CHICAGO, Sept. 22, 2023 /PRNewswire/ -- In the near future, the medical equipment maintenance industry is poised for a transformative evolution driven by advancements in technology and healthcare. With the rapid proliferation of cutting-edge medical devices and equipment, there will be an increasing demand for specialized maintenance services to ensure optimal functionality, compliance with regulatory standards, and patient safety. Predictive maintenance powered by artificial intelligence and the Internet of Things (IoT) will become commonplace, allowing healthcare facilities to proactively address equipment issues, reduce downtime, and minimize costly repairs. Moreover, the industry will witness a shift towards sustainable practices, emphasizing eco-friendly maintenance solutions to reduce waste and energy consumption, aligning with the global commitment to environmentally responsible healthcare. The convergence of digital innovation, sustainability, and stringent quality control will define the future of medical equipment maintenance, ensuring the seamless operation of vital healthcare infrastructure.
Medical Equipment Maintenance Market in terms of revenue was estimated to be worth $48.8 billion in 2023 and is poised to reach $80.7 billion by 2028, growing at a CAGR of 10.6% from 2023 to 2028 according to a new report by MarketsandMarkets. Factors such as growth in the associated equipment markets, rising focus on preventive medical equipment maintenance, increasing purchase of refurbished medical systems, and adoption of innovative funding mechanisms are high growth prospects for the medical equipment maintenance market during the forecast period. Moreover, the market is also driven by the increasing adoption of patient-specific medical devices and a growing number of medical vendors across the globe. However, the significant maintenance expenditure and high initial costs may hinder the growth of this market during the forecast period.
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Medical Equipment Maintenance Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $48.8 billion |
Estimated Value by 2028 | $80.7 billion |
Growth Rate | Poised to grow at a CAGR of 10.6% |
Market Size Available for | 2021-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Device Type, Service Type, Service Provider, End User, Contract Type, and Region |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Innovation in service offerings and use of IoT |
Key Market Drivers | Rise in focus on preventive maintenance of medical equipment |
The diagnostic imaging equipment segment is to register a significant growth rate over the forecast period of 2023-2028.
Based on the device type, the medical equipment maintenance is segmented into diagnostic imaging equipment, patient monitoring and life support devices, surgical equipment, endoscopic devices, ophthalmology equipment, medical lasers, electrosurgical equipment, radiotherapy devices, laboratory equipment, dental equipment, and durable medical equipment. Over the forecast period of 2023-2028, the diagnostic imaging equipment segment is to register a significant growth rate. The key factor encouraging the growth of this segment during the forecast period is the need to ensure maximum equipment uptime, and their substantial replacement cost is increasing demand for maintenance services for diagnostic imaging equipment. The diagnostic imaging equipment segment is further divided into CT scanners, MRI systems, ultrasound systems, X-ray systems, mammography systems, angiography systems, and fluoroscopy systems.
The preventive maintenance segment accounted for the largest share of medical equipment maintenance in 2023-2028.
Based on service type, the medical equipment maintenance is segmented into operational, corrective, and preventive maintenance. The preventive maintenance segment is estimated to hold the largest market share of the medical equipment maintenance market during the forecast period. The consequent need for preventive maintenance of medical devices and the technological advancements in medical devices lead to a large share of this segment.
The multi-vendor OEMs segment accounted for the largest share of medical equipment maintenance in 2023-2028.
Based on the service provider, medical equipment maintenance is segmented into single-vendor OEMs, multi-vendor OEMs, ISOs, and in-house maintenance. The multi-vendor OEMs segment is estimated to hold the largest market share of the medical equipment maintenance market during the forecast period. The large share of this segment can be attributed to their service quality, strong technical expertise, wide geographic presence, and easy access to spare parts (resulting in reduced downtime). Also, multi-vendor service contracts eliminate the complexity of dealing with multiple external suppliers and OEMs.
Germany registered the highest CAGR in the market during the forecast period.
In 2023, Germany is expected to register the highest CAGR in the European market for medical equipment maintenance during the forecast period. Europe comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. Factors such as the growth of service providers (both OEMs and the ISOs and also in-house maintenance) in the region, evolving healthcare infrastructure post-COVID-19 pandemic, and favorable investment scenario in the country are driving the growth of the German medical equipment maintenance market during the forecast period.
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Medical Equipment Maintenance Market Dynamics:
Drivers:
1. Rise in focus on preventive maintenance of medical equipment
Restraints:
1. Significant maintenance expenditure and high initial cost
Opportunities:
1. Innovation in service offerings and use of IoT
Challenge:
1. Dearth of skilled technicians and biomedical engineers
Key Market Players:
As of 2022, prominent players in medical equipment maintenance are GE Healthcare Technologies Inc. (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and FUJIFILM Holdings Corporation (Japan) among others.
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Medical Equipment Maintenance Market Advantages:
- Enhanced Equipment Lifespan: Regular maintenance ensures that medical equipment functions optimally, prolonging its lifespan and reducing the need for costly replacements.
- Cost Savings: Proactive maintenance is often more cost-effective than reactive repairs, as it helps prevent major breakdowns and emergency fixes, saving healthcare facilities money in the long run.
- Compliance and Accreditation: Proper maintenance ensures that medical equipment complies with regulatory standards and accreditation requirements, helping healthcare organizations maintain their certifications and licenses.
- Patient Safety: Well-maintained equipment reduces the risk of malfunctions or errors during medical procedures, enhancing patient safety and outcomes.
- Minimized Downtime: Planned maintenance schedules reduce downtime, allowing healthcare facilities to operate smoothly and serve patients efficiently without unexpected equipment failures.
- Data-Driven Insights: Modern maintenance techniques leverage data analytics and predictive maintenance models to identify potential issues before they occur, improving equipment reliability and availability.
- Sustainability: Sustainable maintenance practices, such as energy-efficient repairs and eco-friendly disposal of equipment, contribute to environmental responsibility and align with healthcare sustainability goals.
- Asset Management: Maintenance programs often include asset tracking and management, helping healthcare organizations keep an accurate inventory of their equipment and allocate resources effectively.
- Peace of Mind: Healthcare providers and administrators can have confidence in the reliability and performance of their medical equipment, reducing stress and ensuring the delivery of quality patient care.
- Competitive Advantage: Facilities with well-maintained equipment can differentiate themselves in a competitive healthcare market, attracting patients and partnerships with other healthcare providers.
In summary, the medical equipment maintenance market offers a range of advantages that contribute to cost savings, regulatory compliance, patient safety, and overall operational efficiency in healthcare settings.
Recent Developments:
- In May 2023, Siemens Healthineers (Germany) established its new Education and Development Center (EDC) in Erlangen, which would offer medical device training courses for customers and in-house specialists.
- In March 2023, GE Healthcare Technologies Inc. (US) partnered with Advantus Health Partners (US) in a 10-year agreement to provide the company's Healthcare Technology Management (HTM) services to the clients of Advantus Health Partners.
- In March 2021, the acquisition of the Diagnostic Imaging-related Business of Hitachi, Ltd. (Japan) was completed by FUJIFILM Corporation (Japan) to support R&D, manufacturing, marketing, and maintenance services for diagnostic imaging systems (CT, MRI, X-ray, ultrasound systems, and others), electronic medical records, and other medical-related products and services.
Related Reports:
Ultrasound Market - Global Forecasts to 2028
Diagnostic Imaging Market - Global Forecasts to 2028
Endoscopy Equipment Market - Global Forecasts to 2027
Top 10 Medical Device Technologies Market - Global Forecasts to 2027
European Medical Equipment Maintenance Market - Global Forecasts to 2027
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