In 2021, the level 3 Specialized Segment is Expected to Dominate the Global Medical Equipment Maintenance Market with 44.98% Market Share due to rise of Pandemic Across Globe

 

Companies are using partnerships as a vital strategy to thrive in a cutthroat market and increase their market share. For instance, Philips and Kliniken der Stadt Köln, a German hospital network, inked two long-term supply, upgrade, replacement, and maintenance collaboration agreements in July 2018. Additionally, the Extremadura Health Service and Siemens Healthineers joined in 2019 to provide medical devices, technical upgrades, and extensive maintenance for medical equipment over ten years. The transaction, completed for 18.2 million euros, is anticipated to assist the new hospital in Cáceres in becoming a cutting-edge reference facility.  ​

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Global medical equipment maintenance market is expected to reach USD 37,385.43 million by 2028 from USD 18,900.76 million in 2020, growing with a healthy CAGR of 8.9% in the forecast period of 2021 to 2028. The rising focus on early diagnosis is primarily driving the market, the growing number of diagnostic imaging procedures, the presence of many OEMs, and the increased agreements and partnerships between service providers and end users. Furthermore, the market's expansion during the projection period can be hampered by the high startup expenses and high maintenance costs.      

Medical Equipment Maintenance Market

Increasing focus on preventive medical equipment maintenance across the world will drive the market's growth rate

The healthcare sector has witnessed tremendous development in recent years owing to increasing advancements in technology. This has allowed medical equipment to evolve to such extend that it can support painless, non-invasive treatment with less consequences while treating the disease. Moreover, innovation and upgrades in medical equipment assist doctors and specialists with accurate and precise diagnoses of the disease. Moreover, innovation or advancement in medical equipment also helps reduce healthcare costs during disease treatment and ensures patient safety during diagnosis. Moreover, government bodies across the globe & healthcare organizations are taking several initiatives to open various advanced medical research facilities to support and enhance health care innovations worldwide. Therefore, medical equipment maintenance is a crucial link between the productivity and efficiency provided by the medical equipment. Thus advancement of medical equipment and its maintenance services is expected to drive the growth of the global medical equipment maintenance market.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2021 to 2028

Base Year

2020

Historic Years

2019 (Customizable to 2013 - 2018)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Service Type (Preventive, Corrective, Performance/Operational), Service Providers (In-House Service Providers, External Service Providers), Device Type (Imaging Equipment, Endoscopic Devices, Electromedical Equipment, Surgical Instruments, Other Medical Equipment), Level of Maintenance (Level 3, Specialized, Level 2, Technician, Level 1, User (or First-line)), Technology (Multi-Vendor OEMs, Single-Vendor OEMs, Independent Service Organization, In-House Maintenance), End User (Hospitals, Clinics, Laboratory, Other Health Care Centres)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Market Players Covered

Koninklijke Philips N.V. (Netherlands), Siemens Healthcare GmbH (Germany), General Electric Company (U.S.), Medtronic (Ireland), Stryker (U.S.), FUJIFILM Europe GmbH (Germany), CANON MEDICAL SYSTEMS CORPORATION (Japan), Shimadzu Corporation (Japan), Agfa-Gevaert Group (Belgium), Aramark (U.S.), Olympus Corporation (Japan), Carestream Health (U.S.), KARL STORZ (Germany), Atlantis Worldwide (U.S.), Alpha Source, Inc. (U.S.), SAMSUNGHEALTHCARE (South Korea), Boston Scientific Corporation (U.S.), Hitachi, Ltd. (Japan), Terumo Corporation (Japan), Drägerwerk AG & Co. KGaA (Germany), Richard Wolf GmBH (Germany), Smith-Nephew (Germany), Hoya Corporation (Japan), B.Braun Melsungen AG (Germany), Agiliti Health, Inc. (U.S.), Laborie Inc. (U.S.), Cook Medical LLC (U.S.), Zimmer Biomet (U.S.), and InterMed Group, Inc. (U.S.) among others.             

Data Points Covered in the Report

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Segment Analysis:

Global medical equipment maintenance market is segmented into five notable segments which are based on the device type, service type, service providers, level of maintenance, end user.

  • On the basis of device type, the global medical equipment maintenance market is segmented into imaging equipment, endoscopic devices, surgical instruments, electro medical equipment, and other medical equipment. In 2021, imaging equipment segment is expected to dominate the global medical equipment maintenance market with 33.01% market share owing to factors, such as growing inclination of hospitals and heath firms, toward the automation and digitization of radiology and increasing adoption of minimally invasive procedures including diagnostic imaging systems in hospitals and clinics to improve the quality of patient care with minimal invasive marks. 
  • On the basis of service type, the global medical equipment maintenance market has been segmented into performance/operational, preventive, and corrective. In 2021, preventive segment is expected to dominate the global medical equipment maintenance market with 47.7% market share due to factors such as growing demand for improving customer experience for medical equipment services, boosting the operation, economic performance of customer service and improved internalization, outsourcing or re-internalization policy of customer service can fuel the growth of maintenance services.
  • On the basis of service providers, the global medical equipment maintenance market has been segmented into external service providers, in-house service providers. External service providers is sub-segmented into original equipment manufacturers (OEM), independent service organizations (ISM). In 2021, biometrics segment is expected to dominate the global medical equipment maintenance market with 53.93% market share due to rising prevalence of chronic disorders
  • On the basis of level of maintenance, the global medical equipment maintenance market has been segmented into level 1 user (or first-line), level 2 technician, and level 3 specialized. In 2021, level 3 specialized segment is expected to dominate the global medical equipment maintenance market with 44.98% market share due to rise of pandemics across globe.  

The level 3 segment will dominate the level of maintenance segment of the medical equipment maintenance market

The level 3 segment will emerge as the dominating segment under level of maintenance in 2021 with approximately 45% market share. This is because of the growing number of infrastructural development activities and store based retailers in the market, especially in the developing economies. Further, growth and expansion of the healthcare industry all around the globe will further bolster the growth of this segment.

  • On the basis of end user, the global medical equipment maintenance market has been segmented into hospitals, clinics, laboratory, and other health care centers. In 2021, biometrics segment is expected to dominate the global medical equipment maintenance market with 39.32% market share due to growing demand for medical equipment, such as orthopedic implants and prosthetics, cardiovascular devices, neurovascular devices, general equipment & supplies, patient monitoring equipment, ophthalmic devices in hospitals, which needs to be regularly maintained in order to maintain its efficiency and productivity in order to maintain the service offered to its seekers.

The hospitals segment will dominate the end user segment of the medical equipment maintenance market

The hospitals segment will emerge as the dominating segment under end user segment in 2021. This is because of the growing number of sample collection procedures for various treatment and research purposes in the market especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.

Major Players

Data Bridge Market Research recognizes the following companies as the market players in medical equipment maintenance market: Koninklijke Philips N.V. (Netherlands), Siemens Healthcare GmbH (Germany), General Electric Company (U.S.), Medtronic (Ireland), Stryker (U.S.), FUJIFILM Europe GmbH (Germany), CANON MEDICAL SYSTEMS CORPORATION (Japan), Shimadzu Corporation (Japan), Agfa-Gevaert Group (Belgium), Aramark (U.S.), Olympus Corporation (Japan), Carestream Health (U.S.), KARL STORZ (Germany), Atlantis Worldwide (U.S.), Smith-Nephew (Germany), Hoya Corporation (Japan), B.Braun Melsungen AG (Germany), Agiliti Health, Inc. (U.S.), Laborie Inc. (U.S.), Cook Medical LLC (U.S.), Zimmer Biomet (U.S.), and InterMed Group, Inc. (U.S.).

Medical Equipment Maintenance Market

Market Development

  • In May 2021, FUJIFILM Europe GmbH launched product and services portfolio for healthcare. The key feature of this launch was to strengthen CT, MRI, X-ray, AI, PACS, endoscopy, and ultrasound systems in European region. This will help the company to strengthen its market in European region.
  • In February 2020, Siemens Healthcare GmbH launched CentriCare. The key feature of this service was equipment maintenance, routine equipment service for the consumer under contract period. This enhanced the company's equipment maintenance capabilities and improved customer satisfaction.

Regional Analysis

Geographically, the countries covered in the medical equipment maintenance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in medical equipment maintenance market during the forecast period 2021 - 2028

North America region will continue to expand quickly throughout the course of the forecast period. Due to its developed healthcare infrastructure, increased chronic illness prevalence, higher healthcare spending, and plenty of hospitals and ambulatory surgery facilities, North America accounted for the greatest revenue share. Additionally, it is projected that the region's increased need for innovative medical gadgets will fuel market expansion.

Asia-Pacific is estimated to be the fastest growing region in medical equipment maintenance market the forecast period 2021 - 2028

However, Asia-Pacific is anticipated to have the greatest CAGR during the forecast period. Due to the region's growing senior population, government attempts to improve healthcare services, and rising healthcare spending. For instance, the Ayushman Bharat Yojana was introduced by the Indian government in 2018 to provide free access to healthcare for 40% of the population.

COVID-19 Impact

Due to hospitals' increased focus on the critical care devices used in the COVID-19 pandemic, access to customers for providing medical equipment maintenance services decreased as a result of the pandemic. The need for critical care devices has significantly increased as a result of the pandemic. 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. The supply-demand gap for non-critical device maintenance services is anticipated to widen as a result. The lack of biomedical engineers may be a limiting problem for the after-sales support of critical care devices such as ventilators and respiratory care equipment.

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