Medical Equipment Maintenance Market

Global Medical Equipment Maintenance Market Size (2023 to 2028)

The size of the global medical equipment maintenance market is estimated to be worth USD 56.54 billion by 2028 from USD 38.05 billion in 2023, growing at a CAGR of 8.24% from 2023 to 2028.

MARKET DRIVERS:

The growing demand for medical equipment is one of the key factors propelling the medical equipment maintenance market growth.

The need for medical equipment is growing rapidly worldwide owing to the increasing aging population, growing patient population suffering from chronic diseases and rising adoption of technological advancements to manufacturing technologically well-advanced medical equipment, primarily boosting the demand for medical equipment maintenance services. Maintenance of the medical equipment is highly required to ensure that the equipment is functioning properly and is safe for patient use. Healthcare facilities increasingly depend on maintenance service providers to keep their equipment in good working condition and minimize downtime. Modern medical equipment requires frequent maintenance check-ups to keep them in effective working condition. The demand for specialized maintenance expertise is growing rapidly due to the complexity associated with advanced medical equipment.

The rising healthcare costs are another major factor fuelling the growth rate of the medical equipment maintenance market.

The need for cost-effective management of medical devices is fuelling the rising demand for medical equipment maintenance services. Considering the benefits of medical equipment maintenance services such as reduced downtime, prevention of costly repairs or replacements, and ultimately saving costs, healthcare providers have increasingly preferred these services. The growing adoption of preventive maintenance strategies by healthcare facilities to avoid expensive repairs and replacements is further contributing to the growth of the medical equipment maintenance market. Outsourcing medical equipment maintenance services to third-party providers can save significant costs to the healthcare providers and this awareness and adoption among healthcare facilities are growing rapidly and contributing to the market growth.

In addition, encouragement from regulatory bodies such as the FDA and ISO for medical equipment maintenance services, rising adoption of technological developments in medical equipment maintenance services and growing adoption of advanced medical equipment such as MRI machines, CT scanners, and other high-tech devices are boosting the growth rate of the medical equipment maintenance market. Rising emphasis on preventive maintenance to reduce equipment downtime and ensure maximum uptime has led to the growth of maintenance services further accelerating the growth of the market. Increasing preference for outsourcing maintenance services, raising awareness about the importance of maintenance and growing demand for refurbished equipment are further contributing to the growth of the medical equipment maintenance market.

MARKET RESTRAINTS:

High costs associated with the maintenance of medical equipment and poor awareness among healthcare facilities regarding the benefits of medical equipment maintenance services in underdeveloped and developing countries hampers market growth. The scarcity of skilled professionals that can take required care of the medical equipment maintenance services and deliver timely services is further hindering the market growth. Limited funding for medical equipment maintenance can make it difficult for healthcare providers to invest in maintenance services is another significant obstacle to the growth rate of the market. The short equipment lifecycle of some of the medical equipment that does not require maintenance is further limiting the adoption and growth rate of the market.

Impact of COVID-19 on the global medical equipment maintenance market:

The COVID-19 pandemic has had a mixed impact on the growth of the global medical equipment maintenance market. During the COVID-19 pandemic, the demand for medical equipment has increased tremendously including ventilators, infusion pumps, and monitors. Due to this, the demand for maintenance services has grown significantly as medical equipment requires proper maintenance for effective functioning and has shown a favorable impact on the growth of the medical equipment maintenance market. On the other side, the COVID-19 pandemic has caused several disruptions in the supply chain ecosystem worldwide, which has led to shortages of medical equipment components. During the COVID-19 pandemic, priority has been given to the medical equipment that is required to treat COVID-19 patients and resulting negatively in market growth. The COVID-19 pandemic has boosted the adoption of telehealth and remote patient monitoring and many patients have preferred to take treatment from the comfort of home instead of visiting hospitals, which has reduced the demand for medical equipment maintenance services. Likewise, the COVID-19 pandemic has also shown a negative impact on the growth of the medical equipment maintenance market. Considering the declining impact of the COVID-19 pandemic on the healthcare system, the medical equipment maintenance market is predicted to grow at a healthy CAGR during the forecast period.

REPORT COVERAGE:

This research report on the global medical equipment maintenance market has been segmented and sub-segmented based on equipment, service, and region.

Medical Equipment Maintenance Market – By Equipment:

• Imaging Equipment
  • CT
  • MRI
  • Digital X-Ray
  • Ultrasound
  • Others
    • Life Support Devices
    • Dental Equipment
• Electromedical Equipment
• Endoscopic Devices
• Surgical Instruments
• Other Medical Equipment

Based on equipment type, the imaging equipment segment is anticipated to hold the largest share of the worldwide market during the forecast period. The segmental growth can be attributed to the growing demand for medical imaging equipment such as CT, MRI, digital X-ray, and ultrasound and the increasing patient population suffering from chronic diseases. In addition, increasing adoption of technological advancements and requirements of regulatory bodies for medical imaging equipment in terms of maintenance and servicing are fuelling the growth rate of the segment. Furthermore, maintenance and repair services for medical imaging equipment are often more cost-effective than purchasing new equipment is another key factor propelling the growth of the segment.

Medical Equipment Maintenance Market – By Service:

• Preventive Maintenance
• Corrective Maintenance
• Operational Maintenance

Based on service, the corrective maintenance segment accounted for the largest share of the worldwide market in 2022 and is predicted to lead the market throughout the forecast period. The growing incidence of unexpected breakdowns occurs, and immediate repairs are one of the key factors propelling segmental growth. The growing adoption of complex medical equipment by healthcare facilities is contributing to the growth of the segment as corrective maintenance is often needed for such equipment to address any malfunctioning issues. Corrective maintenance is a cost-effective option and requires limited resources, another major factor propelling the adoption of corrective maintenance and boosting the segment’s growth rate.

The preventative maintenance segment accounted for the second biggest share of the worldwide market in 2022 and is expected to register a notable CAGR during the forecast period. The rising adoption of preventative maintenance by healthcare facilities is majorly contributing to segmental growth as it plays a vital role in extending the lifespan of medical equipment and reducing the likelihood of unexpected breakdowns.

The operational maintenance segment is estimated to witness a healthy CAGR during the forecast period.

Medical Equipment Maintenance Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographically, the North American region accounted for the major share of the worldwide market in 2022 and is expected to grow at a promising growth rate during the forecast period. The domination of the North American medical equipment maintenance market can be attributed to the increasing patient population suffering from chronic diseases, the growing demand for advanced medical equipment and the presence of favorable reimbursement policies for healthcare facilities to maintain high-quality infrastructure. The increasing adoption of technological advancements in North America is further boosting the growth rate of the North American market. In 2022, the U.S. market held the largest share of the North American market, followed by Canada and the same trend is predicted to repeat during the forecast period. The presence of key market participants and the rising adoption of various medical devices by healthcare facilities in the U.S. are majorly propelling the U.S. market growth.

APAC is expected to showcase the highest CAGR among all the regions in the worldwide market during the forecast period. Factors such as high-quality healthcare services, the rise in healthcare expenditure, and the growing adoption of advanced medical equipment are majorly driving the medical equipment maintenance market growth in the Asia-Pacific region. Rising emphasis on equipment safety, reducing downtime, and ensuring the smooth functioning of equipment by healthcare facilities in the APAC region is further promoting the growth rate of the regional market. Furthermore, the growing number of investments to promote the healthcare infrastructure across the APAC region and an increasing number of healthcare facilities across the APAC region favor regional market growth. Factors such as the presence of several medical equipment manufacturers and service providers in the region, coupled with the availability of cost-effective maintenance services are expected to showcase a favorable impact on the growth of the APAC medical equipment maintenance market during the forecast period. China and Japan are predicted to account for the largest share of the APAC market during the forecast period.

The European medical equipment maintenance market had the second-largest share of the worldwide market in 2022 and is predicted to grow at a notable CAGR during the forecast period. The growth of the European market is majorly driven by the increasing demand for high-quality healthcare services due to the growing aging population, increasing chronic disease patient population and rising healthcare expenditure. The growing to reduce equipment downtime is another significant factor propelling the European market growth. Germany was the largest regional market for medical equipment maintenance services in the European market and is expected to showcase a noteworthy CAGR during the forecast period. The UK and France will account for a considerable share of the European market in the coming years.

The Latin American medical equipment maintenance market is estimated to hold a considerable share of the worldwide market during the forecast period owing to the increasing awareness among healthcare facilities regarding the benefits of medical equipment maintenance services and the increasing need for preventive maintenance to reduce downtime and ensure safety. Brazil, Mexico, Argentina, Chile, and Colombia are predicted to account for the most significant share of the Latin American market during the forecast period.

The MEA medical equipment maintenance market is predicted to occupy a moderate share of the worldwide market in the coming years.

KEY MARKET PARTICIPANTS:

GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Drägerwerk AG & Co. KGaA, Medtronic, B. Braun Melsungen AG, Aramark, BC Technical, Inc., Alliance Medical Group, and Althea Group are a few of the prominent companies operating in the global medical equipment maintenance market profiled in this report.

RECENT MARKET DEVELOPMENTS:

• In partnership with the Association of Healthcare Providers, Sodexo India launched Sodexo Healthcare Technology Management (HTM). This mobile app-based service will provide maintenance administrations for biomedical equipment and life cycle management in December 2020. (AHPI).
• In conjunction with the Association of Healthcare Providers, Sodexo India launched the "Sodexo Healthcare Technology Management (HTM)" initiative in December 2020, a mobile app-based service that will provide maintenance services for biomedical equipment and life cycle management (AHPI).
• PartsSource will start providing medical equipment repair services in October 2020. In addition to purchasing medical equipment on the PartsSource.com marketplace, the new On-Site Service provides access to a network of over 1,000 technology service professionals.
• Siemens Healthineers (Germany) and Kantonsspital Baden (KSB, Switzerland) signed an eight-year technology agreement in February 2021 to acquire and maintain medical imaging and systems, technology management, and expand telemedicine solutions.
• In December 2019, GE Healthcare (US) secured a six-year service deal with Affidea's network in the Netherlands for imaging technologies.