The size of the global medical equipment maintenance market is estimated to be worth USD 52.23 billion by 2026 from USD 35.16 billion in 2021, growing at a CAGR of 8.24% from 2021 to 2026.
Medical equipment maintenance is necessary for the item's preservation as well as its operational efficiency and accuracy. Healthcare equipment is both costly and complex, demanding regular upkeep. Aside from that, it is essential for device calibration and contamination prevention. The medical equipment manufacturing industry has grown significantly as healthcare costs have risen and the demand for technologically advanced medical equipment has increased. This medical equipment is for the benefit of the public's health. They've been widely used for human life health inspections in every field of the healthcare industry.
Calibration, for example, is a vital method for maintaining and improving the accuracy and precision of any equipment or device. As a result, their maintenance is essential for maintaining and improving the accuracy and precision of medical devices. Maintenance of medical equipment guarantees that the gadgets are error-free and operate correctly. It involves deciding equipment life expectancy ranging from simple instruments like sphygmomanometers to more complex devices like MRI machines. It also deals with scheduled actions, repairs for out-of-service equipment, optimization, and the determination of maintenance intervals based on relevant data.
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:
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:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2020 to 2026 |
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Base Year |
2020 |
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Forecast Period |
2021 to 2026 |
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Segments Covered |
By Equipment, Service, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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:
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:
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:
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:
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