Medical equipment maintenance ensures healthcare devices' continuous functionality, accuracy, and safety, ranging from diagnostic tools to life-support systems. Regular maintenance helps identify and rectify potential issues before they escalate, minimizing downtime and ensuring uninterrupted patient care. It is vital to meet regulatory standards and compliance requirements to safeguard patients and healthcare practitioners. Effective maintenance also extends the lifespan of expensive medical equipment, optimizing return on investment. Reliable equipment is essential in emergencies, making maintenance critical in enhancing the resilience of healthcare facilities.
According to Data Bridge Market Research analyses, the Global Medical Equipment Maintenance Market, which was USD 23,660.9 million in 2022, would rise to USD 48,547.8 million by 2030 and is expected to undergo a CAGR of 9.4% during the forecast period 2023 to 2030.
"Rise in elderly population boosts the market growth"
The increasing elderly population is a significant driver for the growth of the medical equipment maintenance market. As the global demographic landscape shifts towards an aging population, there is a corresponding rise in the prevalence of age-related health conditions and chronic diseases. The healthcare needs of the elderly often require specialized medical equipment, such as mobility aids, monitoring devices, and diagnostic tools. To ensure these devices' reliability and optimal performance, medical equipment maintenance becomes crucial. The imperative fuels the escalating demand for maintenance services to keep these sophisticated medical instruments in proper working order, ensuring the well-being and quality of care for the growing elderly demographic.
What restraints the growth of the global medical equipment maintenance market?
“High cost of maintenance hinders the market growth”
The high maintenance cost is a notable restraint in the medical equipment maintenance market. The sophisticated nature of modern medical devices often requires specialized expertise and resources for regular upkeep, leading to elevated maintenance expenses. Healthcare facilities, particularly in resource-constrained environments, may struggle to allocate significant financial resources to cover these maintenance costs. This financial burden can impact the overall budget of healthcare institutions, potentially hindering their ability to invest in other critical areas such as technological upgrades or expanding patient care services.
Segmentation: Global Medical Equipment Maintenance Market
The global medical equipment maintenance market is segmented on the basis of service type, service providers, device type, level of maintenance, technology, and end-user.
- On the basis of service type, the global medical equipment maintenance market is segmented into preventive, corrective, and performance/operational
- On the basis of service providers, the global medical equipment maintenance market is segmented into in-house service providers, and external service providers
- On the basis of device type, the global medical equipment maintenance market is segmented into imaging equipment, endoscopic devices, electromedical equipment, surgical instruments, patient monitoring and life support devices, dental equipment, and other medical equipment
- On the basis of level of maintenance, the global medical equipment maintenance market is segmented into level 3, specialized, level 2, technician, level 1, and user (or first-line)
- On the basis of technology, the global medical equipment maintenance market is segmented into multi-vendor OEMs, single-vendor OEMs, independent service organization, and in-house maintenance
- On the basis of end-user, the global medical equipment maintenance market is segmented into hospitals, clinics, laboratory, and other health care centres
Regional Insights: North America dominates the Global Medical Equipment Maintenance Market
North America's dominance in the medical equipment maintenance market is fueled by a heightened prevalence of chronic diseases, substantial healthcare spending, and a substantial demand for advanced medical devices. The region's commitment to cutting-edge healthcare infrastructure and technology translates into a continuous need for maintenance services to ensure optimal functionality and reliability of sophisticated medical equipment.
The Asia-Pacific is expected to experience the substantial growth during the forecast period in the market, due to proactive government initiatives aimed at enhancing healthcare services. For instance, Ayushman Bharat Yojana, launched by the Government of India in 2018. This initiative is designed to provide free access to healthcare for 40% of the population, addressing a significant portion of the country's healthcare needs. Such government programs contribute to the increasing demand for medical equipment and services, fostering the growth of the maintenance market in the region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-medical-equipment-maintenance-market
Recent Developments in the Global Medical Equipment Maintenance Market
- In 2022, B. Braun inaugurated a Technical Service Center dedicated to providing high-quality medical equipment repair and maintenance services, aiming to bolster the resilience of the Thailand public health system
- In 2022, Medical Manufacturing Technologies (MMT) completed the acquisition of medical production technology Europe (MPT), enhancing its catheter manufacturing solutions portfolio. The newly integrated services encompass equipment and process development, with a strategic focus on balloon forming, thermal bonding, folding, and pleating, as well as stent crimping solutions
The Prominent Key Players Operating in the Global Medical Equipment Maintenance Market Include:
- Koninklijke Philips N.V. (Netherlands)
- Siemens Healthcare GmbH (Germany)
- General Electric (U.S.)
- Medtronic (Ireland)
- Stryker (U.S.)
- Viatronix, Inc. (U.S.)
- Terarecon, Inc (U.S.)
- Carestream Health (U.S.)
- Shimadzu Corporation (Japan)
- Olympus Corporation (Japan)
- Boston Scientific Corporation (U.S.)
- Cook (U.S.)
- Hoya Corporation (Japan)
- Richard Wolf GmbH (Germany)
- KARL STORZ(Germany)
- Smith+Nephew (U.K.)
- Zimmer Biomet (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global medical equipment maintenance market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Medical Equipment Maintenance Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
