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Medical Equipment Maintenance Global Market Report 2022

Medical Equipment Maintenance Global Market Report 2022

  • February 2022
  • 175 pages
  • ID: 6228511
  • Format: PDF
  • The Business Research Company


Table of Contents

Major players in the medical equipment maintenance market are GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Medtronic Plc., FUJIFILM Holdings Corporation, Canon Inc., Carestream Health Inc., Dräger, Toshiba International Corporation, Althea Group, Olympus Corporation, B. Braun Melsungen AG, KARL STORZ GmbH & Co. KG, Aramark Services Inc. and Johnson & Johnson.

The global medical equipment maintenance market is expected to grow from $28.14 billion in 2021 to $32.35 billion in 2022 at a compound annual growth rate (CAGR) of 15%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $49.20 billion in 2026 at a CAGR of 11.1%.

The medical equipment maintenance market consists of sales of medical equipment maintenance services by entities (organizations, sole traders, and partnerships) that refer to a set of activities conducted to keep the equipment in working condition.Medical equipment maintenance includes preventive maintenance, periodic inspection, and corrective maintenance of medical equipment.

The complexity and wide variety of medical equipment require maintenance for the performance and life of the equipment.

The main types of services in medical equipment maintenance are preventive maintenance, corrective maintenance, and operational maintenance.Preventive maintenance is the process of maintaining equipment and assets regularly to keep them working and avoid costly unplanned downtime due to unexpected equipment breakdown.

The different technologies include multi-vendor OEMS, single-vendor OEMs, independent service organization, and in-house maintenance and involve various devices such as imaging equipment, endoscopic devices, surgical instruments, electro-medical equipment. It is implemented in various areas such as hospitals, diagnostic imaging centers, dialysis centers, ambulatory surgical centers, dental clinics, and specialty clinics, among others.

North America was the largest region in the medical equipment maintenance market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Strategic partnerships and collaborations are shaping the medical equipment maintenance market.For instance, in February 2021, Siemens Healthineers, a Germany-based medical technology company, and the Kantonsspital Baden (KSB), a Switzerland-based hospital formed a technological and strategic partnership for eight years.

This partnership aims to help Kantonsspital Baden to expand capabilities, optimize business processes, and advance innovation.It includes maintenance of medical imaging systems, technology needs, and capacity assessment, holistic technology management, process optimization, expansion of telemedicine solutions, and certified employee training programs.

Additionally, in March 2021, Agiliti, a US-based medical equipment management company acquired Northfield Medical, a US-based company that offers repairing and maintenance services for a surgical instrument for $475 million. Through this acquisition, Northfield Medical offers medical device care and repair, with a focus on surgical instruments, endoscopes, and other operating room equipment.

The increase in demand for medical devices is significantly contributing to the growth of the medical equipment maintenance market.Medical devices are instruments, machines, and apparatus that are used for medical purposes to prevent, diagnose, or treat diseases.

The rising demand for medical devices requires effective medical equipment maintenance services for lowering dispatch costs, minimizing patient dissatisfaction, ensuring prompt patient treatment, and lowering fatality and risk during patient care. For instance, according to the International Trade Administration and U.S. Department of Commerce report, the total production of medical devices and equipment in India reached $4,473 million in 2020 which is an increase from $2,390 million in 2019. Therefore, the increase in demand for medical devices is expected to propel the growth of the medical equipment maintenance market going forward.

In March 2021, Fujifilm Healthcare, a Japan-based diagnostics imaging systems company acquired Hitachi’s diagnostic imaging-related business for an amount of $1.52 billion (€1.3 billion). Through this acquisition, Fujifilm aims to expand diagnostic products and services business globally to offer comprehensive solutions for clinical needs. Hitachi Ltd. is a Japan-based company that manufactures medical equipment and provides medical equipment maintenance services.

The countries covered in the medical equipment maintenance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

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