Medical Equipment Maintenance Market is Expected to Reach $74.2 Billion | MarketsandMarkets.
Chicago, Feb. 23, 2023 (GLOBE NEWSWIRE) — The medical equipment maintenance industry is expected to experience steady growth in the near future. This is due to the increasing number of aging medical devices and equipment that require regular upkeep and maintenance. Additionally, technological advances in the field have made it easier to diagnose and repair medical equipment, resulting in more efficient and cost-effective maintenance services. As a result, the demand for medical equipment maintenance will continue to increase in the coming years.
In addition, the emergence of new medical technologies will drive the growth of the medical equipment maintenance industry. For instance, the emergence of advanced imaging systems, such as MRI and CT scanners, will require specialized maintenance and repair services. Similarly, the increasing popularity of wearable medical devices, such as fitness trackers, will also require regular maintenance. As a result, medical equipment maintenance companies are expected to benefit from this trend.
Medical Equipment Maintenance market in terms of revenue was estimated to be worth $45.2 Billion in 2021 and is poised to reach $74.2 Billion by 2026, growing at a CAGR of 10.4% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. The growth of this market is mainly driven by the growing number of medical vendors across globe, increasing adoption of patient-specific medical devices. Moreover, Growth in this market is primarily driven by the rising focus on preventive medical equipment maintenance, growth in associated equipment markets, adoption of innovative funding mechanisms, and the increasing purchase of refurbished medical equipment. However, the high initial costs and significant maintenance expenditure may hinder the growth of this market during the forecast period.
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Medical Equipment Maintenance Market Scope:
|Market Revenue in 2021||$45.2 Billion|
|Estimated Value by 2026||$74.2 Billion|
|Growth Rate||Poised to grow at a CAGR of 10.4%|
|Market Size Available for||2019-2026|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Service Type, Service Providers, Device Type, End User, and Countries|
|Geographies Covered||Europe, North America, the Asia Pacific, Latin America, and Middle East and Africa|
|Report Highlights||Updated financial information / product portfolio of players|
|Key Market Opportunities||Emergence of ISOs|
|Key Market Drivers||Rising focus on preventive medical equipment maintenance|
Notable Medical Equipment Maintenance mergers and acquisitions for 2021 – 2022 include:
- Philips and Nuvon Acquisition: In January 2021, Philips announced its acquisition of Nuvon Inc., a cloud-based medical equipment maintenance provider. The acquisition was intended to strengthen Philips’ digital healthcare capabilities and expand its portfolio of connected medical technologies.
- Medtronic and NuVasive Acquisition: Medtronic acquired NuVasive, Inc., a spine and orthopedic medical device manufacturer and medical equipment maintenance provider, in October 2021. The acquisition was intended to expand Medtronic’s capabilities in digital health, robotics, and AI-driven surgical navigation.
- Baxter and Synovo Acquisition: Baxter International Inc. announced its acquisition of Synovo, a medical equipment maintenance provider, in December 2021. The acquisition was intended to enhance Baxter’s portfolio of connected healthcare solutions and build on its existing service and support capabilities.
- Hill-Rom and Ecolab Acquisition: Hill-Rom Holdings acquired Ecolab Inc., a provider of medical equipment maintenance services, in April 2022. The acquisition was intended to expand Hill-Rom’s portfolio of connected care technologies and enhance its service and support capabilities.
Growth Drivers of Medical Equipment Maintenance Market from macro to micro:
- Increasing demand for medical equipment maintenance services: Growing demand for medical equipment maintenance services is driven by the increasing need for reliable and efficient medical equipment with longer shelf-life. This is due to the increasing demand for advanced healthcare services, the technological advancements in medical equipment, and the need for frequent maintenance and repairs.
- Growing demand for preventive maintenance services: The growing demand for preventive maintenance services is driven by the need to reduce repair costs and ensure the smooth functioning of medical equipment. Preventive maintenance services help to identify potential problems, reduce downtime, and ensure the efficient functioning of medical equipment.
- Growing government initiatives: Government initiatives and regulations are driving the growth of the medical equipment maintenance market. Governments across the globe are introducing various initiatives to promote and expand the healthcare infrastructure, which is expected to trigger the demand for medical equipment maintenance services.
- Increasing investments in healthcare infrastructure: The increasing investments in healthcare infrastructure are driving the demand for medical equipment maintenance services. The increasing need for reliable and efficient medical equipment with longer shelf-life and the need for frequent maintenance and repairs are expected to drive the growth of the medical equipment maintenance market.
- Growing focus on patient safety and quality of care: The growing focus on patient safety and quality of care is driving the demand for medical equipment maintenance services. The increasing awareness about patient safety and quality of care is expected to drive the demand for medical equipment maintenance services.
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Hypothetic challenges of Medical Equipment Maintenance market in near future:
- Increasing complexity of medical equipment: With the advancements in technology, medical equipment is becoming more and more complex, which makes it more difficult to maintain.
- Shortage of skilled technicians: As medical equipment is becoming more complex, there is a shortage of skilled technicians to provide maintenance services.
- Rising cost of medical equipment: With the cost of medical equipment increasing, it is becoming more expensive to maintain them.
- Changing regulations: New regulations and standards are constantly being introduced, making it difficult to keep up with the changes.
- Lack of standardization: Different manufacturers have different equipment, making it difficult to standardize maintenance procedures.
- Aging infrastructure: Many medical facilities have aging infrastructure, which can lead to increased maintenance costs.
- Security concerns: As medical equipment becomes more connected and automated, there is an increasing need for cybersecurity measures to protect patient data.
Top 3 use cases of Medical Equipment Maintenance market:
- Predictive Maintenance: Predictive maintenance solutions use data-driven analytics to help medical equipment managers anticipate and prevent potential breakdowns before they occur. These solutions are used to identify potential issues with medical equipment before they happen, enabling proactive maintenance and avoiding costly downtime.
- Automated Maintenance Logging: Automated maintenance logging solutions allow medical equipment managers to track maintenance tasks, enabling them to easily monitor and manage the health of their equipment. This allows them to quickly identify problems with equipment and take appropriate action.
- Automated Inventory Management: Automated inventory management solutions allow medical equipment managers to track inventory levels and automate ordering processes, ensuring that equipment is always available when needed. This helps reduce downtime and increases efficiency.
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