June 17, 2024
Medical Equipment Maintenance Market

Medical Equipment Maintenance Market Poised to Grow Considerably Due to Increasing Demand for Preventive Equipment Maintenance

The medical equipment maintenance market involves servicing, repairing and performing corrective, preventive, and predictive maintenance on medical equipment to ensure safety, compliance, and performance. Correct maintenance of critical medical equipment helps reduce costs associated with equipment failure and downtime, ensures patient safety, and allows hospitals and clinics to focus on their core responsibilities of providing quality care.

The global 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 2024 to 2031.

Key Takeaways

Key players operating in the Medical Equipment Maintenance Market Growth 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 key players are focusing on new product launches and partnerships to expand their offerings and gain a competitive edge in the market.

Key opportunities in the market include increased investments by hospitals to outsource maintenance and manage equipment more efficiently. There is also a growing need for maintenance of an increasing number of critical care devices being used for patients. Technological advancements such as IoT integration and analytics are allowing remote monitoring of equipment performance and predictive maintenance.

Market Drivers

The major drivers propelling the growth of the medical equipment maintenance market are the increasing number of diagnostic procedures performed each year globally. This has led to a growing installation base of medical equipment that requires routine servicing. Moreover, regulatory mandates requiring calibrated and validated equipment are driving the need for qualified maintenance services. The complexity of new generation medical devices also calls for specialized servicing by OEM-authorized technicians to prevent malfunctions. Increasing investments by hospitals to achieve operational efficiency through performance-based maintenance contracts is another key factor expected to fuel the demand for medical equipment maintenance over the forecast period.
Current Challenges in Medical Equipment Maintenance Market

The medical equipment maintenance market faces several challenges. Complex equipment, budget constraints of healthcare facilities, skills shortage and uncertain funding environment are some of the major challenges plaguing this industry. With new technologies and digitalization, medical devices have become increasingly complex which requires specialized skills to maintain and repair. However, there is a severe dearth of trained technicians and biomedical engineers. This leads to delays in fixing faulty equipment and disruption of healthcare services. Healthcare facilities also have limited budgets for maintenance of medical devices which are becoming more and more expensive. Unpredictable funding patterns of governments further exacerbate planning and budgeting issues. Aging infrastructure of many hospitals also acts as an impediment in smoothly carrying out maintenance work. With growing healthcare needs, overcoming these challenges in a timely manner is crucial for ensuring safety, efficacy and efficiency of critical medical systems.

SWOT Analysis

Strength: Large player base with global reach and expertise to handle all types of medical equipment. Weakness: High dependence on limited healthcare budgets and funding uncertainties. Opportunity: Growth in healthcare infrastructure in developing markets. Rising need for efficiency and sustainability in healthcare presents opportunities for integrated service offerings. Threats: Intensifying competition from local and regional players. Constant evolution of medical technology poses challenges for quick upgradation of skills.

Geographic Regions

North America currently accounts for the largest share in the medical equipment maintenance market owing to well-established healthcare systems, presence of leading market players and rapid adoption of new technologies. The United States holds majority of the regional market share. Europe is the second largest regional market led by countries like Germany, United Kingdom and France with significant healthcare spending and demand for maintenance of aging medical infrastructure. Asia Pacific is expected to witness fastest growth during the forecast period with increasing healthcare investments, expansion of healthcare facilities and rising medical tourism in countries like China, India and Singapore.

Fastest Growing Region

Asia Pacific region is poised to grow at the fastest rate in the medical equipment maintenance market through 2031. This is mainly attributed to rapid economic development, surge in healthcare infrastructure, growing medical tourism, rising affluence and greater uptake of advanced medical technologies in emerging APAC nations. Government initiatives aimed at strengthening primary healthcare will augment the demand for maintenance of medical devices. Furthermore, expanding base of key market players in the region through partnerships will accelerate service availability and penetration. More established players are also moving their manufacturing facilities to Asia Pacific countries to leverage low production costs and cater to the burgeoning local demand, thus fueling regional market growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it