Global Medical Equipment Maintenance Market:Information by Service Type by Service Provider by Type, by EndUser Forecast Till 2029

Jun 23, 2020   Global Statistics Representing Global Medical Equipment Maintenance Market   Market Scenario The global medical equipment maintenance market was valued at USD 31,776 million in 2019 and is expected to grow at a CAGR of 6.9% till 2029. The global medical equipment maintenance market is majorly driven by the rising awareness regarding precision healthcare and diagnostics, improvements in the management and service quality, rising prevalence ofsevere and life-threatening diseases, and su...
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Report Description

Global Statistics Representing Global Medical Equipment Maintenance Market

 

Market Scenario

The global medical equipment maintenance market was valued at USD 31,776 million in 2019 and is expected to grow at a CAGR of 6.9% till 2029.

The global medical equipment maintenance market is majorly driven by the rising awareness regarding precision healthcare and diagnostics, improvements in the management and service quality, rising prevalence ofsevere and life-threatening diseases, and surging demand for diagnosis, treatments, and surgeries. The market is witnessing huge popularity across North America, Europe, and Asia Pacific.

 Market Dynamics

  • Growing Demand for Refurbished Medical Equipment

In the last few years, the refurbished medical equipment have been witnessing huge demand across the healthcare sector as new medical equipment are comparatively expensive. To attend the situation, the leading players are actively working to develop advanced medical equipment with a wide range of devices to diagnose and treat patients suffering from several medical conditions and are heavily investing in R&D activities and are engaging in several strategic acquisitions and partnerships for the same. For instance, in January 2019, the Intermed Group acquired Horizon CSA LLC to expand its product portfolio and to offer biomedical and imaging services to the healthcare organizations. For instance, dissecting scissors, surgical scalpels, catheters, feeding tubes, dressing forceps, and several other devices can be used in multiple surgeries. Similarly, imaging devices, such as computed tomography (CT), magnetic resonance imaging (MRI) systems, scanners, X-ray imaging, and ultrasound systems are used in multiple medical applications. In order to extend their lifespan, these devices require on-time maintenance. Furthermore, Rapid growth in the adoption of novel technologies will boost the demand for advanced medical equipment and renewed or refurbished medical systems in the years to come.

Market Opportunity

  • Emergence of Independent Service Organizations (ISOs)

For the record, OEMs are third party suppliers. They are expensive and take longer turnaround time, which has led to the advent of ISOs. It is dedicated exclusively to provideprovision andmaintenance services and is backed with a strong team of professionals.As per hospitals and patient advocacy organizations, ISOs typically charge 30–50% less than OEMs for maintenance and repair of equipment. It offers a number of services to the end-users with a single, unified management platform, which ensures timely service delivery across all product classes.

Endoscopic Devicesto Grab the Major Market Share

Global medical equipment maintenance market is segmented into service type, service provider, device type, end user, and region.

By service type, the global medical equipment maintenance market is bifurcated into corrective maintenance and preventive maintenance.For the record, corrective maintenance, also referred to as breakdown maintenance, is a type of maintenance operation performed to rectify and repair damaged systems and equipment. It is witnessing huge demand on account of the rising number of medical equipment across the globe. Whereas, preventive maintenance refersto the frequent and routine repairs, which helps the devices to keep running and avoid potential unplanned delays and incurring higher costs from unintended equipment failures.Preventive maintenance of medical equipment can significantly improve the efficiency and performance of medical equipment by developing structured management and schedule, description of maintenance of medical equipment, inspection tour of devices, and working status of complex monitoring devices, which is further boosting the segment growth.

By device types, the medical equipment maintenance market is segmented into endoscopic devices, electromedical equipment, surgical instruments, and imaging devices. The endoscopic device segment is grabbing a major market share in the medical equipment maintenance market. This can be attributed to the rising prevalence of age-related diseases, increasing adoption of minimally invasive surgery, such as bronchoscopy, arthroscopy, cystoscopy, and laparoscopy, rapidly expanding medical equipment industries, increasing specialization in preventive medical equipment repair, and rapid introduction of novel equipment. It is commonly used for the diagnosis of several major diseases, including tumors, orthopedic disorders, neurological disorders, and gastroesophageal reflux disorders.It is also used in a variety of applications in the healthcare industry, including medicinal use (surgical instruments, lasers, and others) and diagnostic use (imagery tools, tracking devices), which is further boosting the market growth.

North America to Dominate the Market

Global medical equipment maintenance market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

North America is dominating the medical equipment maintenance market on account of growing emphasis on preventive medical equipment maintenance, technological advancements for complicated equipment maintenance, and increasingnumber of government-private partnerships.The U.S. is leading the regional market. The country is backed with advanced medical equipment in diagnostic centers, high healthcare expenditure, and a huge presence of medicalequipment manufacturers. The U.S. medical device industry is well-established, diversified, and provides a wide range of diagnostic and treatment devices for patients.

Europe is projected to register robust growth in the medical equipment maintenance market during the forecast period. This can be attributed to the rising focus on preventive maintenance of medical equipment, growing adoption of innovative financing mechanisms, rapid development in the equipment market, and significant growth in the purchase of renovated medical equipment. Currently, preventive maintenance is gaining popularity across Europe as it aids in preventing medical device-related infections and accidents.The market is majorly driven by the technological advancement in medical equipment industry and rising need for preventive maintenance. Germany is projected to dominate the regional market on account of rapid adoption of medical equipment.

South America is projected to witness moderate growth in the global medical equipment maintenance market. This can be accredited to the increasing number of imaging procedures and rapidly growing health awareness among the population. Brazil is dominating the regional market on account of risingexpenditure on medical equipment, rapidly growing economy, increasing demand for healthcare products, government support,expanding healthcare infrastructure, and rapid installation of new and advanced medical equipment in hospitals, clinics, and diagnostic centers. The rising technological advancements in the field of medical equipment is subsequently increasing the demand for preventive equipment maintenance to reduce overall operational cost and downtime, which is further supported by the stringent government regulations regarding the quality and maintenance of medical equipment.

The Middle East and Africa are emerging in the medical equipment market. This can be attributed to the rising inflow of foreign investments, surging prevalence of chronic diseases, and increasing demand for cost-efficient, refurbished, and durable medical equipment. In February 2019, ECRI Institute collaborated with the Swiss-based multinational healthcare consulting firm ‘International Consulting Management & Engineering (ICME) Healthcare’ to extend the use of independent medical device reviews, patient safety advice, and evidence-based technology management in nine countries in the Middle East and Africa. The 3 years contract would help ICME Healthcare in improving the safety, quality, and cost-effectiveness of patient care in South Africa, Tunisia, Jordan, Egypt, Bahrain, Oman, Morocco, Ethiopia, and Algeria through healthcare membership programs and consultancy services.

Key Players

Some of the kay players in the global medical equipment maintenance market include GE HEALTHCARE (GENERAL ELECTRIC COMPANY), Siemens Healthineers, Koninklijke Philips N.V, Agfa-Gevaert HealthCare, AGENOR MANTENIMIENTOS, SA, Althea Group, BCAS BIOMED, CANON MEDICAL SYSTEMS CORPORATION, Drägerwerk AG & Co. KGaA, Grupo EmpresarialElectromédico, Hitachi, Ltd., TechnologieSanitarie S.P.A., and Alpha Source Group.

 

Segmentation

By Service Type

  • Corrective Maintenance
  • Preventive Maintenance

By Service Provider

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

By Device Type

  • Endoscopic Devices
  • Electromedical Equipment
  • Surgical Instruments
  • Imaging Equipment
    • Advanced Modalities
      • MRI
      • CT Scan
      • Other Advanced Imaging Modalities
    • Primary Modalities
      • Ultrasound
      • Digital X-ray
      • Other Primary Imaging Modalities

By End-User

  • Private-sector Organizations
  • Public-sector Organizations

By Region

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa