Medical Equipment Maintenance Market

Global Medical Equipment Maintenance Market Size (2022 to 2027)

The size of the global medical equipment maintenance market is estimated to be worth USD 52.23 billion by 2027 from USD 35.16 billion in 2022, growing at a CAGR of 8.24% from 2022 to 2027.

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

Access to customers to deliver medical equipment maintenance decreased in March 2020 and during the second quarter of 2020, as hospitals concentrated exclusively on the critical care devices used in the COVID-19 pandemic. Essential devices of care such as ventilators have seen a significant rise in demand due to the pandemic. Companies that do not serve critical care devices will experience difficulties obtaining supplies such as accessories to maintain non-critical medical equipment due to component transportation restrictions. The market is expected to accelerate due to the wide range of medical devices used to diagnose and treat COVID-19. However, the market is projected to be severely damaged due to the unprecedented strain on healthcare infrastructure and the demand for effective medical equipment due to the pandemic. In addition, during COVID-19, hospitals are experiencing difficulty obtaining service information to repair medical equipment.

MARKET DRIVERS:

The rising global demand for medical devices is one of the significant factors boosting the growth rate of the global medical equipment maintenance market.

During the forecast period, the market for medical equipment maintenance is likely to be driven by the rising frequency of life-threatening disorders leading to increased diagnosis rates and rising demand for reconditioned medical equipment. In addition, medical equipment maintenance services will continue to be in high demand as people become more conscious of the need for cleanliness and infection prevention in healthcare facilities. Due to their extensive range of speedy and advanced services, original equipment manufacturers (OEMs) will be the leading service provider in the medical equipment maintenance market in the upcoming years.

Over the next decade, rising safety awareness and increased demand for medical equipment are expected to drive the worldwide medical equipment maintenance market. Medical equipment maintenance service is predicted to grow in demand as more money is invested in medical facilities. In addition, the demand for maintenance services is likely to rise as technology improves in medical equipment. In the healthcare industry, public-private collaborations are becoming more common. Throughout the forecast period, these factors are projected to impact the worldwide medical equipment maintenance market positively.

MARKET RESTRAINTS:

The expansion of the global medical equipment maintenance market is projected to be hampered by high startup costs, high maintenance costs, and a scarcity of experienced professionals. In addition, several enterprises (especially start-ups and small organizations) are finding it challenging to maintain their position in the market due to the expensive capital required to retain biomedical engineers, logistics of medical equipment, and regulatory approval.

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

Over the forecast period, the Imaging Equipment segment is expected to account for the most significant share in the global medical equipment maintenance market based on equipment. With technological advancements and rising investments by healthcare providers to enhance patient health, imaging equipment has progressed at a rapid pace. The imaging equipment sub-segment is expected to rise due to the many diagnostic tests done in healthcare institutions and the rising prevalence of chronic diseases. Furthermore, the government and non-governmental groups have implemented several steps to promote the preventative maintenance of medical equipment. This is projected to boost the preventive medical equipment sub-growth segments in the coming years.

Medical Equipment Maintenance Market – By Service:

• Preventive Maintenance
• Corrective Maintenance
• Operational Maintenance

In 2020, the corrective maintenance segment had the highest share based on the service. It is an unscheduled activity that is performed to remedy a device breakdown or component failure that has happened or has occurred intermittently. After an unexpected loss, corrective maintenance involves replacing or restoring systems or components to restore medical equipment's physical integrity, appearance, and functionality.

Medical Equipment Maintenance Market – By Region:

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

Over the forecast period, North America is expected to dominate the global medical equipment maintenance market. The rising prevalence of chronic diseases and the rising demand for medical equipment are two factors contributing to the market's rapid expansion in the region. Furthermore, the market is predicted to increase due to well-established reimbursement rules that encourage healthcare providers to maintain high-quality infrastructure. Moreover, developments in medical device technology may increase their use, boosting regional market share. In 2020, the United States held the highest share of the medical equipment maintenance market. The strong foundation of independent service providers and in-house maintenance and the rising installation base for medical devices in healthcare institutions are driving market expansion.

Because of the increased frequency of chronic diseases that necessitate medical devices for early diagnosis, the expanding number of hospitals, and the technical progress in this region, Asia Pacific is predicted to have the fastest growth in the worldwide medical equipment maintenance market.

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 would 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 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.