Medical Equipment Maintenance Market by Product (Imaging (MRI, CT, PET-CT, ultrasound, X-ray), Endoscopes, Lasers, Ventilators, Dialysis, Monitors), Provider (OEM, ISO, In-house), Service (Preventive, Operational), User (Hospital, ASCs)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

The global Medical Equipment Maintenance market size was estimated at USD 45.9 billion in 2021 and is expected to surpass around USD 80.2 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 12.9% during the forecast period 2022 to 2030.

Market Overview

The need for critical medical equipment for life-threatening disorders will boost the demand for maintenance services in the short term. The broad range of medical devices used in the diagnostic and treatment of COVID-19 supports the market growth. Owing to the unprecedented burden on healthcare infrastructure and the need for functional medical devices due to the pandemic, the market is likely to be profoundly impacted. Hospitals are having trouble getting service information to fix medical equipment during COVID-19. Thus, market players are adopting strategic initiatives to sustain themselves in an uncertain environment. For instance, in March 2021, iFixit launched a massive repair database for ventilators and other medical devices to help hospitals maintain and fix crucial equipment during COVID-19. Such product launches will help the market grow at a faster pace in the upcoming years.

The market is primarily driven by an increase in the adoption of preventive maintenance to enhance the lifetime of medical equipment in healthcare settings. Furthermore, rapid technological advancements in medical equipment and increased need for continuous training and maintenance are stimulating the market growth. Also, increasing purchases of refurbished medical equipment to reduce capital costs in hospitals and other healthcare settings are anticipated to fuel the growth of the market. Moreover, innovations in the service sector such as providing services through IoT devices and remote guidance are increasing the demand for medical equipment maintenance. The elderly population presents a greater exposure to chronic conditions, such as cancer, diabetes, and other lifestyle-related chronic disorders. For instance, according to the Division of Cancer Prevention and Control, Centers for Disease Control and Prevention, data updated in September 2021, more than two-thirds of all new cancers are diagnosed among adults aged 60 years and older. As the number of adults living to older ages continues to increase, so too will the number of new cancer cases and the number is expected to reach more than 2.2 million by 2050, with the largest percentage increase among adults who are 75 years old or older.Thus, healthcare delivering facilities and hospitals are also significantly contributing to medical equipment maintenance revenue.

However, the high cost of medical equipment maintenance and lack of skilled professionals are expected to hamper the market growth. Besides, the stringent regulatory policies in many countries around the globe have mandated medical equipment maintenance as a compulsory requirement for end users.

Report Scope of the Medical Equipment Maintenance Market

Report Coverage

Details

Market Size

US$ 80.2 Billion by 2030

Growth Rate

CAGR of 12.9% from 2022 to 2030

Largest Market

North America

Fastest Growing Market

Asia Pacific

Base Year

2021

Forecast Period

2022 to 2030

Segments Covered

 Service Type, Service Providers, Device Type, End User and Region,

Companies Mentioned

 GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and 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)

 

Medical Equipment Maintenance Market Dynamics

Driver: Rising focus on preventive medical equipment maintenance

The focus on the preventive maintenance of medical equipment has grown in recent years, as healthcare institutions seek to enhance patient safety and care quality. This involves a carefully designed program where maintenance tasks are performed in a scheduled manner to avoid larger and costly repairs down the line. It also helps in reducing equipment downtime, which enhances day-to-day operations and improves device reliability.

The preventive maintenance approach is gaining prominence as planned inspections, and medical device maintenance help avoid adverse incidents and medical device-related accidents. Regular maintenance services ensure the safe, efficient, and long-lasting use of medical devices. The growing focus on implementing preventive maintenance strategies among healthcare organizations is expected to offer growth opportunities for service providers in the coming years.

Restraint: High initial cost and significant maintenance expenditure

Maintenance programs for medical devices enable healthcare providers to track and monitor their condition, and thereby ensure efficient utilization and maximum uptime. This is also essential, given the current focus on preventive maintenance and cost pressures, to control total expenditure against a background of austerity measures. Such programs include the deployment of asset management solutions, which use advanced technologies.

However, the deployment of these solutions incurs high initial installation costs and significant maintenance expenditure, while the installation of advanced medical equipment incurs a service contract cost (~12% of the cost of medical equipment) to be paid per year. The service cost thus paid during the lifespan of the equipment is usually more than the cost of the equipment. The high cost associated with the purchase and maintenance of advanced medical equipment is restraining end users from adopting them.

Opportunity: Emergence of ISOs

The medical equipment maintenance and services sector was initially dominated by OEMs. However, OEMs typically charge more than third-party vendors, and often take longer for maintenance, resulting in higher associated costs as well as downtime. This situation, especially given the backdrop of continuing austerity measures and the need for cost-curtailment in healthcare systems, has led to the emergence of ISOs dedicated to solely providing maintenance services.

With a strong team of experts, these organizations can cater to customers in situations where OEMs fail to offer satisfactory and time-efficient solutions. Moreover, ISOs offer services for multiple brands of medical devices, providing end users with a central, independent management platform for uniform service delivery across all asset groups, while reducing maintenance costs.

Challenge: Survival of players in a highly fragmented and competitive market

The medical equipment maintenance market is highly fragmented and competitive and comprises a broad range of players, including multinational companies and small local players. The high capital required in retaining biomedical engineers, logistics of medical devices, and regulatory approval make it difficult for several companies (especially start-ups and small organizations) to sustain their presence in the industry.

As a result, companies are focusing on the development of better and improved technologies to gain a competitive edge. A few companies have also emphasized acquisitions and partnerships to maintain and improve their market sustainability, expertise, and technological capabilities. This provides a highly competitive and dynamic environment, which makes it difficult for smaller companies to survive.

By service provider, the multi-vendor OEMs segment dominated the medical equipment maintenance market

Based on the service provider, the market is segmented into multi-vendor OEMs, single-vendor OEMs, ISOs, and in-house maintenance. The multi-vendor OEMs dominated the market in 2020. The total cost of maintenance services provided under multi-vendor management is lower than single-vendor OEM contracts, with a similar quality of services. Cost reduction of 20% can be achieved by outsourcing to a service provider providing multi-vendor services (MVS) which, is expected to fuels the growth of this segment during the forecast period.

By service type, the preventive maintenance segment dominated the medical equipment maintenance market

Based on service type, the market is segmented into corrective, preventive, and operational maintenance. The preventive maintenance segment is estimated to dominate the market in 2020. The growing focus on implementing preventive maintenance strategies among healthcare organizations is expected to offer growth opportunities for service providers in the coming years.

By device type, the diagnostic imaging equipment segment accounted for the largest share of the medical equipment maintenance market in 2021

Based on device type, the market is segmented into diagnostic imaging equipment, patient monitoring & life support devices, endoscopic devices, surgical equipment, ophthalmology equipment, medical lasers, electrosurgical equipment, radiotherapy devices, dental equipment, laboratory equipment, and durable medical equipment.  Among these, the diagnostic imaging equipment segment accounted for the largest share of the market in 2020. The large share of this segment is attributed to the increasing application of diagnostic imaging technology in the dental industry and for minimally invasive surgery.

By End User, the hospitals segment accounted for the largest share of the medical equipment maintenance market in 2021

Based on End User, the market has been segmented into the hospitals, diagnostic imaging centers, dialysis centers, ambulatory surgical centers, dental clinics & specialty clinics, and other end users.  Among these, the hospitals segment accounted for the largest share of the market in 2020. . The rising patient influx is encouraging hospitals to form alliances and partnerships with medical device maintenance service vendors for the establishment of state-of-the-art in-house maintenance facilities or outsourcing maintenance services.

North America is expected to command the largest share of the medical equipment maintenance market in 2021

The report covers the market across five major geographies, namely, Europe, North America, Asia Pacific, Latin America, and MEA. North America commanded the largest share of the medical equipment maintenance industry in 2020. Market growth is mainly attributed to the strong base of healthcare facilities, especially hospitals and diagnostic imaging centers, and the growing installation base for advanced medical technologies in healthcare facilities. US commanded the largest share of the market in 2020. Market growth is mainly attributed to the strong base of independent service provider and in house maintenance, and the growing installation base for medical devices in healthcare facilities.

Some of the prominent players in the Medical Equipment Maintenance Market include:

GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and 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.

GE Healthcare (US) held the leading position in the medical equipment maintenance market in 2020. The company’s service portfolio includes a wide range of medical equipment services through which it caters to the demand of various end users, including hospitals, ambulatory surgical centers, dialysis centers, and dental clinics. The company also offers multi-vendor services associated with diagnostic imaging systems. In order to ensure its future growth, the company adopted strategies such as partnerships, agreements, and mergers and acquisitions to strengthen its service portfolio and customer base and expand its presence across various regions. GE Healthcare has a strong product portfolio, supporting around medical OEMs, hospitals and specialty clinics worldwide. The company is focused on innovations and improving the quality of its services with increasing investment in its biomedical engineering training.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Medical Equipment Maintenance market

Global Medical Equipment Maintenance Market, by Device Type

  • Diagnostic Imaging Equipments
    • CT Scanners
    • MRI Systems
    • Ultrasound Systems
    • X-Ray Systems
    • Mammography Systems
    • Angiography Systems
    • Fluoroscopy Systems
    • Nuclear Imaging Equipments (PET/SPECT)
  • Electrosurgical Equipment
  • Endoscopic Devices
  • Surgical Equipment
  • Medical Lasers
  • Opthalmology Equipment
  • Patient Monitoring & Life Support Devices
    • Ventilators
    • Anesthesia Monitoring Equipments
    • Infusion Pumps
    • Dialysis Equipment
    • Other Life Supported Devices  & Patient Monitoring Devices
  • Dental Equipment
    • Dental Radiology Equipments
    • Dental Laser Devices
    • Other Dental Equipment 
  • Laboratory Equipment
  • Durable Medical Equipments
  • Radiotherapy Devices

Medical Equipment Maintenance Market, by Service Type

  • Preventive Maintenance
  • Corrective Maintenance
  • Operational Maintenance

Global Medical Equipment Maintenance Market, by Technology

  • Multi-Vendor OEMs
  • Single-Vendor OEMs
  • Independent Service Organization
  • In-House Maintenance

Global Medical Equipment Maintenance Market, by End User

  • Hospital
  • Diagnostic Imaging Centers
  • Dialysis Centers
  • Ambulatory Surgical Centers
  • Dental Clinics & Speciality Clinics
  • Other End Users

By Geography

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • United Kingdom
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA)

  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Medical Equipment Maintenance industry analysis from 2022 to 2030 to identify the prevailing Medical Equipment Maintenance industry opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the global Medical Equipment Maintenance industry segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global Medical Equipment Maintenance industry trends, key players, market segments, application areas, and market growth strategies.