May 24, 2024
Medical Equipment Maintenance Market

Medical Equipment Maintenance Market To Witness High Growth On The Back Of Adoption Of Preventive Maintenance

The medical equipment maintenance market involves servicing, repair, and optimization of performance of medical equipment and devices across various healthcare facilities. Routine maintenance helps detect potential defects at an early stage and reduce equipment downtime. It includes inspection, cleaning, repair, software and calibration checks. Preventive maintenance and calibration improve workflow efficiency and patient care delivery. Advancements in remote monitoring and predictive maintenance allow real-time equipment performance tracking and timely repairs.

The Global medical equipment maintenance market is estimated to be valued at US$ 96.03 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players: Key players operating in the medical equipment maintenance market 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.

Key opportunities: The rising need for preventive Medical Equipment Maintenance Market Analysis to enhance patient care and safety and reduce healthcare costs presents significant growth opportunities for service providers in the market.

Technological advancements: Advancements in remote monitoring solutions and predictive maintenance tools allow real-time equipment performance tracking and predictive repairs. This helps improve asset utilization and optimize maintenance budgets.

Market Drivers

The key drivers of the medical equipment maintenance market include the growing base of aging and complex medical equipment that requires frequent maintenance and calibration checks. Additionally, the shift from corrective to preventive maintenance is expected to drive greater adoption.Strict regulatory standards regarding functionality and safety of medical devices also increases the need for well-planned maintenance programs.

Current Challenges in Medical Equipment Maintenance Market

The medical equipment maintenance market is facing several challenges currently such as lack of skilled professionals for maintenance and repair of complex medical equipment, growing need for minimally invasive surgeries requiring advanced equipment, and budget constraints of healthcare facilities for regularly maintaining the equipment. While demand for various medical devices and equipment is increasing tremendously, the supply of trained technicians is not keeping pace. This is a major issue for healthcare providers to ensure optimal performance of critical devices. Moreover, many new devices require specialized skills that are difficult to develop at a large scale. Budget limitations of hospitals force them to compromise on regular maintenance schedules recommended by OEMs which can reduce life of equipment.

SWOT Analysis

Strength: Growing demand for various medical devices and equipment is driving need for maintenance services. The market also benefits from equipment under warranty or AMC requiring routine checkups.
Weakness: Shortage of skilled technicians is a challenge for effective after-sales service. High cost of some advanced medical devices limits regular expenditures on upkeep.
Opportunity: Untapped rural regions lacking comprehensive healthcare present an opportunity. Managed equipment services model ensuring uptime is gaining popularity.
Threats: Increase in refurbished or counterfeit parts can compromise safety and performance. Technology obsolescence is another threat as newer equipment requires updated maintenance skills.

Geographical Regions with High Market Concentration

Currently, the North American region dominates the medical equipment maintenance market in terms of value, accounting for over 30% of the global market share. This is due to well-established healthcare infrastructure, presence of major OEMs and independent service providers, and significant penetration of various diagnostic and therapeutic devices across healthcare facilities. Western European countries such as Germany, U.K, and France are other important regional markets owing to advanced healthcare systems and large elderly patient base requiring continuous medical care and equipment support.

Fastest Growing Geographical Region

The Asia Pacific region, especially countries like China, India, Japan and South Korea, is expected to witness the fastest growth during the forecast period from 2024 to 2031. This is attributed to improving access to healthcare, rising medical tourism, increasing government spending on public health, growing incidence of chronic diseases, and expansion of private healthcare facilities which is driving installations of newer equipment in the region. Wide patient pool and rising disposable incomes are further facilitating high investments in this region’s medical devices sector and supporting services.

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