Medical Equipment Maintenance Market - Emerging Trends & Global Future Forecasts


Posted February 5, 2021 by mmvaidya

The medical equipment maintenance market to grow from USD 28.97 billion in 2018 to USD 47.49 billion by 2023
 
MarketsandMarkets forecasts the medical equipment maintenance market to grow from USD 28.97 billion in 2018 to USD 47.49 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period.

Major Growth Boosters:

The major factors that are expected to be driving the medical equipment repair market are rising focus on preventive medical equipment maintenance, growth in associated equipment markets, adoption of innovative funding mechanisms, and the increasing purchase of refurbished medical equipment.

Major Objective Behind This Study:

The objective of the report is to define, describe, and forecast the medical equipment maintenance market size based on device type (imaging equipment, Electromedical Equipment, Endoscopic Devices, Surgical Instruments, and Other Medical Equipment), service type, service provider, end user, and region.

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Restraint: High initial cost and significant maintenance expenditure

Maintenance programs for medical devices enable healthcare providers to track and monitor their condition, and thereby ensure efficient utilization and maximum uptime. This is also essential, given the current focus on preventive maintenance and cost pressures, to control total expenditure against a background of austerity measures. Such programs include the deployment of asset management solutions which use advanced technologies.

However, the deployment of these solutions incurs high initial installation costs and significant maintenance expenditure, while the installation of advanced medical equipment incurs a service contract cost (~12% of the cost of medical equipment) to be paid per year. The service cost thus paid during the lifespan of the equipment is usually more than the cost of the equipment. The high cost associated with the purchase and maintenance of advanced medical equipment is restraining end users from adopting them. This stifles the demand for associated maintenance services and thereby restrains market growth.

Opportunity: Emergence of ISOs

The medical equipment maintenance and services sector was initially dominated by OEMs. However, OEMs typically charge more than third-party vendors, and often take longer for maintenance, resulting in higher associated costs as well as downtime. This situation, especially given the backdrop of continuing austerity measures and the need for cost-curtailment in global healthcare systems, has led to the emergence of ISOs dedicated to solely providing maintenance services.

With a strong team of experts, these organizations can cater to customers in situations where OEMs fail to offer satisfactory and time-efficient solutions. Moreover, ISOs offer services for multiple brands of medical devices, providing end users with a central, independent management platform for uniform service delivery across all asset groups, while reducing maintenance costs. This also helps reduce operating expenses and capital spending.

North America is expected to lead the medical equipment maintenance market in 2023

On the basis of the region, the medical equipment maintenance market is segmented into North America, Europe, Asia, and the RoW. In 2018, North America is expected to account for the largest share of the market, followed by Europe, The largest share of the North American market is attributed to the factors such as the rise in aging population and incidence of lifestyle-related diseases, access to quality healthcare, well-established healthcare infrastructure, high adoption of advanced technology, and the presence of prominent players. In 2018, Europe is expected to hold the second-largest share. Factors such as expanding patient population, rising focus on early diagnosis, growing number of diagnostic imaging procedures, and strategic agreements, partnerships, and collaborations between service providers and end users are expected to fuel market growth in this region.

The medical equipment maintenance market is highly competitive, with the presence of both OEMs and ISOs. GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Toshiba Medical Systems Europe (Germany), FUJIFILM Holdings Corporation (Japan), Carestream Health, Inc. (U.S.), Agfa-Gevaert Group (Belgium), and Drägerwerk AG & Co. KGaA (Germany) are some of the leading OEMs.

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Global Leaders:

Aramark Services, Inc. (US), BC Technical, Inc. (US), Alliance Medical Group (UK), Althea Group (Italy), Avensys UK Ltd. (UK), and Grupo Empresarial Electromédico (Spain) are some of the leading ISOs operating in the medical equipment maintenance market.

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags global medical equipment maintenance market , medical equipment maintenance , medical equipment maintenance market
Last Updated February 5, 2021