Medical Equipment Maintenance Market - Emerging Trends & Global Future Forecasts


Posted June 27, 2022 by vmack2187

The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, fundamental market dynamics, and key player strategies.
 
Recent Developments in the Global Medical Equipment Maintenance Market:

# In March 2021, FUJIFILM Corporation (Japan) acquired the Diagnostic Imaging-related Business of Hitachi, Ltd. (Japan) to support R&D, manufacturing, marketing, and maintenance services for diagnostic imaging systems (CT, MRI, X-ray, ultrasound systems, and others), electronic medical records, and other medical-related products and services.

# In February 2021, Siemens Healthineers (Germany) entered into an eight-year technological partnership with Kantonsspital Baden (KSB, Switzerland)for procurement and maintenance of medical imaging systems, technology management, and the expansion of telemedicine solutions.

# In December 2019 GE Healthcare (US) GE Healthcare signed a six-year service contract for imaging technologies across Affidea’s network in the Netherlands.

Driver: Rising focus on preventive medical equipment maintenance

The focus on the preventive maintenance of medical equipment has grown in recent years, as healthcare institutions seek to enhance patient safety and care quality. This involves a carefully designed program where maintenance tasks are performed in a scheduled manner to avoid larger and costly repairs down the line. It also helps in reducing equipment downtime, which enhances day-to-day operations and improves device reliability.

The preventive maintenance approach is gaining prominence as planned inspections, and medical device maintenance help avoid adverse incidents and medical device-related accidents. Regular maintenance services ensure the safe, efficient, and long-lasting use of medical devices. The growing focus on implementing preventive maintenance strategies among healthcare organizations is expected to offer growth opportunities for service providers in the coming years.

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Restraint: High initial cost and significant maintenance expenditure

Maintenance programs for medical devices enable healthcare providers to track and monitor their condition, and thereby ensure efficient utilization and maximum uptime. This is also essential, given the current focus on preventive maintenance and cost pressures, to control total expenditure against a background of austerity measures. Such programs include the deployment of asset management solutions, which use advanced technologies.

However, the deployment of these solutions incurs high initial installation costs and significant maintenance expenditure, while the installation of advanced medical equipment incurs a service contract cost (~12% of the cost of medical equipment) to be paid per year. The service cost thus paid during the lifespan of the equipment is usually more than the cost of the equipment. The high cost associated with the purchase and maintenance of advanced medical equipment is restraining end users from adopting them.

Projected Revenue Surge in Revenue Generation:

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.

Data Triangulation:

After deriving the overall Medical Equipment Maintenance market value data from the market size estimation process, the total market value data was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments, data triangulation and market breakdown procedures were employed wherever applicable. The data was triangulated by studying various qualitative and quantitative variables as well as by analyzing regional trends for both the demand- and supply-side macro indicators.

Geographical Growth Analysis:

# Further breakdown of the Rest of Europe market into Belgium, Austria, the Czech Republic, Denmark, Greece, Poland, and Russia, among other.
# Further breakdown of the Rest of Asia Pacific market into wan, New Zealand, Vietnam, the Philippines, Singapore, Malaysia, Thailand, and Indonesia among other.
# Further breakdown of the Latin American Medical Equipment Maintenance market into Argentina, Chile, Peru, and Colombia, among other.

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COVID-19 Impact on the medical equipment maintenance market

As a result of the pandemic, during March 2020 and throughout the second quarter of 2020, access to customers to deliver the medical equipment maintenance diminished as hospitals became primarily focused on the critical care devices used in COVID-19 pandemic. The pandemic has led to a significant increase in the demand for critical care devices such as ventilators.

Due to restrictions on the transportation of components, companies that are not serving critical care devices are going to face challenges in order to procure supplies such as accessories for the maintenance of non-critical medical equipment. This is expected to increase the supply-demand gap for the maintenance services of non-critical devices. For critical care devices such as ventilators and respiratory care devices, whose demand is extremely high currently, the shortage of biomedical engineers can act as a limiting factor in their aftersales services.

By End User, the hospitals segment accounted for the largest share of the medical equipment maintenance market in 2020

Based on End User, the market has been segmented into the hospitals, diagnostic imaging centers, dialysis centers, ambulatory surgical centers, dental clinics & specialty clinics, and other end users. Among these, the hospitals segment accounted for the largest share of the market in 2020. . 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.

North America is expected to command the largest share of the medical equipment maintenance market in 2020

The report covers the market across five major geographies, namely, Europe, North America, Asia Pacific, Latin America, and MEA. North America commanded the largest share of the medical equipment maintenance industry in 2020. Market growth is mainly attributed to the strong base of healthcare facilities, especially hospitals and diagnostic imaging centers, and the growing installation base for advanced medical technologies in healthcare facilities. US commanded the largest share of the market in 2020. Market growth is mainly attributed to the strong base of independent service provider and in house maintenance, and the growing installation base for medical devices in healthcare facilities.

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags medical equipment maintenance , medical equipment maintenance market
Last Updated June 27, 2022