Medical Equipment Maintenance Market Overview
The medical equipment maintenance market comprises services such as preventive maintenance, corrective maintenance, operational maintenance and clinical maintenance for medical devices in healthcare institutions such as hospitals, clinics, diagnostic centers, ambulatory surgical centers and others. Preventive maintenance services involve routine checks and inspections of medical equipment to catch errors or faults at an early stage and ensure seamless operation. With growing focus on patient safety and uptime of medical equipment, demand for such preventive services is increasing significantly. The globalA medical equipment maintenance market is estimated to be valued at US$ 50.79 billion in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period of 2024–2031.
Key Takeaways
Key players operating in the Medical Equipment Maintenance Size are Koninklijke Philips N.V., Medtronic, GE Healthcare, B. Braun Melsungen AG, Althea Group, Siemens Healthineers, Agiliti, Sodexo Healthcare, Crothall Healthcare, ISS Solutions, Inc., TriMedx, Avante, TRIMED Healthcare, NovaMed Corporation, DiaMedical USA Equipment LLC, Aramark, Stryker, Medigas, RENOVO Solutions, and Steris plc. The demand for medical equipment maintenance services is driven by growing installed base of medical equipment and need for preventive maintenance checks and repairs to minimize equipment downtime in healthcare facilities. Technological advancements include remote monitoring of equipment functionality through IoT-integrated solutions, predictive maintenance through data analytics and automated equipment recalibration systems.
Market Trends
The market is witnessing a growing trend of outsourcing of medical equipment maintenance services to third-party providers owing to their service expertise and economies of scale. Another key trend is shift towards multi-year comprehensive maintenance contracts from time-based and corrective maintenance contracts to optimize the total cost of ownership of medical equipment.
Market Opportunities
Growing healthcare expenditure in emerging nations provides major opportunities for market penetration and service expansion. Adoption of smart connected devices and IoT-based solutions enable remote monitoring of equipment functionalities, providing major opportunities to optimize maintenance processes and minimize downtime through predictive maintenance solutions.
Impact of COVID-19 on Medical Equipment Maintenance Market
The COVID-19 pandemic has considerably impacted the growth of the medical equipment maintenance market. With the sudden outbreak of the virus, hospitals and clinics worldwide witnessed an overwhelming inflow of patients suffering from COVID-19. This led to an increase in the demand for medical equipment such as ventilators, MRI machines, CT scanners, ultrasound systems and others. However, with a solely increased focus on treating infected patients, regular medical equipment maintenance activities took a backseat. This resulted in expired calibration and service contracts for many devices. At the same time, travel restrictions and social distancing norms implemented during the peak of the pandemic made it difficult for maintenance technicians and engineers to access healthcare facilities for both emergency and planned repairs. This negatively affected revenue growth prospects of market players in 2020. However, with a gradual lift of such restrictions in 2021, medical device OEMs and third-party service providers have strengthened their remote asset management capabilities through innovative solutions like predictive maintenance, equipment connectivity, virtual and augmented reality tools and cloud-based systems. This is helping restore demand to some extent in the post-COVID period. Going forward, stakeholders need to focus on teleservice models and build enhanced inventory management systems to prepare for future healthcare crises. Partnerships between public and private organizations also hold potential to boost equipment availability through efficient sharing of resources.
Geographical Regions with High Concentration of Medical Equipment Maintenance Market
North America currently accounts for the largest share of the global medical equipment maintenance market in terms of value. This is attributed to factors such as high density of healthcare providers, swift adoption of advanced medical technologies, and presence of major industry players in countries like the US and Canada. Another important growth driver includes rising patient demand for quality care along with ongoing trend of healthcare infrastructure expansion across the region. Some of the leading states contributing substantially to the North American market include California, New York, Texas, and Pennsylvania.
Asia Pacific is identified as the fastest-growing regional market for medical equipment maintenance globally during the forecast period from 2024 to 2031. The Asia Pacific market is experiencing rapid development led by China, India, Japan and South Korea. rising medical tourism industry, growing geriatric population susceptible to chronic diseases, increasing healthcare expenditures and governments' initiatives to modernize national healthcare systems are some of the key factors propelling the demand for maintenance of medical imaging systems, patient monitors and other equipment in Asia-Pacific countries. China, in particular, is poised to generate lucrative opportunities for stakeholders looking to tap the large untapped potential in the APAC medical equipment maintenance space.
Get more insights on Medical Equipment Maintenance Market
