USD 41.10 Billion
Medical Equipment Maintenance Market Size, Share, Growth Analysis, By Equipment (Imaging Equipment, Life Support Devices), By Service (Preventive, Corrective), By End User (Hospitals, Clinics), By Region -Industry Forecast 2024-2031
Report ID:
SQMIG35D2261 |
Region:
Global |
Published Date: September, 2024
Pages:
205
|Tables:
0
|Figures:
0
Medical Equipment Maintenance Market Insights
Global Medical Equipment Maintenance Market size was valued at USD 41.10 Billion in 2022 and is poised to grow from USD 44.34 Billion in 2023 to USD 75.50 Billion by 2031, growing at a CAGR of 7.9% in the forecast period (2024-2031).
As the name suggests, the medical equipment maintenance market is a crucial sector of healthcare that emphasizes confirming optimal safety, performance, and longevity of medical equipment. It comprises diverse services, such as routine repairs, inspections, and upgrades for machinery like surgical instruments, imaging equipment, and patient monitoring equipment. The market is fueled by the growing demand for improved medical technologies, strict regulations for the safety of medical equipment, and the growing healthcare infrastructure. However, factors like significant maintenance costs, especially for specialized or high-tech equipment, may hinder the growth of the market. Also, the complexity of equipment that needs a professional workforce to manage and maintain is contributing to the restraints of the market. Yet, the medical equipment maintenance market presents opportunities like the expansion of healthcare facilities across the globe and technological advancements that help healthcare physicians and surgeons to cater to the evolving market needs.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Imaging Equipment
Fastest Growth
Preventive Maintenance
Growth Rate
7.9%
Global Medical Equipment Maintenance Market ($ Bn)
Country Share for North America Region (%)
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Medical Equipment Maintenance Market Segmental Analysis
The Global Medical Equipment Maintenance Market is segmented based on Equipment, Service, and Region. Based on Equipment, the market is divided into Imaging Equipment, CT, MRI, Digital X-Ray, Ultrasound, Others, Life Support Devices, Dental Equipment, Electromedical Equipment, Endoscopic Devices, Surgical Instruments, Other Medical Equipment. Based on Service, the market is divided into Preventive Maintenance, Corrective Maintenance, Operational Maintenance. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Equipment
Based on equipment, the medical equipment maintenance market is segmented as imaging equipment, CT, MRI, digital X-ray, ultrasound, others, life support devices, dental equipment, electromedical equipment, endoscopic devices, surgical instruments, and other medical equipment. The imaging equipment segment registered for a larger market share in 2023 and is projected to lead over the forecast period owing to increased use of different types of imaging equipment. The segment comprises computed tomography (CT), Magnetic Resonance Imaging (MRI), digital X-ray systems, and ultrasound devices. In recent years, these devices and machines have witnessed explosive usage for scanning and treating different health conditions for different age groups. Growing complexity and regular use of imaging devices contribute to the growth of the segment.
On the other hand, the life support devices segment is expected to hold a notable share of the market owing to the need for functioning and reliable life support equipment on the global scale. These devices comprise critical devices like infusion pumps, ventilators, and defibrillators. They are used in intensive care settings and in emergency cases, making their maintenance mandatory for operational efficiency and for patient safety. These factors are expected to fuel the growth of the segment in the forthcoming years.
Analysis by Service
Based on service, the medical equipment maintenance market is categorized into preventive maintenance, corrective maintenance, operational maintenance. The preventive maintenance segment dominated the market in 2023 and is expected to continue dominance over the forecast period owing to its high value in healthcare. Preventive maintenance ensures the reliability of equipment, prevents unexpected breakdowns, and complies with regulatory needs. It comprises servicing, inspections, and updates, which are specially designed to avoid machine failures and improve the equipment's lifespan. These features are propelling the segment’s growth among others.
Conversely, the corrective maintenance segment is expected to hold a considerable share over the estimated period owing to the growing need for corrective maintenance, mainly for complex equipment. It comprises repairing devices after malfunction or failure has occurred. Corrective maintenance effectively addresses issues that emerge despite preventive maintenance. Hence, this mandatory need for corrective maintenance is fueling the growth of the segment.
Global Medical Equipment Maintenance Market Size By Service
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Medical Equipment Maintenance Market Regional Insights
Geographically, North America is the dominating region among others and is expected to lead over the forecast period owing to speedy adoption of medical technologies. The region holds comparatively higher adoption of improved medical technologies, comprising electro-medical equipment and life support systems. The cost and complexity of this equipment is fueling the need for regular servicing and maintenance. Moreover, the presence of a well-developed healthcare infrastructure, mainly in Canada and the United States is increasing the demand in clinics, hospitals, and diagnostic centers. This broader network needs major services to guarantee reliability and compliance of equipment with strict norms. The leading market players profiled in the report include Medtronic, Siemens AG, Stryker, General Electric, and more.
The medical equipment maintenance market in Asia-Pacific is seen as the fastest-growing region among others due to speedy healthcare expansion and the progressing medical device market. Nations like India, China, and Japan are witnessing speedy growth in medical infrastructure. Newly constructed diagnostic centers and hospitals are increasing, this fueling the demand for medical equipment maintenance. In addition, the region is further impacted by heavy investments in healthcare, improving access to different healthcare services, and rising cases of chronic diseases. This growth ultimately impacts the need for novel equipment and effective maintenance services.
Global Medical Equipment Maintenance Market Size By Geography
- Largest
- Fastest
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Medical Equipment Maintenance Market Dynamics
Drivers
Increased Use of Medical Devices and Equipment
- The cases of chronic disorders are increasing on a global scale and are commonly seen in the geriatric population who actively demand different types of medical equipment. Hence, this growing demand for different devices is propelling the need for frequent maintenance to avoid breakdowns and guarantee unbroken operation and functioning.
Growing Outsourcing Trend
- Most healthcare facilities on the global scale are increasing outsourcing maintenance services to expert 3rd party providers to concentrate on their core programs and benefit from expert proficiency. This trend, along with emphasis on patient safety and cost-efficiency are notably fueling the growth of the medical equipment maintenance market.
Restraints
Technological Obsolescence to Restrain Market Growth
- Speedy technological improvements may make the existing technologies outdated soon, since healthcare settings are inclined towards using advanced healthcare infrastructure for better patient outcomes and overall operational efficiency. Since novel technologies progress the former machines may become less economically practical, resulting in high replacement prices and decreased demand for maintenance services for obsolete equipment.
Economic Downturns and Geographical Barriers
- Economic fluctuations may significantly impact on medical budgets, thus resulting in decreased expenditure on maintenance services. During financial strain periods, most facilities may focus on quick requirements over maintenance, hence, increasing equipment failure risks. Also, access to maintenance services may be restricted to a few unexplored regions, restraining market growth.
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Medical Equipment Maintenance Market Competitive Landscape
The global medical equipment maintenance market is a highly competitive global market driven by many international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment.
Top Player’s Company Profiles
- GE Healthcare
- Siemens Healthineers
- Philips Healthcare
- Canon Medical Systems
- Medtronic
- Johnson & Johnson
- Toshiba Medical Systems
- Fujifilm Medical Systems
- Mindray
- Stryker
- CareFusion
- Olympus Corporation
- Agfa Healthcare
- Hitachi Medical Systems
- Nihon Kohden
Recent Developments
- In April 2024, GE HealthCare introduced its A1-Sure refurbishing ultrasound systems service in Bangladesh. This service aims to bring clinical and advanced diagnostics technologies closer to the unexplored areas residing in tier3 and tier2 cities.
- In July 2024, Siemens Healthineers announced that its Multix Impact E digital radiography X-ray equipment will be designed in India. This will help the company make a major milestone in its dedication to offering enhanced access to patient care in the nation.
- In March 2023, Medtronic and NVIDIA declare medical device alliance to advance medical equipment and imaging devices. Integrating Clara healthcare platform of NVIDIA, Medtronic will be able to scale the progress of algorithms for better patient care.
Medical Equipment Maintenance Key Market Trends
- Emphasis on Predictive Maintenance: Predictive maintenance uses IoT sensors, machine learning, and data analytics to predict the failures of devices and equipment before they happen. By analyzing this real-time information from medical equipment, maintenance schedules can be maximized and adjusted depending on actual device condition instead of pre-set intervals. This decreases the unexpected downtime, improved lifespan, and lessens maintenance costs of medical equipment.
- Increased Use in Diagnostics and Remote Monitoring: Remote monitoring comprises the use of digital technologies and connectivity to check it the equipment is functioning rightly and speedily from distance. Remote diagnosis enables technicians and experts to troubleshoot and diagnose problems without needing their physical presence. This improved service efficiency, decreases response times, and reduces on-site visits costs.
Medical Equipment Maintenance Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, medical equipment maintenance is progressing at a notable rate backed by drivers like growing technological advancements, growing complexity of equipment that need specialized maintenance facilities, and enhanced focus on patient safety. However, the market is negatively impacted by significant maintenance costs, lack of skilled professionals, and regulatory compliance challenges. North America is expected to lead the market due to strict regulatory standards, innovations, technological advancements, and well-established market players. Yet, the growing integration with digital tools, growing partnerships with equipment manufacturers, and improved data management solutions are a few opportunities in the medical equipment maintenance market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 41.10 Billion |
| Market size value in 2031 | USD 75.50 Billion |
| Growth Rate | 7.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Equipment Maintenance Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Equipment Maintenance Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Equipment Maintenance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Equipment Maintenance Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Equipment Maintenance Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Equipment Maintenance Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Medical Equipment Maintenance Market Report Snapshots
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