Major Growth Driving Factors:
The growth for medical equipment maintenance market can be attributed to the increasing demand for Maintenance programs include processes for the preventive, corrective, and operational maintenance of medical devices, ensuring that the equipment is safe for both patients and operators. Service provider also provide training programs along with maintenance services attributed to growing preference for long term service contracts. Factors such as the COVID-19 pandemic, rapidly growing global geriatric population, changing epidemiology, and the cost-effectiveness of maintenance services have driven the medical equipment maintenance market for healthcare sector.
Revenue Growth Expectations:
The medical equipment maintenance market is expected to witness sustained and positive demand growth during the forecast period. The medical equipment maintenance market is projected to reach USD 74.2 billion by 2026 from USD 45.2 billion in 2021 at a CAGR of 10.4% during the forecast period.
Global Industry Segmentation:
Based on device type, the medical equipment maintenance market is segmented into diagnostic imaging equipment, patient monitoring & life support devices, endoscopic devices, surgical equipment, ophthalmology equipment, medical lasers, electrosurgical equipment, radiotherapy devices, dental equipment, laboratory equipment, and durable medical equipment. In 2020, the diagnostic imaging equipment segment accounted for the largest share of the medical equipment maintenance market. This segment is also expected to record the highest CAGR during the forecast period. The increasing demand for maintenance services for diagnostic imaging equipment is attributed to their substantial replacement cost and the need to ensure maximum equipment uptime.
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Based on service type, the medical equipment maintenance market is segmented into corrective, preventive, and operational maintenance. The preventive maintenance segment is estimated to dominate the medical equipment maintenance market in 2020. The growing focus on implementing preventive maintenance strategies among healthcare organizations is expected to offer growth opportunities for service providers in the coming years.
Based on a service provider, the medical equipment maintenance market has been segmented into multi-vendor OEMs, single-vendor OEMs, ISOs, and in-house maintenance. Among these, the multi-vendor OEMs segment accounted for the largest share of the market in 2020. Many healthcare providers opt for maintenance services offered by OEMs owing to their service quality, wide geographic presence, strong technical expertise, and easy access to spare parts (resulting in reduced downtime). Also, multi-vendor service contracts eliminate the complexity of dealing with multiple OEMs and external suppliers.
Based on end user, the medical equipment maintenance market is segmented into hospitals, diagnostic imaging centers, dialysis centers, ambulatory surgical centers, dental clinics & specialty clinics, and other end users. In 2020, hospitals accounted for the largest share of this market. The rising patient influx is encouraging hospitals to form alliances and partnerships with medical device maintenance service vendors for the establishment of state-of-the-art in-house maintenance facilities or outsourcing maintenance services.
Geographical Growth Dynamics:
The medical equipment maintenance market covers five key geographies—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2020, Asia Pacific region is expected to offer significant opportunities for the growth of the medical equipment maintenance market. This is because of the region’s large population and its mix of growing and developed economies, such as Japan, China, and India.
In addition, markets in developed countries are becoming increasingly saturated, thereby having manufacturers and suppliers shift their focus to Asian markets. In 2020, Asia Pacific region is expected to offer significant opportunities for the growth of the medical equipment maintenance market. Presence of a large number of OEMs, and strategic agreements and collaborations between service providers and end users are the major factors driving the growth of the medical equipment maintenance market.
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