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Global Medical Equipment Maintenance Market Projected to Reach $88.9 Billion by 2029

June 24, 2024
in News
Global Medical Equipment Maintenance Market Projected to Reach $88.9 Billion by 2029
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The global medical equipment maintenance market is poised for substantial growth, with its revenue expected to soar from $54.0 billion in 2024 to $88.9 billion by 2029, marking a robust compound annual growth rate (CAGR) of 10.5%. This comprehensive market analysis delves into the key drivers, opportunities, and challenges shaping the future of medical equipment maintenance, providing valuable insights for industry stakeholders.

Market Overview:

The market research highlights a growing trend in preventive maintenance programs, which are being increasingly adopted by healthcare facilities worldwide. By proactively addressing potential equipment issues, these programs aim to enhance the reliability and performance of medical devices, ensuring uninterrupted operation and high standards of patient care. Preventive maintenance not only extends the lifespan of equipment but also proves cost-effective, thus driving the demand for maintenance services across the globe.

Key Market Drivers

1. Expansion of Medical Equipment Markets:

The global market for medical equipment is expanding rapidly, driven by technological advancements and increased accessibility. Patients are favoring technologically advanced devices due to better affordability and market entry points. Innovations in the sector are further propelling market growth.

2. Rise of Independent Service Organizations (ISOs):

Initially dominated by OEMs, the market is witnessing the emergence of ISOs offering cost-effective and efficient maintenance solutions. ISOs typically charge 30-50% less than OEMs, providing centralized management for multiple brands, thus appealing to end users and driving market growth.

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Market Restraints – High Initial and Maintenance Costs:

Despite the benefits, the high initial costs and ongoing maintenance expenses pose significant barriers. The substantial service costs, often exceeding the initial purchase price over the equipment’s lifespan, deter some healthcare providers from adopting advanced technologies.

Market Opportunities – Emergence of ISOs:

The growing preference for ISOs over OEMs opens up significant opportunities in the maintenance sector. ISOs offer flexible contracts and competitive pricing, making maintenance services more accessible and appealing to healthcare facilities.

Market Challenges – Fragmented and Competitive Landscape:

The highly fragmented market, with numerous small and large players, poses a challenge for smaller companies to sustain. High capital requirements and intense competition necessitate continuous innovation and strategic partnerships for long-term survival.

Segment Analysis:

By Device Type:

The diagnostic imaging equipment segment holds the largest market share. With continuous technological advancements, frequent upgrades are necessary, driving demand for maintenance services.

By Service Provider:

Multi-vendor OEMs dominate the market, offering customized maintenance solutions that align with the unique needs and budgets of healthcare institutions.

By Service Type:

Preventive maintenance is expected to witness significant growth, emphasizing proactive problem-solving and continuous improvement to enhance equipment reliability and performance.

By End User:

Hospitals account for the largest market share, focusing on maximizing operational efficiency and elevating patient care quality through reliable equipment maintenance.

By Contract Type:

Premium contracts are most preferred, offering flexible and cost-effective maintenance solutions tailored to the financial constraints of healthcare facilities.

Regional Insights

Asia Pacific is projected to be the fastest-growing regional market, driven by government healthcare reforms, medical tourism, and investments in maintenance infrastructure to enhance healthcare delivery systems.

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Leading Market Players:

Prominent companies in the medical equipment maintenance market include Siemens Healthineers, GE Healthcare Technologies Inc., Medtronic plc, Koninklijke Philips N.V., FUJIFILM Holdings Corporation, Olympus Corporation, Stryker Corporation, Canon Inc., Drägerwerk AG & Co. KGaA, and Hitachi, Ltd.

Recent Developments:

GE Healthcare and reLink Medical Collaboration (October 2023): Partnership to deliver asset management solutions, minimizing medical device waste and maximizing equipment utilization.

Siemens Healthineers and CommonSpirit Health Acquisition of Block Imaging (May 2023): Aimed at offering sustainable options and meeting the growing demand for multi-vendor imaging parts and services in the U.S.

Koninklijke Philips and Amazon Web Services Collaboration (April 2023): Supports the development and deployment of generative AI applications, providing migration expertise and planning services for cloud-based solutions.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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