Global Medical Equipment Maintenance Market Report 2023: Increase in Demand for Medical Devices Drives Growth
DUBLIN, June 1, 2023 /PRNewswire/ -- The "Medical Equipment Maintenance Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.The global medical equipment maintenance market grew from $32.55 billion in 2022 to $37.31 billion in 2023 at a compound annual growth rate (CAGR) of 14.6%. The medical equipment maintenance market is expected to grow to $56.03 billion in 2027 at a CAGR of 10.7%.
Major players in the medical equipment maintenance market are GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Medtronic PLC., FUJIFILM Holdings Corporation, Canon Inc., Carestream Health Inc., Drager, Toshiba International Corporation, Althea Group, Olympus Corporation, B. Braun Melsungen AG, KARL STORZ GmbH & Co. KG, Aramark Services Inc., and Johnson & Johnson.
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Medical equipment maintenance refers to a set of activities conducted to keep the equipment in working condition. Medical equipment needs to be maintained in working order and periodically calibrated for the effectiveness and accuracy of the results. The main types of services in medical equipment maintenance are preventive maintenance, corrective maintenance, and operational maintenance. Preventive maintenance is the process of maintaining equipment and assets regularly to keep them working and avoid costly unplanned downtime due to unexpected equipment breakdowns.
The different technologies include multi-vendor OEMS, single-vendor OEMs, independent service organization, and in-house maintenance and involve various devices such as imaging equipment, endoscopic devices, surgical instruments, and electro-medical equipment. It is implemented in various areas such as hospitals, diagnostic imaging centers, dialysis centers, ambulatory surgical centers, dental clinics, and specialty clinics, among others.Strategic partnerships and collaborations are shaping the medical equipment maintenance market. For instance, in February 2021, Siemens Healthineers, a Germany-based medical technology company, and the Kantonsspital Baden (KSB), a Switzerland-based hospital formed a technological and strategic partnership for eight years.
This partnership aims to help Kantonsspital Baden to expand its capabilities, optimize business processes, and advance innovation. It includes maintenance of medical imaging systems, technology needs, and capacity assessment, holistic technology management, process optimization, expansion of telemedicine solutions, and certified employee training programs.
Additionally, in March 2021, Agiliti, a US-based medical equipment management company acquired Northfield Medical, a US-based company that offers repairing and maintenance services for surgical instruments for $475 million. Through this acquisition, Northfield Medical offers medical device care and repair, with a focus on surgical instruments, endoscopes, and other operating room equipment.In March 2021, Fujifilm Healthcare, a Japan-based diagnostics imaging systems company acquired Hitachi's diagnostic imaging-related business for an amount of $1.52 billion (€1.3 billion). Through this acquisition, Fujifilm aims to expand its diagnostic products and services business globally to offer comprehensive solutions for clinical needs. Hitachi Ltd. is a Japan-based company that manufactures medical equipment and provides medical equipment maintenance services.North America was the largest region in the medical equipment maintenance market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical equipment maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.The countries covered in the medical equipment maintenance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.The increase in demand for medical devices is significantly contributing to the growth of the medical equipment maintenance market. Medical devices are instruments, machines, and apparatus that are used for medical purposes to prevent, diagnose, or treat diseases. The rising demand for medical devices requires effective medical equipment maintenance services to lower dispatch costs, minimize patient dissatisfaction, ensure prompt patient treatment, and lower fatality and risk during patient care.
For instance, according to the International Trade Administration and U.S. Department of Commerce report, the total production of medical devices and equipment in India reached $4,473 million in 2020 which is an increase compared to $2,390 million in 2019. Therefore, the increase in demand for medical devices is expected to propel the growth of the medical equipment maintenance market going forward.The medical equipment maintenance market consists of revenues earned by entities that are engaged in the service of preventive maintenance, periodic inspection, and corrective maintenance of medical equipment. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.Key Topics Covered: 1. Executive Summary2. Medical Equipment Maintenance Market Characteristics3. Medical Equipment Maintenance Market Trends And Strategies4. Medical Equipment Maintenance Market - Macro Economic Scenario4.1 COVID-19 Impact On Medical Equipment Maintenance Market4.2 Ukraine-Russia War Impact On Medical Equipment Maintenance Market4.3 Impact Of High Inflation On Medical Equipment Maintenance Market5. Medical Equipment Maintenance Market Size And Growth5.1. Global Medical Equipment Maintenance Historic Market, 2017-2022, $ Billion5.1.1. Drivers Of The Market5.1.2. Restraints On The Market5.2. Global Medical Equipment Maintenance Forecast Market, 2022-2027F, 2032F, $ Billion5.2.1. Drivers Of The Market5.2.2. Restraints On the Market6. Medical Equipment Maintenance Market Segmentation6.1. Global Medical Equipment Maintenance Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.2. Global Medical Equipment Maintenance Market, Segmentation By Device, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. Global Medical Equipment Maintenance Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Independent Service Organization
6.4. Global Medical Equipment Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Diagnostic Imaging Centres
Ambulatory Surgical Centres
Dental Clinics And Speciality Clinics
Other End Users
7. Medical Equipment Maintenance Market Regional And Country Analysis7.1. Global Medical Equipment Maintenance Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion7.2. Global Medical Equipment Maintenance Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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