Medical Equipment Maintenance Market Size Hit US$ 70.1 Bn 2027

The global medical equipment maintenance market is expected to reach the market value of around US$ 70,100 Mn by 2027 and is anticipated to grow at a CAGR of around 11% in terms of revenue during the forecast period 2020 - 2027

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Jun 12, 2020, 10:45 ET

LOS ANGELES, June 12, 2020 /PRNewswire/ -- Acumen Research and Consulting, Recently Published Report on "Medical Equipment Maintenance Market Size, Share, Growth, Trends and Forecast, 2020 - 2027".

Medical equipment maintenance can be done by two types: inspection and preventive maintenance (IPM) and corrective maintenance (CM). Preventive maintenance (PM) refers to the scheduled operations to extend the life of a device and prevent failures (e.g. modification, components, replacement, lubrication, washing, and other). IPM involves all system operations that maintain the reliability of the hardware and avoid errors or breakdowns. Performance and safety inspections are simple procedures to determine equipment's proper functionality and safety.

Rising focus on preventive medical equipment maintenance is the major drivers for the growth of the medical equipment maintenance market. High initial cost and significant maintenance expenditure is a major factor expected to restraint the growth of the market.

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In 2019, North America held a maximum share of the medical equipment maintenance market and is projected to maintain its growth during forecast period from 2020-2027. Some of the factors that are driving the growth of market includes rising number of disorders due to new lifestyle, and rising number of old-age population. Other factors that are boosting the global market are presence of well-established healthcare infrastructure, improving connectivity to healthcare and growing adoption of advanced technology. However, the presence of large number of companies is expected to flourish the growth of medical equipment maintenance market in North America.

Market dynamics

The key factors such as the increasing focus on preventive maintenance of medical devices, adoption of innovative strategies for maintaining the advanced medical equipment, increasing adoption of refurbished medical equipment are the factors driving the growth of global medical equipment maintenance market. Advanced development in technology for maintaining equipment, increasing number of collaborations among public and private companies, rising investments by key organizations in the development of health services are the factors propel the growth of the market and is likely to grow the market during forecast period. Innovation in the infrastructure and the Internet of Things (IOT) development of International Organization for Standardization (ISOS) are vital to the global medical equipment maintenance market. In a highly fragmented and dynamic market, the biggest threat on the global medical equipment maintenance market is the survival of competitors. The market growth is hampered by high initial costs and substantial operating costs and the shortage of qualified workers. However, the decline of profit margins for maintenance costs hinders the growth of the market for health imaging services over the forecast period.

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Emergence of ISOs

ISOs offer services for several medical device manufacturers and provide end users with a single, independent management platform for standardized distribution of service to all product classes, while reducing maintenance costs. It also contributes to a reduction in spending and capital expenditure. In total, ISOs bill 30–50% less than OEMs for servicing and replacing facilities according to hospitals and patient support organizations. Competition between third-party services and insurance brokers has also reduced response times and service costs. However, ISO deals are widely customizable, with negotiable or diversified condition stipulations, such as response times and spare part costs. In comparison with OEMs, their benefits have strengthened the demand of end-users for ISOs. During forecast period, a variety of businesses in the field will capitalize on the prospects offered in the ISOs market.

The global medical equipment maintenance market includes prominent players such as Carestream Health, AGFA-Gevaert Group, Canon Inc., Medtronic, Hitachi Ltd, Siemens AG, Olympus Corporation, B. Braun Melsungen AG, Fujifilm Holdings Corporation, Karl Storz GmbH & CO. Alpha Source Inc., Samsung Medison Co. Ltd, GE Healthcare, Koninklijke Philips N.V. and others.

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Recent Developments

In June 2017, GE healthcare provide refurbished parts to GE diagnostic imaging equipment.
In July 2018, Koninklijke Philips N.V. (Netherlands) acquired Kliniken der Stadt Köln (Germany) to provide continuous modernization and maintenance of imaging systems
In July 2018, Koninklijke Philips N.V. (Netherlands) acquired Städtische Klinikum München (Germany) to provide medical imaging solutions which include healthcare consultancy services
In October 2019, B. Braun successfully installed smart pumps with STANLEY Healthcare at Saratoga hospital.
In August 2019, B. Braun successfully integrates with Guard RFID Solutions Inc.

Market Segmentation

Market By Service Type

Preventive
Operational
Corrective

Market By Device Type

Electromedical Equipment
Imaging Equipment
Surgical Instruments
Endoscopic Devices
Other Medical Equipment

Market By Service Provider

Original Equipment Manufacturers
Independent Service Organizations
In-House Maintenance

Market By End-User

Hospitals
Ambulatory Surgical Centers
Diagnostic Centers
Other End-Users

Market By Geography

North America

U.S.
Canada

Europe

UK
Germany
France
Spain
Rest of Europe

Asia-Pacific

China
Japan
India
Australia
South Korea
Rest of Asia-Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

GCC
South Africa
Rest of Middle East & Africa

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