Medical Equipment Maintenance Market to Grow by USD 51.21 Billion (2024-2028), Driven by Focus on Preventive Maintenance, AI Redefining Market Landscape - Technavio

NEW YORK, Nov. 25, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global medical equipment maintenance market size is estimated to grow by USD 51.21 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  13.64%  during the forecast period. Rising focus on preventive maintenance of medical equipment is driving market growth, with a trend towards increasing adoption of advanced medical technologies in emerging countries. However, high cost of medical equipment maintenance  poses a challenge.Key market players include Agfa Gevaert NV, 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..

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The Medical Equipment Maintenance Market is experiencing significant growth, particularly in the sector of Diagnostic Imaging Procedures. OEMs (Original Equipment Manufacturers) play a crucial role in supplying equipment to Healthcare Organizations. Preventive maintenance is key to ensuring Patient Safety and Care Quality. Asset Management Solutions, including IoT (Internet of Things) and Biomedical Engineers, are essential for maintaining precision and accuracy in Medical Devices. Device types include Diagnostic Imaging Equipment, Dental Equipment, Endoscopic Devices, Surgical Equipment, Laboratory Equipment, Ophthalmology Equipment, Medical Lasers, Electrosurgical Equipment, Radiotherapy Devices, and Durable Medical Equipment. Service Providers offer various types of services, such as Operational Maintenance and Corrective Maintenance, to Multi-vendor and Single-vendor OEMs. Market trends include ISOS (International Organization for Standardization) compliance, In-house Maintenance, and regulatory frameworks for Medical Devices. Chronic Conditions, such as Cancer and Diabetes, and Lifestyle Disorders drive demand for advanced medical equipment. Market challenges include Trade Regulations, Import-Export policies, and competition from Domestic Market Players. Key players include Canon Medical, Agfa Solutions, and various Medical Manufacturing Technologies using processes like Balloon Forming, Thermal Bonding, and Folding and Pleating. The market ecosystem also includes Ventilators and various types of Medical Equipment. 

The medical equipment maintenance market is experiencing significant growth due to the introduction of innovative medical technologies and devices. Regenerative medicine, surgical robots, liquid biopsy, and wearable medical devices are some of the latest advancements in healthcare. Regenerative medicine is a promising field that utilizes therapeutic stem cells, tissue engineering, and artificial organ production to repair or replace damaged human cells, tissues, and organs. 3D bioprinting or additive manufacturing is a key technology in regenerative medicine, enabling researchers to produce customized products with precise control over size, shape, and mechanical properties. These advancements offer new opportunities for diagnosis and treatment, improving patient outcomes and driving demand for medical equipment maintenance services. 

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• The Medical Equipment Maintenance Market faces several challenges in the healthcare industry. Diagnostic imaging procedures require constant uptime for patient care, making preventive maintenance crucial. OEMs provide solutions, but healthcare organizations grapple with multi-vendor and single-vendor scenarios, affecting asset management. Patient safety and care quality depend on precision and accuracy of equipment like dental, endoscopic, surgical, laboratory, ophthalmology, medical lasers, electrosurgical, and radiotherapy devices. IoT and asset management solutions enable predictive maintenance, reducing downtime. Biomedical engineers play a key role in maintaining medical lasers, electrosurgical equipment, and radiotherapy devices. Market ecosystem includes service providers, durable medical equipment, and regulatory frameworks. Chronic conditions like cancer and diabetes drive demand for medical devices. Market hindrances include trade regulations, import-export challenges, and domestic market players. ISO certifications ensure quality, and in-house maintenance versus outsourced service is a common debate. Operational and corrective maintenance types are essential, with hospitals and dialysis centers as major consumers. Precision and accuracy are vital for patient epidemiology, especially in imaging equipment like computed tomography and nuclear imaging. Medical manufacturing technologies like balloon forming, thermal bonding, and folding and pleating support equipment production. Ventilators from Canon Medical, Vantage Fortian, and Agfa solutions cater to various needs.
• Medical equipment maintenance programs are essential for healthcare providers to effectively manage and monitor the condition of their equipment. These programs facilitate efficient utilization and maximum uptime, which is crucial in the current cost-conscious environment. Advanced asset management solutions are a key component of these programs, utilizing modern technologies to optimize maintenance. However, the initial installation costs and ongoing maintenance expenses for these solutions can be substantial. Similarly, the annual service contracts for advanced medical equipment add to the overall cost. Consequently, the total service cost throughout the equipment's lifespan often surpasses the initial purchase price.

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This medical equipment maintenance market report extensively covers market segmentation by  

1. Type 
• 1.1 Healthcare systems
• 1.2 Pharmaceutical diagnostics
• 1.3 Others
2. End-user 
• 2.1 Public sector organizations
• 2.2 Private sector organizations
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Healthcare systems-  The healthcare systems segment is a significant market focusing on maintenance services for medical equipment in hospitals and ambulatory surgical centers (ASCs). Hospitals rely on meticulous maintenance for diagnostic imaging devices like X-ray machines, CT scanners, and MRI machines, as well as life support systems such as ventilators and anesthesia machines. ASCs require upkeep for endoscopy equipment, surgical instruments, and monitoring devices to ensure optimal patient care. Vendors like Siemens Healthineers offer comprehensive maintenance services, including preventive care, calibration, and repairs. Notable collaborations, such as Anregiomed's ten-year agreement with Siemens Healthineers and Drager, demonstrate the importance of these partnerships in maintaining reliable medical equipment and driving growth in the healthcare systems segment. Belfast Health and Social Care Trust's 20-year Value Partnership with Siemens Healthineers further this trend. These collaborations ensure access to advanced technology and contribute to improved healthcare outcomes.

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The Medical Equipment Maintenance Market is a significant sector within the healthcare industry, focusing on ensuring the optimal performance and longevity of medical devices. OEMs (Original Equipment Manufacturers) play a crucial role in providing maintenance services for their medical equipment, while healthcare organizations rely on these services to maintain precision and accuracy in patient care. Preventive maintenance is a key strategy to minimize downtime and ensure the continued functionality of medical devices. Patient epidemiology, including chronic conditions such as cancer and diabetes, as well as lifestyle disorders, drive the demand for medical equipment maintenance. The pipeline for new medical devices, including imaging equipment like Computed Tomography (CT) scanners from Canon Medical and Agfa Solutions, requires ongoing maintenance to meet regulatory frameworks and deliver accurate results. With the increasing prevalence of chronic diseases and lifestyle-related disorders, the medical equipment maintenance market is expected to grow significantly in the coming years.

The Medical Equipment Maintenance Market encompasses various types of equipment used in healthcare settings, including diagnostic imaging procedures such as computed tomography and nuclear imaging, as well as dental, endoscopic, surgical, laboratory, ophthalmology equipment, medical lasers, electrosurgical equipment, radiotherapy devices, and durable medical equipment. OEMs (Original Equipment Manufacturers) play a crucial role in supplying these devices, with healthcare organizations relying on them for both preventive maintenance and repairs. Asset management solutions, IoT (Internet of Things), and biomedical engineers are integral to maintaining the precision and accuracy of these devices, ensuring patient safety and care quality. The market ecosystem includes multi-vendor and single-vendor OEMs, service providers, ISOs (Independent Service Organizations), and hospitals and dialysis centers. The patient epidemiology, with a focus on chronic conditions like cancer and diabetes, and lifestyle disorders, drives the demand for medical equipment maintenance. The market is subject to regulatory frameworks and trade regulations, and domestic market players often face hindrances in import-export. Medical manufacturing technologies, such as balloon forming, thermal bonding, folding and pleating, and stent crimping, are essential in producing high-quality medical equipment. Ventilators, Canon Medical's Vantage Fortian, Agfa solutions, and other diagnostic imaging equipment are key devices in the market.

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Healthcare Systems
• Pharmaceutical Diagnostics
• Others
• End-user
• Public Sector Organizations
• Private Sector Organizations
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio