices, surgical instruments, and other. The imaging equipment segment is anticipated to dominate the market during the forecast period. This can be ascribed to the emergence of non-invasive and robotic methods enhancing global surgical operations. In the United States, around 1.8 million cosmetic surgery procedures were carried out in 2019, according to the Plastic Surgery Statistics Report.
Global Medical Equipment Maintenance Market by Service
Based on the service, it is segmented into preventive maintenance, corrective maintenance and operational maintenance. The corrective maintenance segment is anticipated to dominate the market during the forecast period. Correcting a device breakdown or component failure that has happened or has intermittently happened in the device is an unplanned activity. Following an unanticipated failure, corrective maintenance activities include the replacement or restoration of any systems or components needed to restore the physical integrity, aesthetic appeal, and/or functional capabilities of a medical device.
Geographical Analysis of the Global Medical Equipment Maintenance Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. The strong base of healthcare facilities, particularly hospitals and diagnostic imaging centers, and the expanding installation base for cutting-edge medical technology in healthcare facilities are mostly to blame for the market's rise. In 2020, the US held the greatest market share. The strong independent service provider base, in-house maintenance, and expanding medical device installation base in healthcare institutions are primarily responsible for the market growth.
Major Players in the Global Medical Equipment Maintenance Market
The key players studied in the report are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), FUJIFILM Holdings Corporation (Japan), Canon, Inc. (Toshiba Medical System Corporation, Japan), Agfa-Gevaert Group (Belgium), Carestream Health, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Hitachi Medical Corporation (Japan), Althea Group (Italy), Olympus Corporation (Japan), B. Braun Melsungen AG (Germany), KARL STORZ GmbH & Co. KG (Germany), and Aramark Services, Inc. (US) among others.
Because of the pandemic, hospitals were largely focused on the critical care devices used in the COVID-19 pandemic between March 2020 and the end of the second quarter of 2020, which made it harder to reach clients to provide medical equipment maintenance. The need for critical care equipment like ventilators has significantly increased as a result of the epidemic. Companies that do not service critical care devices will find it difficult to obtain supplies, such as accessories for the maintenance of non-critical medical equipment, due to restrictions on the transportation of components. This is projected to increase the supply-demand gap for the maintenance services of non-critical devices.
July 2022, B. Braun launched Technical Service Center to provide quality-driven medical equipment repair and maintenance services to support the Thailand public health system.
May 2022, Medical Manufacturing Technologies, expanded its catheter manufacturing solutions offering with the acquisition of Medical Production Technology Europe (MPT). They provides equipment and process development services centered on balloon forming, folding and pleating, thermal bonding, and stent crimping solutions.
March 2021, FUJIFILM Corporation acquired the Diagnostic Imaging-related Business of Hitachi, Ltd. To support R&D, manufacturing, marketing and maintenance services for diagnostic imaging systems, electronic medical records, and other medical related products & services.
February 2021, Siemens Healthineers entered into an eight-year technological partnership with Kantonsspital Baden for procurement & maintenance of medical imaging systems, technology management, and the expansion of telemedicine solutions.
December 2019, GE Healthcare signed a six-year service contract for imaging technologies across Affidea’s network in the Netherlands.
Medical Equipment Maintenance Market Report Coverage
The report offers a comprehensive quantitative as well as qualitative analysis of the current global Medical Equipment Maintenance market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
A thorough analysis of market trends and restraints is provided.
Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
The forecasts in this report are made by examining the recent trends along with future Medical Equipment Maintenance market potential from 2022 to 2032 in terms of revenue.
Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Medical Equipment Maintenance market are also analyzed.
Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global Medical Equipment Maintenance industry.
Frequently Asked Questions
Q1. How big is the Medical Equipment Maintenance market?
Ans. The global Medical Equipment Maintenance market size was USD 45.4 billion in 2022 and is anticipated to reach USD 121.9 billion in 2032, growing at a rate of 10.4% from 2023 to 2032.
Q2. What is the Medical Equipment Maintenance market growth rate?
Ans. The growth rate of the Medical Equipment Maintenance market is 10.4%.
Q3. Which region holds a major market share for the Medical Equipment Maintenance market?
Ans. North America holds a major market share of the Medical Equipment Maintenance market in 2022.
Q4. Which segment accounted for the largest Medical Equipment Maintenance market share?
Ans. By service, preventive maintenance segment accounted for the largest Medical Equipment Maintenance market share.
Q5. Who are the key players in the Medical Equipment Maintenance market?
Ans. The global Medical Equipment Maintenance market report includes players such as GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), FUJIFILM Holdings Corporation (Japan), Canon, Inc. (Toshiba Medical System Corporation, Japan), Agfa-Gevaert Group (Belgium), Carestream Health, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Hitachi Medical Corporation (Japan), Althea Group (Italy), Olympus Corporation (Japan), B. Braun Melsungen AG (Germany), KARL STORZ GmbH & Co. KG (Germany), and Aramark Services, Inc. (US) among others.
Q6. What are the factors driving the Medical Equipment Maintenance market growth?
Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.
Q7. What are the key growth strategies of Medical Equipment Maintenance market players?
Ans. The key growth strategies of Medical Equipment Maintenance market players are product launch and product approval.
Q8. Which region will provide more business opportunities for the Medical Equipment Maintenance market during the forecast period?
Ans. The Asia-Pacific region will provide more business opportunities for the Medical Equipment Maintenance market during the forecast period.Please Note:
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