Medical Equipment Maintenance Market Forecast and Size 2031
The medical equipment maintenance market size in 2023 stood at US$ 38.71 billion and is projected to reach US$ 80.82 billion by 2031. The market is expected to register a CAGR of 9.6% during 2023–2031. Technological advancement in medical and diagnostics equipment is likely to remain key trends in the market.
Medical Equipment Maintenance Market Analysis
The rapidly growing medical equipment market globally and the increasing use of corrective maintenance are driving up demand for medical equipment maintenance. The increased prevalence of chronic diseases in the population contributes significantly to the demand for medical equipment maintenance. Innovation in service offerings and the use of IoT are creating opportunities for the medical equipment maintenance market.
Medical Equipment Maintenance Market Overview
In the medical equipment maintenance market, service providers address a wide range of needs, including corrective repair of durable medical equipment and specialized services for dialysis centers. With an emphasis on regulatory compliance, including cancer and lifestyle disorders, companies provide solutions for both multi-vendor and single-vendor OEMs.
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Medical Equipment Maintenance Market: Strategic Insights
Market Size Value in US$ 16,943.29 Million in 2018 Market Size Value by US$ 36,525.26 Million by 2027 Growth rate CAGR of 9.0% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Medical Equipment Maintenance Market: Strategic Insights
| Market Size Value in | US$ 16,943.29 Million in 2018 |
| Market Size Value by | US$ 36,525.26 Million by 2027 |
| Growth rate | CAGR of 9.0% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Medical Equipment Maintenance Market Drivers and Opportunities
Increasing Investment in Medical Devices to Favor Market Growth
The healthcare industry is witnessing increased investment in medical devices such as X-ray machines, centrifuges, ventilator units, ultrasound, syringe pumps, electrocardiographs, and autoclaves is primarily increasing need for medical equipment maintenance services. Maintenance of medical equipment is essential to ensure that it functions correctly and is safe for patient use. Healthcare facilities increasingly rely on maintenance service providers to keep their equipment in good working order and reduce downtime. Modern medical equipment must be serviced on a regular basis to ensure that it functions properly. The complexity of new medical equipment is driving up the demand for specialised maintenance knowledge.
Adoption of Predictive Maintenance in Healthcare
Predictive maintenance in healthcare is the proactive monitoring and management of medical equipment to avoid unplanned downtime and assure optimal performance. Unlike traditional maintenance methods, which rely on fixed timetables or reactive responses to equipment failures, predictive maintenance employs real-time data and predictive analytics to foresee prospective difficulties and prioritize maintenance tasks according to risk and criticality. Healthcare organizations can shift from reactive to proactive maintenance methods by employing modern technologies such as sensors, data analytics, and machine learning. This will reduce costs, improve efficiency, and improve patient care.
Medical Equipment Maintenance Market Report Segmentation Analysis
Key segments that contributed to the derivation of the medical equipment maintenance market analysis are device type, service type, and service provider.
- Based on device type, the medical equipment maintenance market is divided into electromedical equipment, endoscopic devices, surgical instruments, and other medical equipment. The electromedical equipment segment held the largest market share in 2023.
- By service type, the market is segmented into preventive maintenance, corrective maintenance, and operational maintenance. The preventive maintenance segment held the largest share of the market in 2023.
- In terms of service provider, the market is segmented into a original equipment manufacturers, independent service organizations, and in-house maintenance. The original equipment manufacturers segment held the largest share of the market in 2023.
Medical Equipment Maintenance Market Share Analysis by Geography
The geographic scope of the medical equipment maintenance market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market. The region's ageing population, along with rising healthcare costs, has kept the need for medical equipment maintenance and after-sales assistance high over the years. Furthermore, stringent laws on quality standards and safety procedures have ensured that equipment maintenance remains a focus for both commercial and public healthcare facilities.
Medical Equipment Maintenance Market Report Scope
Medical Equipment Maintenance Market News and Recent Developments
The medical equipment maintenance market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the medical equipment maintenance market are listed below:
- B. Braun Thailand, inaugurated the "B. Braun Technical Service Center", which will provide high-quality medical equipment repair and maintenance services. The newly launched center aims to support the public health system of Thailand in ensuring that it will be able to provide seamless healthcare support to its citizens. (Source: B. Braun SE, Press Release, July 2022)
Medical Equipment Maintenance Market Report Coverage and Deliverables
The “Medical Equipment Maintenance Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Medical equipment maintenance market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Medical equipment maintenance market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- medical equipment maintenance market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the medical equipment maintenance market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Device Type ; Service Type ; Service Provider and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
North America dominated the market in 2023.
Increasing investment in medical devices and increasing prevalence of chronic diseases are the factors driving the market.
Technological advancement in medical and diagnostics equipment is likely to act as future trends in the market.
Stryker, Boston Scientific, Medtronic, Edward Lifesciences, Johnson & Johnson, Abbott, Terumo Corporation, B. Braun Melsungen Ag, Aramark Services Inc., and Althea are the leading players operating in the medical equipment maintenance market.
The estimated value of the market by 2031 will be US$ 80.82 billion.
The market is estimated to grow at a CAGR of 9.6% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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