Medical Equipment Maintenance Market

Medical Equipment Maintenance Market

Medical Equipment Maintenance Market to Reach USD 121.9 Billion by 2031, driven by the growth in investment in healthcare infrastructure across the globe: Global Insight Services

New York, September 2022: According to a new research study by Global Insight Services (GIS), the global medical equipment maintenance market is expected to grow rapidly over the next 10 years to reach a value of more than USD 121.9 billion by 2031.

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.

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Medical Equipment Maintenance Market: Key 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.

Medical Equipment Maintenance 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.

Medical Equipment Maintenance Market Report Findings

The imaging equipment segment is anticipated to dominate the market during the forecast period

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.

The corrective maintenance segment is anticipated to dominate the market during the forecast period

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.

The North American region is anticipated to dominate the market during the forecast period

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.

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Competitive Landscape

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.

Recent Developments

  • 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 2021 to 2031, 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 2021 to 2031 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.

Global Medical Equipment Maintenance Market Segmentation

By Equipment

  • Imaging Equipment
  • Electromedical Equipment
  • Endoscopic Devices
  • Surgical Instruments
  • Other

By Service

  • Preventive Maintenance
  • Corrective Maintenance
  • Operational Maintenance

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The UK
    • Germany
    • France
    • Spain
    • Rest of Europe
  • The Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Rest of the World
    • Latin America
    • The Middle East
    • Africa

Key Players