June 17, 2024
medical equipment maintenance market

Medical Equipment Maintenance Market is in Trends by Growing Preventive Maintenance Culture

The medical equipment maintenance market has witnessed significant growth over the past decade owing to rising incidences of chronic diseases and increasing preference for preventive medical equipment maintenance. Regular maintenance helps reduce equipment downtime and ensures optimal functionality. Medical equipment such as MRI machines, CT scanners, ultrasound systems, X-ray and C-arm devices require scheduled maintenance to address normal wear and tear. This improves device reliability and minimizes the risk of equipment failure. Growing awareness among healthcare providers about the importance of preventive maintenance in improving patient outcomes and safety is a key factor driving the demand for medical equipment maintenance services.

The Global Medical Equipment Maintenance Market is estimated to be valued at US$ 50.79 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Medical Equipment Maintenance Market Size 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.

The growing demand for medical devices and increasing procurement of high-end equipment are fueling the market growth. Regular maintenance helps improve device uptime, enhances patient safety, and reduces unexpected repair costs. Various organizations are also offering comprehensive maintenance packages including preventive checks and repairs/replacements to optimize equipment performance.

Geographic expansion into emerging nations presents lucrative opportunities for market players. As healthcare infrastructure and spending capability improve in developing countries, the need for medical device maintenance services will continue growing at a considerable rate. Leading companies are actively exploring opportunities in Asia Pacific and Latin American markets through partnerships and acquisitions.

Market Key Trends

One of the key trends gaining traction in the medical equipment maintenance market is multi-vendor maintenance support. Healthcare providers are increasingly outsourcing maintenance needs of devices from multiple OEMs to third-party service providers for streamlined operations and reduced costs. Contract maintenance offers advantages such as single point of contact, standardized processes, and inventory management. This is expected to remain a popular model over the forecast period.

With the medical industry prioritizing sustainability, equipment maintenance is playing a bigger role in extending the lifespan of devices. Regular upkeep and repairs help defer investments in replacements, contributing significantly to waste reduction efforts. Providers are also able to optimize resource utilization, achieve cost savings, and deliver quality care through dependable maintenance programs.

Porter’s Analysis

Threat of new entrants: The medical equipment maintenance market requires high technical capability which raises the entry barriers. Bargaining power of buyers: The buyers have moderate bargaining power due to less differentiation in offerings from key vendors. Bargaining power of suppliers: The suppliers have low bargaining power as they depend on orders from very few medical equipment companies. Threat of new substitutes: There are no close substitutes for medical equipment maintenance services in the healthcare sector. Competitive rivalry: The rivalry is intense due to the established presence of global players and availability of service contracts.

Geographical Regions

North America accounts for the largest share of the medical equipment maintenance market in terms of value mainly due to developed healthcare infrastructure and presence of well-established vendors in the region. Asia Pacific is expected to witness the fastest growth during the forecast period helped by growing healthcare spending, increasing number of hospitals and expanding medical tourism industry in countries like China, India and Japan.

The major geographical regions where the medical equipment maintenance market is concentrated in terms of value include North America, Western Europe and Asia Pacific. The fastest growing region for the market is expected to be Asia Pacific during the forecast period from 2024 to 2031. This can be attributed to factors like rising healthcare expenditure, increasing number of hospitals and expansion of medical tourism industry in the region especially in emerging countries like China, India and Japan.

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