The global medical equipment maintenance market was valued at USD 45.4 billion in 2021 and it is anticipated to grow further to USD 121.9 billion in 2031, at a CAGR of 10.4% during the forecast period.
Global Medical Equipment Maintenance Market report from Global Insight Services is the single authoritative source of intelligence on Medical Equipment Maintenance Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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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Market 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.
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.
Global Medical Equipment Maintenance Market Segmental Overview
The report analyses the global medical equipment maintenance market based on equipment, service, and region.
Global Medical Equipment Maintenance Market by Equipment
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.
Major Players in the Global Medical Equipment Maintenance Market
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.
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