Medical Equipment Maintenance Market to Grow with a CAGR of 6.29% through 2028
Rising incidence of chronic diseases is expected to
drive the Global Medical Equipment Maintenance Market growth in the forecast
period, 2024-2028.
According to TechSci Research report, “Medical
Equipment Maintenance Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Medical
Equipment Maintenance Market stood at USD 34.88 billion in 2022 and is
anticipated to grow with a CAGR of 6.29% in the forecast period, 2024-2028. Advancements
in medical technology have given rise to a plethora of sophisticated and
high-value medical equipment. From cutting-edge imaging systems to complex
diagnostic devices, the healthcare industry has witnessed a continuous influx
of innovative technologies. As these technologies become more intricate and
specialized, the need for maintenance and servicing also grows. Regular upkeep
is essential to ensure the optimal performance of these devices, extending
their lifespan, and minimizing downtime. Healthcare providers are increasingly
investing in maintenance services to safeguard their investments in
state-of-the-art equipment.
Stringent regulatory requirements and accreditation
standards are a fundamental driver of the medical equipment maintenance market.
Regulatory agencies and accreditation bodies, such as the FDA in the United
States and the ISO (International Organization for Standardization), mandate
rigorous maintenance and calibration of medical equipment to ensure patient
safety and regulatory compliance. These standards are in place to reduce the
risk of equipment malfunction, which can have dire consequences in healthcare
settings. Healthcare facilities, from small clinics to large hospitals, are
compelled to implement comprehensive maintenance programs to meet these
standards, which fuels the demand for maintenance services.
Healthcare institutions, both in developed and
emerging markets, face budget constraints and the constant pressure to contain
costs while providing quality patient care. Investing in maintenance services
is often more cost-efficient than purchasing new equipment. Routine maintenance
can identify and address issues before they become critical, reducing the
likelihood of costly emergency repairs or replacements. As such, medical
equipment maintenance offers a budget-friendly approach to maintaining healthcare
operations without compromising on patient care.
Browse over XX market data Figures spread
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The Global Medical Equipment Maintenance Market is
segmented into Equipment, Service, Regional Distribution, And Company.
Based on the Equipment, Imaging
Equipment emerged as the dominant segment in the global market for Global
Medical Equipment Maintenance Market in 2022. Imaging equipment, such as X-ray
machines, CT scanners, MRI scanners, and ultrasound devices, are a cornerstone
of modern healthcare. They play a pivotal role in diagnostic procedures,
treatment planning, and monitoring of patient conditions. These devices are
used in various medical specialties, from radiology to cardiology, orthopaedics,
and oncology, making them essential components of medical practice. Imaging
equipment is known for its technological complexity. Advancements in medical
imaging technology, such as the development of 3D imaging, contrast-enhanced
imaging, and multi-modal imaging, have increased the intricacy of these
devices. Maintenance is essential to ensure that these advanced features and
functionalities perform optimally.
The accuracy of diagnostic and treatment
decisions relies on the precision and reliability of imaging equipment.
Maintenance is indispensable to ensure patient safety and the correctness of
diagnoses. Even minor malfunctions in imaging devices can lead to incorrect
results and have significant clinical implications. Imaging equipment is often
one of the most expensive assets in healthcare facilities. Ensuring the
longevity and performance of these costly devices through maintenance is a
cost-effective approach compared to replacing or repairing them after
breakdowns. The high initial investment in imaging equipment drives the demand
for comprehensive maintenance services.
Based on the Service, Preventive
Maintenance emerged as the dominant segment in the global market for Global
Medical Equipment Maintenance Market in 2022. Regulatory agencies, such as the
FDA and ISO, require healthcare facilities to adhere to stringent maintenance
and quality control standards for medical equipment. Preventive maintenance is
a structured and documented approach that ensures compliance with these
standards, preventing regulatory violations and potential legal consequences.
Healthcare institutions are compelled to maintain a high level of regulatory
compliance, which drives the demand for preventive maintenance services. Regular
preventive maintenance helps extend the lifespan of medical equipment. By
addressing wear and tear, calibrating components, and ensuring optimal
functionality, equipment can continue to operate efficiently for an extended
period. This cost-effective approach reduces the need for frequent equipment
replacements, saving healthcare facilities substantial capital expenditure.
Preventive maintenance is a proactive
approach that helps healthcare facilities mitigate the risk of unexpected
equipment breakdowns and failures. By regularly inspecting, testing, and
servicing medical equipment, potential issues can be identified and addressed
before they escalate, reducing the likelihood of costly emergency repairs or
downtime. In healthcare, where equipment reliability is critical for patient
care, risk mitigation is of paramount importance.
North America emerged as the dominant
player in the Global Medical Equipment Maintenance Market in 2022, holding the
largest market share. North America boasts one of the most
advanced and well-established healthcare infrastructures globally. The region
is equipped with cutting-edge medical facilities and state-of-the-art medical
equipment. The increasing complexity and prevalence of medical technology
necessitate robust maintenance services, making North America a prominent
market for medical equipment maintenance. North America has been an early
adopter of technological innovations in healthcare, including the integration
of advanced medical devices, electronic health records (EHRs), and
telemedicine. The evolving nature of healthcare technology requires consistent
and precise maintenance services to ensure the optimal functioning of these
devices. The region's embrace of these innovations has driven the demand for
maintenance services. North America consistently allocates a
substantial portion of its healthcare expenditure to medical equipment
maintenance. The region's dedication to maintaining the reliability and
accuracy of its medical devices ensures the continued growth of the medical
equipment maintenance.
Major companies operating in Global Medical
Equipment Maintenance Market are:
- GE Healthcare
- Siemens Healthineers
- Koninklijke Philips N.V.
- Drägerwerk AG & Co. KGaA
- Medtronic Plc
- B. Braun Melsungen AG
- Aramark
- BC Technical, Inc.
- Alliance Medical Group
- Althea Group
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“The increasing
complexity and prevalence of advanced medical technology, coupled with a
growing aging medical equipment infrastructure, will drive the demand for
maintenance services. Furthermore, the rising prevalence of chronic diseases
and the expansion of healthcare infrastructure in emerging markets will boost
the market's global reach. Technological innovations, such as remote monitoring
and predictive maintenance solutions, will enhance the efficiency and
cost-effectiveness of maintenance operations. Additionally, stringent
regulatory requirements and the need for compliance will continue to propel the
market's growth. As healthcare expenditure rises, healthcare providers are
expected to allocate more resources to ensure the reliability and performance
of their medical equipment, creating an ample growth for the expansion of the
Global Medical Equipment Maintenance Market in the coming years.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Medical Equipment Maintenance Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By
Equipment (Imaging Equipment, Electromedical Equipment, Endoscopic Devices,
Surgical Instruments, Other Medical Equipment), By Service (Preventive
Maintenance, Corrective Maintenance, Operational Maintenance) Region and
Competition”, has evaluated the future growth potential of Global Medical Equipment
Maintenance Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Medical Equipment
Maintenance Market.
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