Global Medical Equipment Maintenance Market – Industry Trends and Forecast to 2030

Medical Equipment Maintenance Market Analysis and Size

Medical equipment maintenance has become more difficult because of the increased advanced integration of different technologies.  Adopting innovative funding mechanisms globally is one of the primary factors enhancing the market's growth. Numerous medical devices such as electrocardiographs, X-ray units, syringe pumps, centrifuges, ultrasounds, and autoclaves are available in the healthcare industry, which demands regular maintenance. Thus, all these lead to the increased maintenance of medical devices.

Data Bridge Market Research analyses that the medical equipment maintenance market, which was USD 23,660.9 million in 2022, would rise to USD 48,547.8 million by 2030 and is expected to undergo a CAGR of 9.4% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Medical Equipment Maintenance Market Scope and Segmentation

Market Definition

Medical devices are the type of devices used everywhere, from diagnostics to surgeries and treatments for accurately checking patients' health. The maintenance of these devices plays an important role in maintaining and improving the precision and accuracy of medical devices. Medical equipment maintenance ensures that the devices are error-free and operating correctly. Many advanced medical devices are available these days, which face numerous issues and need to be addressed by maintaining proper equipment maintenance. 

Global Medical Equipment Maintenance Market Dynamics

Drivers

• Growing Strategic Initiatives by Market Players

Market players for the easy maintenance of medical devices undertake several strategic initiatives. For instance, iFixit launched a massive repair database for ventilators and other medical devices to assist hospitals in maintaining and fixing vital equipment during COVID-19 in 2021. Such product launches will help the market grow significantly in the upcoming years. Thus, this factor boosts market growth.

• Increasing Elderly Population

According to a survey by the Population Reference Bureau in 2019, there are more than 52 million people in the U.S. aged 65 years and above. In contrast, this number is estimated to rise to 61 million by 2027. The elderly are more exposed to chronic conditions like cancer, diabetes, and other chronic lifestyle disorders. These diseases demand increased medical devices in hospitals and healthcare facilities, significantly contributing to medical equipment maintenance revenue. Thus, this factor increases the market growth.

Opportunities

• Increasing Adoption of Corrective Maintenance

Corrective maintenance is in higher demand and is widely adopted by hospitals and research institutes. Corrective maintenance involves replacing or restoring systems or components to reinstate a medical device's physical integrity, appearance, and performance after an unexpected failure. Thus, many high-end devices need such maintenance. Thus, this factor boosts market growth.  

• Increasing Partnerships between Organizations

The major companies associated with medical device maintenance are adopting partnerships as a primary strategy to sustain in the highly competitive environment and attain increased market share. For instance, the Extremadura Health Service collaborated with Siemens Healthineers to provide technological updates, medical devices, and detailed medical equipment maintenance in 2019. Such increasing partnerships implemented by major market players are likely to boost growth in the future. Thus, this factor boosts market growth.

Restraints/Challenges

• High Cost of Maintenance of Medical Devices

The high maintenance cost of different medical devices used on a large scale leads to market hindrances. Several devices need regular maintenance, and that cost quite much. Thus, the high price of this service is restricting market growth.

This medical equipment maintenance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the medical equipment maintenance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In 2022, B. Braun launched Technical Service Center to offer quality-driven medical equipment repair and maintenance services to strengthen the Thailand public health system.
• In 2022, Medical Manufacturing Technologies (MMT) acquired Medical Production Technology Europe (MPT) to extend its catheter manufacturing solutions offering. The equipment and process development services are focused on balloon forming, thermal bonding,  folding and pleating, and stent crimping solutions.

Global Medical Equipment Maintenance Market Scope

The medical equipment maintenance market is segmented based on service type, service providers, device type, level of maintenance, technology, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Service Type

• Preventive
• Corrective
• Performance/Operational

Service Providers

• In-House Service
• External Service

Device Type

• Imaging Equipment
• CT Scanners
• MRI Systems
• Ultrasound Systems
• X-Ray Systems
• Mammography Systems
• Angiography Systems
• Fluoroscopy Systems
• Nuclear Imaging Equipments (PET/SPECT)
• Endoscopic Devices
• Electromedical Equipment
• Surgical Instruments
• Patient Monitoring and Life Suport Devices
• Ventilators
• Infusion Pumps
• Dialysis Equipment
• Others
• Dental Equipment
• Dental Laser
• Dental Radiology Devices
• Others
• 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

Medical Equipment Maintenance Market Regional Analysis/Insights

The medical equipment maintenance market is analyzed and market size insights and trends are provided by service type, service providers, device type, level of maintenance, tehcnolpogy, and end user as referenced above.

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.

North America dominates the medical equipment maintenance market because of the region's increased incidence of chronic diseases and higher healthcare spending. In addition, the huge demand for advanced medical devices in the region is estimated to propel market growth.

Asia-Pacific is expected to witness significant growth because of government initiatives to offer better healthcare services in the region. For instance, the Government of India launched the Ayushman Bharat Yojana in 2018 to provide free access to healthcare for 40% of people in the country.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.    

Healthcare Infrastructure growth Installed base and New Technology Penetration

The medical equipment maintenance market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for medical equipment maintenance market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the medical equipment maintenance market. The data is available for historic period 2011-2021.

Competitive Landscape and Medical Equipment Maintenance Market Share Analysis

The medical equipment maintenance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to medical equipment maintenance market.

Some of the major players operating in the medical equipment maintenance market are:

• Koninklijke Philips N.V. (Netherlands)
• Siemens Healthcare GmbH (Germany)
• General Electric (U.S.)
• Medtronic (Ireland)
• Stryker (U.S.)
• Viatronix, Inc. (U.S.)
• Terarecon, Inc (U.S.)
• Carestream Health (U.S.)
• Shimadzu Corporation (Japan)
• Olympus Corporation (Japan)
• Boston Scientific Corporation (U.S.)
• Cook (U.S.)
• Hoya Corporation (Japan)
• Richard Wolf GmbH (Germany)
• KARL STORZ(Germany)
• Smith+Nephew (U.K.)
• Zimmer Biomet (U.S.)

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