Medical Equipment Maintenance Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, China, Germany, UK, Japan - Size and Forecast 2024-2028

Medical Equipment Maintenance Market Size 2024-2028

The medical equipment maintenance market size is estimated to grow by USD 51.21 billion at a CAGR of 13.64% between 2023 and 2028. 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.

What will be the Size of the Market During the Forecast Period?

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Key Companies & Market Insights

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 key companies, including:

Agfa Gevaert NV: The company offers medical equipment maintenance services through Agfa Service Maintenance.

AlphaSource Group, Althea Group S.p.A., Aramark, B.Braun SE, 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 N.V., Medtronic Plc, Samsung Electronics Co. Ltd., Siemens AG, Stryker Corp., and Terumo Corp.

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.

Market Segmentation 

By Type Insights

The market share growth by the healthcare systems sub-segment is significant during 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 22.37 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.

Regional Analysis

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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period. 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 industry with over 1,500 firms. Hence, such factors are driving the market in North America during the forecast period.

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Market Dynamics and Customer Landscape

Our researchers analyzed the data with 2023 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 critical component of the healthcare market ecosystem, ensuring the functionality and safety of various device types. Key segments include diagnostic imaging equipment, dental equipment, laboratory equipment, medical lasers, electrosurgical equipment, and radiotherapy devices. Medical equipment maintenance is crucial for ensuring the optimal performance of dental 3D printing devices, which are essential for producing precise dental prosthetics and orthodontic models.

Effective maintenance is essential to meet stringent regulatory frameworks and ensure optimal performance. 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.

Key Market Drivers

Growing demand for medical equipment maintenance from low-budget healthcare facilities is a major factor driving the market growth. The growing demand 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, it does not require a down payment. It 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.

Significant Market Trends

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 these 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 growth during the forecast period.

Major Market Challenges

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 will impede the growth of the market during the forecast period.

Market Customer Landscape

The market forecast 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 market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market forecasting and growth strategies.

 Customer Landscape

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

• Type Outlook
  • Healthcare systems
  • Pharmaceutical diagnostics
  • Others
• End-user Outlook
  • Public sector organizations
  • Private sector organizations
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

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Market Analyst Overview

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 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. The market landscape depends on the Regulatory Framework, Precision, Accuracy, Chronic Conditions, Canon Medical, Agfa solutions, Computed tomography. 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, and medcical device cleaning particularly in regions with evolving healthcare systems like the Thailand Public Health System and Medical Production Technology Europe.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the between 2024 and 2028
• Precise estimation of the size of the market and its contribution in focus to the parent market
• Detailed analysis of customer landscape covering diver of price sensitivity, adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on companies position and classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of companies