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The global medical equipment maintenance market was valued at $17.4 billion in 2019, which is expected to grow at a CAGR of 9.4% during the forecast period (2020–2030). The major factors responsible for the growth of the market include the advancements in medical devices, stringent regulatory environment, and rising awareness about preventive maintenance across the globe.
However, the current COVID-19 pandemic has negatively impacted the market for medical equipment maintenance services. The healthcare system is facing an unprecedented challenge due to the social distancing measures adopted by governments to prevent the virus spread. This is impacting the face-to-face interactions typically conducted by sales representatives, medical science liaisons, and other field-based employees of pharmaceutical and medical device companies.
Based on equipment type, the imaging equipment category is expected to dominate the medical equipment maintenance market during the forecast period. The leading position of the category is attributed to the extensive use of imaging equipment for various medical conditions, including cancer and neurological diseases.
Based on service type, the preventive and predictive services category is expected to witness the fastest growth in the medical equipment maintenance market during the forecast period. This would mainly be due to the wide range of services offered by service providers in this category, which generates immense cost savings for public- and private-sector organizations.
In 2019, the global medical equipment maintenance industry generated the highest revenue in the category of OEMs, based on service provider, owing to advanced and faster maintenance services offered by them. Based on the type of OEM, multi-vendor is expected to be the higher-revenue-generating category in the global market till 2030. It is also projected to be the faster-growing category during the forecast period, mainly on account of a wider portfolio of services provided by them as compared to single-vendor OEMs.
Public-sector organizations are the dominant end users in the global market for medical equipment maintenance, both in terms of growth and size. This leading position of the category is due to the fact that public-sector organizations operate a greater number of medical centers than private-sector organizations, thereby generating a higher demand for maintenance services than the private sector. In addition, the increasing number of government hospitals and rising healthcare support provided by governments to patients lead to a higher usage of medical devices by these end users, thereby further supporting the market growth.
North America accounted for the major share in the medical equipment maintenance market in 2019, and it is expected to continue to lead the industry throughout the forecast period. This would be due to the growing geriatric population, increasing number of hospitals, rising disease burden, and increasing adoption of medical imaging systems.
According to an article published by the U.S. Census Bureau in 2018, the older North American population is expected to outnumber younger population by 2030. The region will have 78 million people aged 65 years and above, whereas the population under the age of 18 years will be 76.7 million.
Moreover, the region is expected to witness an increase in the number of hospitals. According to the data published by the American Hospital Association in January 2019, there were 6,210 registered hospitals in the U.S. in 2017. Thus, with the increase in the number of hospitals, the demand for medical equipment maintenance is also likely to rise in the region owing to the number of medical devices under extensive use for diagnosis and treatment.
Globally, APAC is expected to advance with the highest CAGR in the medical equipment maintenance market during the forecast period. The major factors responsible for this growth would be the increasing number of diagnostic tests performed in the region and rising prevalence of chronic diseases that require medical devices for early diagnosis.
Moreover, the number of hospitals in the region is increasing annually. For instance, the total number of hospitals in China has risen significantly over the last decade, from roughly 18,700 in 2005 to about 27,600 in 2015. Further, in 2019, there were approximately 33,000 hospitals in China.
End users in the medical equipment maintenance market are becoming more inclined toward entering into multi-vendor contracts, in order to reduce the complexities and additional expenses associated with separate services provided under agreements with the manufacturers of medical equipment. For instance, GE Healthcare, the healthcare division of General Electric Company (GE), offers the AssurePoint multi-vendor service for imaging equipment, regardless of the manufacturer. In June 2019, GE Healthcare added more than 6,000 multi-vendor parts and six new functions to its online Service Shop, with the aim to provide greater availability of parts.
Rapid advancements in medical devices, including diagnostic equipment, are being witnessed in the healthcare sector, globally. With the global medical device industry being highly diversified, key players are developing high-quality diversified products using advanced technologies resulting from significant investments in research and development (R&D) activities. Medical devices have a certain life span and require maintenance or replacement, in some cases, after a certain period. Therefore, the expanding medical device industry is predicted to drive the growth of the medical equipment maintenance market during the forecast period.
The emphasis on cleanliness in healthcare facilities is increasing, with many prestigious organizations issuing guidance for improving the cleanliness regimen and preventing infections. For instance, the World Health Organization (WHO) has issued guidelines for hospital hygiene and infection control, which emphasize on equipment maintenance. Owing to this, healthcare providers are increasingly adopting maintenance services for various devices. For instance, Montana State Hospital launched a preventive maintenance program in August 2017 to increase the useful life of buildings and equipment and ensure the safety of the personnel and patients. Such factors are expected to significantly boost the growth of the medical equipment maintenance market during the forecast period.
|Base Year (2019) Market Size||$17.4 Billion|
|Forecast Period (2020-2030) CAGR||9.4%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Analysis, Companies’ Strategic Developments, Impact of COVID-19, Company Profiling|
|Market Size by Segments||Equipment Type, Service Type, Service Provider, End User, Region|
|Market Size of Geographies||U.S., Canada, Germany, U.K., France, Italy, Spain, Russia, Switzerland, Poland, Ukraine, Netherlands, Belgium, China, Japan, India, Australia, South Korea, Singapore, Indonesia, New Zealand, Malaysia, Brazil, Mexico, Argentina, Chile, Colombia, Peru, Saudi Arabia, South Africa, U.A.E., Israel|
|Secondary Sources and References (Partial List)||American Association for Accreditation of Ambulatory Surgery Facilities, American College of Radiology, American Hospital Association, American Medical Resources Foundation, American Registry of Radiologic Technologists, AmeriCares, Association for the Advancement of Medical Instrumentation, Association of Medical Device Reprocessors, Health and Human Services|
In recent years, players in the market have been actively involved in mergers and acquisitions to stay ahead in the competition.
The global medical equipment maintenance market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Equipment Type
Based on Service Type
Based on Service Provider
Based on End User
The medical equipment maintenance market will grow by 9.4% during 2020–2030.
Medical equipment maintenance industry end users are rapidly employing ISOs because OEMs generally charge high prices for their services.
The quickest increase in the medical equipment maintenance market revenue would be seen in APAC.
The biggest trend in the medical equipment maintenance industry is multi-vendor service contracts.
To grow in the medical equipment maintenance market, service providers are engaging in mergers and acquisitions.