PUBLISHER: The Business Research Company | PRODUCT CODE: 1436470
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436470
Medical equipment maintenance involves a series of activities aimed at ensuring that medical devices remain operational. Regular maintenance and calibration are essential to ensure the accuracy and effectiveness of medical equipment.
In the medical equipment maintenance sector, the main types of services are preventive maintenance, corrective maintenance, and operational maintenance. Preventive maintenance involves regularly scheduled maintenance to keep equipment functioning optimally and prevent unexpected breakdowns. Corrective maintenance addresses issues that arise unexpectedly, while operational maintenance focuses on maintaining equipment functionality during regular use. These services can be provided by multi-vendor original equipment manufacturers (OEMs), single-vendor OEMs, independent service organizations, or in-house maintenance teams. They cover various medical devices such as imaging equipment, endoscopic devices, surgical instruments, and electro-medical equipment and are utilized in hospitals, diagnostic imaging centers, dialysis centers, ambulatory surgical centers, dental clinics, and specialty clinics.
The medical equipment maintenance market research report is one of a series of new reports from The Business Research Company that provides medical equipment maintenance market statistics, including the medical equipment maintenance industry global market size, regional shares, competitors with a medical equipment maintenance market share, detailed medical equipment maintenance market segments, market trends and opportunities, and any further data you may need to thrive in the medical equipment maintenance industry. This medical equipment maintenance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The medical equipment maintenance market size has grown rapidly in recent years. It will grow from $36.47 billion in 2023 to $40.92 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth during the historical period can be attributed to heightened equipment complexity, an increase in healthcare spending, a focus on preventive maintenance, the emergence of specialized service providers, and growing concerns about quality and patient safety.
The medical equipment maintenance market size is expected to see rapid growth in the next few years. It will grow to $64.09 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The expected growth in the forecast period is fueled by several factors such as the integration of predictive analytics into healthcare practices, continuous training and skill development within the industry, the extended longevity of equipment, a strong emphasis on patient safety and providing quality care, and the increasing demand for specialized service providers. Key trends anticipated during this period include the expansion of telehealth services, a focus on environmental sustainability in healthcare practices, the outsourcing of maintenance services, a shift towards preventive maintenance strategies, and the adoption of remote monitoring solutions in healthcare facilities.
The growing demand for medical devices is playing a significant role in driving the expansion of the medical equipment maintenance market. Medical devices encompass a wide range of instruments, machines, and apparatus used in medical settings for purposes such as prevention, diagnosis, and treatment of diseases. The increasing demand for these devices has created a need for effective maintenance services to reduce dispatch costs, enhance patient satisfaction, ensure timely patient care, and minimize risks and fatalities during medical procedures. For example, according to a report by the International Trade Administration and the U.S. Department of Commerce, the total production of medical devices and equipment in India rose to $4,473 million in 2020, a notable increase from $2,390 million in 2019. This growth in demand for medical devices is expected to drive the growth of the medical equipment maintenance market in the future.
The increasing healthcare expenditure is expected to drive the growth of the medical equipment maintenance market in the future. Healthcare expenditure refers to the amount of money spent on healthcare-related activities such as private and public health insurance, health research, and public health initiatives. The rise in healthcare spending, coupled with the prevalence of diseases and the growing geriatric population, is increasing the demand for medical equipment maintenance services. As healthcare providers invest in advanced medical equipment, there is a corresponding increase in the need for maintenance services to ensure the proper functioning and longevity of these assets. For example, according to the Canadian Institute for Health Information in November 2022, hospital spending grew by 3.7% in 2021 and is projected to accelerate by 5.6% in 2022. Therefore, the growing healthcare expenditure is a key driver behind the growth of the medical equipment maintenance market.
Strategic partnerships and collaborations are playing a significant role in shaping the medical equipment maintenance market. For example, in February 2021, Siemens Healthineers, a Germany-based medical technology company, and Kantonsspital Baden (KSB), a Switzerland-based hospital, entered into a technological and strategic partnership for a duration of eight years. This partnership is aimed at helping Kantonsspital Baden expand its capabilities, optimize business processes, and drive innovation. It encompasses various aspects such as the maintenance of medical imaging systems, addressing technology needs and capacity assessment, holistic technology management, process optimization, expansion of telemedicine solutions, and the implementation of certified employee training programs. Furthermore, in March 2021, Agiliti, a US-based medical equipment management company, acquired Northfield Medical, a US-based company specializing in the repair and maintenance of surgical instruments, for $475 million. This acquisition has enabled Northfield Medical to offer comprehensive medical device care and repair services, focusing on surgical instruments, endoscopes, and other equipment used in operating rooms.
Major companies in the medical equipment maintenance market are introducing innovations, such as the establishment of medical equipment service centers, to support the Thai public health system. A medical equipment service center is a dedicated facility for maintaining, repairing, and calibrating medical devices and equipment. For example, in July 2022, B. Braun, a US-based company specializing in smart infusion therapy and pharmacy products, inaugurated the Technical Service Center. This center offers high-quality medical equipment repair and maintenance services and is staffed by a team of skilled engineers trained to service all of the company's medical equipment. Moreover, the center uses only genuine B. Braun parts to ensure the highest quality of repairs.
In March 2021, Fujifilm Healthcare, a Japan-based company specializing in diagnostic imaging systems, acquired Hitachi's diagnostic imaging-related business for $1.52 billion (€1.3 billion). This strategic acquisition is part of Fujifilm's efforts to expand its global presence in the diagnostic products and services sector, allowing the company to offer comprehensive solutions to meet clinical needs worldwide. Hitachi Ltd., also based in Japan, is known for manufacturing medical equipment and providing maintenance services for medical equipment.
Major companies operating in the medical equipment maintenance market report are McKesson Corporation, Cardinal Health, Johnson & Johnson, Hitachi Ltd., General Electric Co., Thermo Fisher Scientific Inc., Abbott Laboratories, Fujitsu Limited, Medtronic PLC, Danaher Corporation, Canon Inc., Toshiba International Corporation, Siemens Healthineers AG, FUJIFILM Holdings Corporation, Koninklijke Philips N.V., Stryker Corporation, Aramark Services Inc., Baxter International Inc., Laboratory Corporation of America Holdings Corp., Henry Schein Inc., Quest Diagnostics Incorporated, B. Braun Melsungen AG, Olympus Corporation, Dentsply Sirona Inc., Dragerwerk AG & Co. KGaA, Hill-Rom Holdings Inc., Getinge AB, KARL STORZ SE & Co. KG, Carestream Health Inc., Althea Group Holdings Ltd.
North America was the largest region in the medical equipment maintenance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical equipment maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the medical equipment maintenance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The medical equipment maintenance market consists of revenues earned by entities that are engaged in the service of preventive maintenance, periodic inspection, and corrective maintenance of medical equipment. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Medical Equipment Maintenance Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medical equipment maintenance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medical equipment maintenance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medical equipment maintenance market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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