Medical Equipment Maintenance Market To Generate $98.9 Billion Revenue by 2030
- Published: November 2023
The global medical equipment maintenance market is projected to reach USD 98.9 billion by 2030, growing with a CAGR of 10.7% during 2024–2030. The increasing pace of advancements in the medical device industry, presence of strict regulations for medical equipment maintenance, and rising awareness about preventive maintenance are some of the major drivers boosting the demand for such services across the world.
Moreover, a number of medical devices can be used in various applications, not being specific to just one area. For instance, surgical scalpels, dissecting scissors, dressing forceps, catheters, feeding tubes, and various other devices can be used in multiple surgeries. Similarly, imaging devices, such as MRI, CT, ultrasound, and X-ray systems, are used in multiple clinical applications. In order to increase their life span, they require proper maintenance. Moreover, regular servicing also helps prevent infections in healthy patients caused by the use of medical devices on infected patients.
In addition, the emphasis on cleanliness in healthcare facilities is increasing, with many prestigious organizations issuing guidance for improving cleanliness and preventing infections. For instance, the WHO has issued guidelines for hospital hygiene and infection control, which emphasize equipment maintenance, especially in light of hospital-acquired COVID-19.
Imaging Equipment Category Dominated Market in 2023
Based on equipment type, the imaging equipment category held the largest share in 2023. This is attributed to the fact that this kind of equipment is used extensively for the diagnosis of various medical conditions, including tumors, neurological issues, and heart diseases.
Further, based on service provider, ISOs are expected to emerge as the fastest-growing category in the global market during the forecast period. This can be attributed to the high price of the services offered by OEMs, which has led to the growing preference for ISOs.
Geographically, the North American region held the largest share in the medical equipment maintenance market during the historical period (2017–2022), and the same situation is predicted for the forecast period. The increasing geriatric population, growing number of hospitals, rising disease burden, and increasing adoption of medical imaging systems are some key factors supporting the growth of the market in the region. The number of registered hospitals in the U.S. was 6,093 in 2022, among the highest in the world.
Industry Players Are Focusing on Mergers, Acquisitions, and Partnerships to Expand in Market
- In February 2020, TRIMEDX Holdings LLC partnered with CyberVista, a company providing workforce development solutions and cybersecurity education, and launched its CE CYBER Academy. This entity offers training and certification programs, which are expected to provide TRIMEDX Holdings LLC’s associates with the crucial skills that healthcare organizations find difficult to acquire, in an era where the demand for cybersecurity expertise is witnessing an unprecedented rise. This partnership will allow OEMs to track the condition of their connected medical devices deployed at hospitals remotely and accurately assess the functioning of the operating system, which would allow them to advise end users on predictive maintenance.
- In June 2020, Crothall Healthcare Technology Solutions (HTS) and Asimily, which operates in the connected medical device, cybersecurity, and operational management niches, formed a strategic partnership for better visibility into clients’ connected medical device profiles. Asimily’s machine learning tool assesses risk, prioritizes actions, and allows for the development of strategies to reduce security vulnerabilities.
- In February 2020, Agiliti Inc. acquired Mobile Instrument Service & Repair Inc., which services endoscopes, handheld surgical instruments, powered surgical equipment, video cameras and processing systems, rolling stock sterilizers, and case carts.
Adoption of Equipment Insurance Is Biggest Trend
The high installation and maintenance cost for medical devices is leading to the growing demand for their insurance. There are several companies that provide insurance programs to end users to protect them from any heavy loss in the case of equipment damage. Some of these companies are CAN Financial Corporation, Cailor Fleming Insurance, ProTek Insurance, Medical Equipment Repair Associates, Anco Insurance, American International Group Inc., and DESCO.
Overall, the key companies providing maintenance services for medical equipment are General Electric Company, Siemens AG, Koninklijke Philips N.V., Drägerwerk AG & Co. KGaA, FUJIFILM Holdings Corporation, Hitachi Ltd., Agfa-Gevaert N.V., Agiliti Health Inc., Canon Inc., Carestream Health Inc., Shimadzu Corporation, Sodexo SA, Crothall Healthcare, and TRIMEDX Holdings LLC.