Medical Equipment Maintenance Market

Medical Equipment Maintenance Market Overview:

The global medical equipment maintenance market size is projected to exhibit a growth rate (CAGR) of 7.94% during 2024-2032. The market is driven by the rising prevalence of noncommunicable diseases (NCDs), as the medical equipment maintenance plays a vital role in the effective management and treatment of these diseases, increasing aging population, and ongoing advancements in technology.

Medical Equipment Maintenance Market Analysis:

• Major Market Drivers: The rising prevalence of noncommunicable diseases (NCDs), along with the growing aging population, is bolstering the market growth.
• Key Market Trends: The increasing focus on patient safety and care quality and ongoing technological advancements are strengthening the growth of the market.
• Geographical Trends: North America holds the largest segment because of its strong healthcare infrastructure, coupled with numerous hospitals and medical facilities in the region.
• Competitive Landscape: Some of the major market players in the medical equipment maintenance industry include Alliance Medical Group (Life Healthcare Group), Althea Group, Aramark, B. Braun Melsungen AG, BC Technical Inc. (Alpha Source Inc.), Drägerwerk AG & Co. KGaA, FUJIFILM Holdings Corporation, HOYA Corporation, Koninklijke Philips N.V., Medtronic plc, Siemens AG, among many others.
• Challenges and Opportunities: While the market faces challenges like high cost of medical equipment maintenance, which impacts the market, it also encounters opportunities in outsourcing of medical equipment maintenance services.
   

Medical Equipment Maintenance Market Trends:

Rising prevalence of noncommunicable diseases (NCDs)

As per an article published on the website of the World Health Organization (WHO), in 2023 cardiovascular diseases accounted for most NCD deaths, or 17.9 million people annually, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million including kidney disease deaths caused by diabetes). Chronic diseases like diabetes, cardiovascular diseases, cancer, respiratory diseases, and others need routine check-ups and tests, which leads to a higher demand of diagnostic equipment like MRI machines, CT scanners and blood glucose monitors. Furthermore, NCDs are chronic in nature and therefore necessitate long-term treatment and follow up, thus enhancing the likelihood of frequent use of medical equipment. It is becoming mandatory to maintain the equipment for guaranteeing durability and reliable performance. In addition, managing NCDs requires therapeutic equipment including dialysis machines, ventilators, and radiation therapy machines. The frequent and intensive use of these machines necessitates stringent maintenance schedules to prevent malfunctions and ensure patient safety.

Growing aging population

As people are aging, they are more likely to develop chronic conditions like arthritis and respiratory issues. This results in a higher usage of medical devices and equipment used in diagnosing, treating and monitoring the health of patient, therefore, requiring regular maintenance to ensure they function properly. In line with this, with the growing number of elderly patients, healthcare providers aim to extend the lifespan of their medical equipment through regular maintenance, which helps in managing costs and ensuring that the equipment remains operational and effective over a longer period. An article published on the website of the World Health Organization (WHO) shows that individuals aged over 60 are expected to double by 2050, reaching nearly 2.1 billion worldwide.

Ongoing technological advancements

The rising integration of Internet of Things (IoT) devices and artificial intelligence (AI) in medical equipment allows for predictive maintenance. IoT sensors can monitor equipment conditions in real-time and collect data, while AI algorithms analyze to predict potential failures before they occur. Moreover, advancements in connectivity and remote monitoring technologies enable maintenance providers to diagnose issues from a distance. Apart from this, automation and robotics are being used in the maintenance of medical equipment. Automated systems can perform routine checks and calibrations, and even some repair tasks, increasing the accuracy and productivity of maintenance operations and reducing possible human errors. For instance, in 2023, the Karnataka State Medical Supplies Corporation Limited (KSMSCL) adopted a new software solution to automate the equipment maintenance and management of medical equipment in health facilities across the state.

Medical Equipment Maintenance Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our medical equipment maintenance market report has categorized the market based on device type, service type, service provider, and end-user.

Breakup by Device Type:

• Imaging Equipment
• Electromedical Equipment
• Endoscopic Devices
• Surgical Instruments
• Others
   

Imaging equipment accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the device type. This includes imaging equipment, electromedical equipment, endoscopic devices, surgical instruments, and others. According to the report, imaging equipment represents the largest segment.

Imaging equipment like magnetic resonance imaging (MRI) machines, computed tomography (CT) scanners, ultrasound appliances are valuable assets in the modern health care system for diagnostics and therapeutic interventions. These devices need to be maintained frequently due to their highly sensitive nature and importance in the diagnosis and detection of diseases, as a slight mechanical failure can bring severe consequences to patients. Furthermore, high operational costs of imaging equipment necessitate regular maintenance schedules that are required to protect the substantial financial investment and extend the lifespan of the machines. These devices require specialized knowledge and are often adjusted on a regular basis due to their technological advancement, which makes comprehensive maintenance services necessary.

Breakup by Service Type:

• Preventive Maintenance
• Corrective Maintenance
• Operational Maintenance
   

Corrective maintenance holds the largest share of the industry

A detailed breakup and analysis of the market based on the service type have also been provided in the report. This includes preventive maintenance, corrective maintenance and operational maintenance. According to the report, corrective maintenance accounts for the largest market share.

Corrective maintenance is important to fix or rectify the failed medical equipment when they are not working and are needed urgently. In addition, corrective maintenance is emergent and vital in sustaining the delivery of healthcare services. Healthcare providers often face unexpected equipment failures that can disrupt patient care and operational efficiency. The need to address such problems makes corrective maintenance services popular among healthcare providers. Furthermore, as medical devices play more critical roles in diagnosis and treatment procedures, their complexity increases, thus requiring special corrective maintenance to efficiently address breakdowns, thereby expanding the medical equipment maintenance market scope.

Breakup by Service Provider:

• Original Equipment Manufacturers
• Independent Service Organizations
• In-House Maintenance
   

Original equipment manufacturers represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the service provider. This includes original equipment manufacturers, independent service organizations, and in-house maintenance. According to the report, original equipment manufacturers represent the largest segment.

OEMs are involved in the design, production, initial operation and support of equipment which typically includes offering complete maintenance contracts and servicing. Due to their professional understanding of various technologies, components and operational needs of their devices, customers prefer to approach them for maintenance services. Such experience places OEMs in a better position to provide accurate and standard maintenance services that meet the performance characteristics of the equipment. Additionally, OEMs often provide exclusive access to proprietary parts and updates that are essential for maintaining the integrity and safety of medical equipment, thereby positively influencing the medical equipment maintenance market insights.

Breakup by End-User:

• Private Organizations
• Public Organizations
   

Public organizations exhibit a clear dominance in the market 

A detailed breakup and analysis of the market based on the end-user have also been provided in the report. This includes private organizations and public organizations. According to the report, public organizations account for the largest market share.

Public organizations often operate under strict regulatory compliance standards and must ensure that all medical equipment is functioning optimally to avoid risks regarding patient safety and adhere to health regulations. The large volume of devices requires regular and systematic maintenance, driving the demand for comprehensive equipment maintenance services, thereby increasing the medical equipment maintenance market revenue. Additionally, public health entities are more likely to invest in maintenance to extend the lifespan of their medical equipment, considering the limited budgets and high scrutiny over public spending. This needs to maximize the utility of existing assets while ensuring high standards of care and compliance that makes public organizations heavily reliant on professional medical equipment maintenance services.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest medical equipment maintenance market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for medical equipment maintenance.

North America has a well-established healthcare infrastructure and many hospitals and medical facilities that require ongoing equipment maintenance. Secondly, the region is home to many leading healthcare technology companies, including manufacturers of medical devices, which promotes constant technological advancements and updates in medical equipment. In addition, as the demand for advanced medical technologies are increasing in Canada, healthcare facilities are acquiring a broader array of sophisticated medical devices to enhance patient care and outcomes. This expansion in equipment diversity and complexity necessitates specialized maintenance services to ensure these devices operate efficiently and adhere to stringent health and safety standards. According to an article published on the website of International Trade Administration (ITA), the medical device market in Canada is expected to grow by 5.4% annually by 2028.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the medical equipment maintenance industry include Alliance Medical Group (Life Healthcare Group), Althea Group, Aramark, B. Braun Melsungen AG, BC Technical Inc. (Alpha Source Inc.), Drägerwerk AG & Co. KGaA, FUJIFILM Holdings Corporation, HOYA Corporation, Koninklijke Philips N.V., Medtronic plc, and Siemens AG.

  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

• Key players in the market are focusing on enhancing service efficiency and expanding their technological capabilities. They are integrating advanced software solutions to streamline maintenance operations, improve inventory management, and ensure timely servicing of equipment. Companies are investing in predictive maintenance technologies that use data analytics and IoT to foresee potential equipment failures before they occur. Moreover, key players are forming strategic partnerships with healthcare providers, manufacturers, and other stakeholders to enhance service offerings and expand market reach. For instance, in 2023, GE Healthcare and reLink Medical announced a collaboration to deliver asset management solutions aimed at helping healthcare providers minimize medical device waste, increase operational efficiency, and maximize equipment utilization. This partnership will assist healthcare providers in managing their medical equipment and offer potential benefits for optimizing their resources.

Medical Equipment Maintenance Market News:

• March 2, 2023: Althea UK and Medipass Healthcare, two UK Managed Equipment Services (MES) companies merged their operations and rebranded as Ergéa. The new company is the UK’s leading independent MES business, covering radiology, radiotherapy, endoscopy, cardiology and surgical theatres.
• May 24, 2023: Siemens Healthineers and CommonSpirit Health acquired Block Imaging. This acquisition will enable them to offer even more value to their customers and patients, while promoting efforts to repair and reuse equipment, helping to eliminate waste.

Medical Equipment Maintenance Market Report Scope:

Key Questions Answered in This Report:

• How has the global medical equipment maintenance market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global market?
• What is the impact of each driver, restraint, and opportunity on the global market?
• What are the key regional markets?
• Which countries represent the most attractive market?
• What is the breakup of the market based on the device type?
• Which is the most attractive device type in the market?
• What is the breakup of the market based on the service type?
• Which is the most attractive service type in the market?
• What is the breakup of the market based on the service provider?
• Which is the most attractive service provider in the market?
• What is the breakup of the market based on the end-user?
• Which is the most attractive end-user in the market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global medical equipment maintenance market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, medical equipment maintenance market forecasts, and dynamics of the market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the medical equipment maintenance industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.