Medical Equipment Maintenance Market: Current Analysis and Forecast (2021-2027)

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Global Medical Equipment Maintenance Market is anticipated to grow with an elevated CAGR of around 10% over the forecast period (2021-2027). Medical device maintenance is an important process for maintaining a device and ensuring its operational efficiency and accuracy. Healthcare devices are so expensive and sophisticated that they require a maintenance process. Apart from that, it plays an important role in calibrating the device and reducing the risk of contamination. From diagnosis to surgery and treatment, medical devices are used to closely monitor a patient’s health. Therefore, their maintenance also plays an important role in maintaining and improving the accuracy and accuracy of medical devices. Maintenance of the medical device ensures that the device is error-free and functions correctly. This includes determining the life of a device, from small devices such as sphygmomanometers to complex devices such as magnetic resonance imaging (MRI) devices. It also describes the frequency of activities, repairing out-of-service equipment, optimization, and setting maintenance intervals based on meaningful data.

The medical equipment maintenance market is expected can be attributed to the rising prevalence of various chronic diseases coupled with a rapidly growing geriatric population. According to the United Nations, the 60+ aged population was 962 million in 2017 which is more than twice that it was in 1980 at 382 million. The number of elderly is expected to double again by 2050 and reach nearly 2.1 billion worldwide. Also, according to the Centers for Disease Control and Prevention, approximately 85% of older adults have at least one chronic health condition, and 60% have at least two chronic conditions. Owing to these facts, there is a growing demand for effective and quicker diagnostic facilities which can detect diseases quickly and accurately. Thereby, boosting the medical equipment maintenance market.

The market is driven primarily by the increasing adoption of preventive maintenance to extend the life of medical devices in the healthcare sector. For example, in December 2020, Sodexo India launched the initiative “Sodexo Healthcare Technology Management (HTM)”, a mobile-app-based service that will provide maintenance services for biomedical equipment and their life cycle management, in partnership with the Association of Healthcare Providers (AHPI). In addition, the rapid technological advancement of medical devices and the increasing need for continuous training and maintenance are stimulating market growth. However, some of the restraints in the market include a lack of skilled professionals and high initial costs for maintenance are impeding the growth of this market all over the world.

Countries with the largest percentage share of older persons aged 65 years or over, 2019-2050

GE Healthcare, Koninklijke Philips N.V., Toshiba Medical System Corporation, FUJIFILM Holdings Corporation, Carestream Health, Agfa-Gevaert Group, Hitachi Medical Corporation, Drägerwerk AG & Co. KGaA, Olympus Corporation, Althea Group are some of the prominent players operating in the medical equipment maintenance market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with maintenance services.

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Insights Presented in the Report

“Amongst Device Type, imaging equipment segment holds the major share”

Based on device type, the medical equipment maintenance market is segmented into imaging equipment, advanced modalities, surgical instruments, endoscopic devices, and electromedical equipment. The imaging equipment segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe. Imaging is preferred by most medical professionals because it provides a quick primary diagnosis. Imaging devices have evolved rapidly with technological advancement and increased investment by healthcare providers to improve patient health.

“Amongst Service Type, preventive maintenance segment holds the major share”

Based on service type, the medical equipment maintenance market is divided into preventative maintenance, corrective maintenance, and operational maintenance. The preventive maintenance segment occupied the major share of the medical equipment maintenance market in 2020 and it is expected to grow with a substantial CAGR in the upcoming years. The growth of this segment is attributed to the increasing prevalence of various medical conditions and life-threatening diseases leading to an increase in diagnosis rates. Furthermore, a rise in focus on early diagnosis and various initiatives taken by the government and non-government organizations for preventive maintenance is likely to boost the growth of this segment.

“Amongst End-Users, hospitals segment holds the major share”

Based on end-users, the market is bifurcated into the hospitals, ambulatory surgical centers and others. The hospitals segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to the growing number of hospitals around the world to combat the epidemic of chronic diseases, a surge in the number of surgeries in the hospital setting and the adoption of annual maintenance policies by healthcare providers is expected to boost the growth of this segment.

“North America represents one of the largest markets of medical equipment maintenance market”

For a better understanding of the market dynamics of the medical equipment maintenance market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the medical equipment maintenance market industry and generated revenue of USD XX Million in 2020 owing to strong healthcare infrastructure and growing adoption of regular medical equipment maintenance in the region.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

Customization Options:

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global medical equipment maintenance market were the three major steps undertaken to create and analyze the adoption of medical equipment maintenance in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global medical equipment maintenance market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the medical equipment maintenance through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the medical equipment maintenance market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as device type, service type, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of medical equipment maintenance across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the medical equipment maintenance. Further, we conducted factor analysis using dependent and independent variables such as growing advancements in technology and the increasing prevalence of chronic diseases. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the medical equipment maintenance sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the medical equipment maintenance market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of medical equipment maintenance across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the medical equipment maintenance market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the medical equipment maintenance market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of device type, service type, and end-users of the medical equipment maintenance market.

The main objective of the Medical Equipment Maintenance Market Study

The current & future market trends of medical equipment maintenance were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of medical equipment maintenance in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of device type, service type, and end-users
• Define and analysis of the regulatory framework for the medical equipment maintenance industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the medical equipment maintenance market for the major region
• Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
• Company profiles of the medical equipment maintenance market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry

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