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The Global Medical Equipment Maintenance Market size is estimated to grow by USD 39.29 billion at a CAGR of 12.01% between 2022 and 2027.
The rising focus on preventive medical equipment maintenance is a significant factor driving the market growth. Healthcare institutions are increasingly prioritizing patient safety and the quality of care, leading to a growing emphasis on preventive maintenance for medical equipment. This approach involves a well-designed program of scheduled maintenance tasks, aiming to prevent major and costly repairs in the future. By minimizing equipment downtime, this strategy improves device reliability and enhances day-to-day operations. Furthermore, the increasing focus on implementing preventive maintenance strategies in healthcare organizations is expected to create growth opportunities for service providers in the foreseeable future. It also includes an in-depth analysis of drivers, trends, and challenges.
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The market is witnessing dynamic trends, with a focus on ensuring precision and accuracy in diagnostic imaging procedures. Industry players are increasingly investing in preventive maintenance strategies to optimize the performance of medical devices, including computed tomography (CT) scanners and ventilators. Pricing analysis and patent assessments are critical components of trend analysis, guiding healthcare organizations in making informed procurement decisions. Furthermore, regulatory frameworks set by organizations like the CDC govern maintenance practices to uphold safety standards. Leading OEMs like Canon Medical and Agfa Solutions offer comprehensive maintenance solutions, catering to the diverse needs of healthcare facilities. As chronic conditions and lifestyle-related disorders continue to rise, the demand for reliable medical equipment maintenance services remains robust, underscoring the importance of preventive measures in sustaining efficient healthcare delivery.
The healthcare systems segment is expected to experience substantial market share growth in the forecast period. This segment comprises capital equipment, instruments, and accessories used for diagnosing, monitoring, and treating different diseases. The rising global prevalence of chronic diseases, primarily due to the aging population, leads to increased healthcare spending. Innovations in computing power, wireless technology, and miniaturization are driving the development of advanced healthcare equipment, contributing to the steady growth of the healthcare systems segment.
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The healthcare systems segment was valued at USD 20.29 billion in 2018. 3D printing technology allows the creation of customized healthcare systems, including prosthetics, implants, anatomical models, tissues, organs, surgical instruments, and patient-matched surgical guides. Compared to traditional manufacturing processes, 3D printing offers cost-efficiency, productivity, and enhanced capabilities. The adoption of these advanced products is expected to drive further growth in the healthcare systems segment in the forecast period.
Public sector organizations, including primary health centers, community health centers, and district hospitals, implement maintenance programs to support and upkeep medical equipment. The Biomedical Equipment Management and Maintenance Program (BMMP) by the Ministry of Health and Family Welfare helps state governments outsource comprehensive equipment maintenance, improving functionality and healthcare services in public facilities. These organizations aim to provide affordable services to the public, and factors like the aging population and rural development drive their growth. India's increased public expenditure on healthcare and government initiatives further contribute to the demand. Overall, the public sector organizations segment of the market is expected to grow significantly during the forecast period.
public sector organizations contain primary health centers, community health centers, district hospitals, sub-centers, medical colleges, and research institutions. Public sector organizations establish maintenance programs to support and maintain these in the healthcare infrastructure. For instance, the Indian government is planning to introduce a credit incentive program worth Rs. 500 billion (USD 6.8 billion) to boost the Country's healthcare infrastructure. Hence, such factors are expected to drive the growth of the public sector organizations segment of the global market during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The North American region benefits from a growing geriatric population and holds a competitive advantage in industries crucial to the medical devices sector, such as microelectronics, biotechnology, and software development. Moreover, Collaboration between companies and organizations in these industries has resulted in advancements like neuro-stimulators, biomarkers, and robotic assistance devices.
In addition, Canada, the second-largest market in North America, boasts a diverse, research-intensive medical equipment maintenance industry with over 1,500 firms. The growth of the market in Canada is driven by the demand for advanced medical technologies and increased healthcare expenditure. Hence, such factors are expected to drive market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Agfa Gevaert NV: The company offers medical equipment maintenance through Agfa Service Maintenance
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. The market is evolving rapidly, driven by technological innovations and regulatory frameworks governing device quality. Patent analysis and expert analysis shape market trends, while conference materials inform buying behavior. Asset management solutions leverage IoT for efficient maintenance, benefiting biomedical engineers and ensuring care quality. The market accommodates various device types, from diagnostic imaging to dental and ophthalmology equipment. Service providers offer corrective and preventive maintenance, catering to multi-vendor and single-vendor OEMs. Hindrances include trade regulations and import-export challenges, impacting domestic market players. Technical service centers specialize in tasks like balloon forming and stent crimping, ensuring optimal performance of critical equipment like nuclear imaging devices in diagnosing conditions such as heart attack, thus contributing to patient epidemiology and overall healthcare pipeline.
Growing demand for medical equipment maintenance from low-budget healthcare facilities is a major factor driving the market growth. The growing demand for medical equipment maintenance by low-budget facilities is owing to the several advantages offered by these service providers, such as the lower initial expenditure for any replacements. Furthermore, medical equipment maintenance does not require a down payment. The medical equipment maintenance also comes with an easy upgrade option within the affordable range.
Moreover, the flexibility offered by these has attracted both high and low-end healthcare facilities to opt for maintenance of the equipment to meet the ever-changing demand of healthcare. Thus, the growing demand among small hospitals will drive the growth of the global market during the forecast period.
Increasing market penetration in emerging countries is an ongoing trend in the market. Emerging economies offer attractive opportunities with high operating margins, driven by a growing middle class willing to pay for quality services. Emerging economies benefit from lower manufacturing and labor costs, generating significant profit margins for medical equipment maintenance companies. Government reforms in these markets are favorable for healthcare companies, and the increasing geriatric population and prevalence of chronic diseases drive the demand.
In addition, countries like China and India are becoming major markets, with the Chinese government implementing healthcare reforms and the Indian government increasing health funding and insurance coverage. These factors are expected to fuel the global market's growth.
Intense competition between key players and healthcare equipment manufacturers is a challenge that affects market growth. The market is witnessing tough competition among key players The market is highly fragmented, with the presence of many Tier I, Tier II, and Tier III players, along with a sizeable number of OEMs. The established OEMs are also entering the global market. They are strategically tapping the existing opportunities by tying up with local suppliers and are offering maintenance solutions for end-users who do not have the financial resources to purchase new equipment.
Moreover, OEMs such as Siemens AG have marked their presence in the new healthcare equipment sales and service market. However, this intense competition may affect market growth negatively. Thus, the dominance of key players, coupled with the disadvantages of the high cost of medical equipment maintenance, will impede the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is undergoing rapid growth, driven by the increasing demand for operational maintenance services. Both Independent Service Organizations (ISOs) and Original Equipment Manufacturers (OEMs) play crucial roles in maintaining and servicing medical devices, including imaging equipment and endoscopic devices. This market is witnessing a surge due to the growing healthcare research focusing on enhancing medical supplies and instruments.In the Medical Equipment Maintenance Market, service providers cater to a wide array of needs, from corrective maintenance of durable medical equipment to specialized services for dialysis centers. With a focus on compliance with regulatory frameworks, including those addressing cancer and lifestyle disorders, providers offer solutions for both multi-vendor and single-vendor OEMs. In-house maintenance and outsourcing to technical service centers ensure equipment reliability. Specialized processes like thermal bonding and folding and pleating are integral to maintaining equipment functionality. Notably, the Extremadura Health Service relies on maintenance solutions like Vantage Fortian to overcome market hindrances and deliver quality care, reflecting the market's commitment to healthcare excellence.
The industry's fastest-growing segments include surgical equipment and ventilators, necessitating strategic initiatives to meet the market's needs. Organizations like iFixit are contributing to this field by providing repair resources and solutions. Market concentration is increasing, reflecting the industry's maturation process. Institutions such as the Hospital Español La Plata are investing in advanced technologies like the Analog DR 100e system for improved patient care, especially for those with lifestyle-related disorders such as diabetes, COPD, and others. Collaborative efforts between organizations like the CDC, IDF, HeartLife Foundation, and the American Heart Association are shaping the market landscape. Technical service centers and medical manufacturing technologies are pivotal in ensuring the efficiency and reliability of the medical equipment repair industry, particularly in regions with evolving healthcare systems like the Thailand Public Health System and Medical Production Technology Europe.
Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.01% |
Market Growth 2023-2027 |
USD 39.29 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
11.15 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 36% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agfa Gevaert NV, AlphaSource Group, Althea Group S.p.A., Aramark, B Braun Melsungen AG, Boston Scientific Corp., Canon Inc., Carestream Health Inc., Dragerwerk AG and Co. KGaA, Edwards Lifesciences Corp., FUJIFILM Corp., General Electric Co., Hitachi Ltd., HOYA Corp., Koninklijke Philips NV, Medtronic Plc, Samsung Electronics Co. Ltd., Siemens AG, Stryker Corp., and Terumo Group |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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