Medical Equipment Maintenance Market size is set to grow by USD 39.29 bn from 2023-2027, rising focus on preventive maintenance of medical equipment to boost the market growth, Technavio

NEW YORK, May 15, 2024 /PRNewswire/ -- The global medical equipment maintenance market size is estimated to grow by USD 39.29 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of 12.01% during the forecast period. 

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Key Market Trends Fueling Growth

The medical equipment maintenance market is experiencing growth due to advancements in medical technologies and devices. Regenerative medicine, surgical robots, liquid biopsy, and wearable medical devices are transforming diagnosis and treatment. Regenerative medicine utilizes 3D bioprinting for producing therapeutic products, enabling researchers to study drug effects on human tissues. Medical equipment, including ventilators from Canon Medical, Vantage Fortian, and Agfa solutions, require preventive maintenance for patient safety and care quality. Asset management solutions, IoT, and biomedical engineers play crucial roles in this market ecosystem. Diagnostic imaging equipment, dental equipment, endoscopic devices, and surgical equipment are essential device types in this sector. 

Market Challenges

• * The global medical equipment maintenance market is experiencing intense competition among key players and Original Equipment Manufacturers (OEMs).
  * The market is highly fragmented, with the presence of Tier I, Tier II, and Tier III players, as well as a significant number of OEMs.
  * Established OEMs, such as Siemens AG, are entering the medical equipment maintenance market, partnering with local suppliers to offer affordable solutions to cost-conscious end-users.
  * This competition may negatively impact market growth due to pricing pressure and profit margin erosion for both key players and OEMs.
  * OEMs face entry barriers due to the existing market dominance of key players.
  * Medical equipment maintenance offers advantages such as cost savings, improved equipment performance, and extended equipment life.
  * However, a major disadvantage is the high cost of leasing equipment for an extended period, which is often higher than the total cost of the equipment.
  * The dominance of key players and the high cost of medical equipment maintenance will hinder market growth during the forecast period.
  * Key players and OEMs are responding to this competition by offering additional service support to generate recurring revenue from end-users.
  * The medical equipment maintenance market is expected to grow despite these challenges, driven by factors such as increasing healthcare expenditures, aging populations, and technological advancements.

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Segment Overview

This medical equipment maintenance market report extensively covers market segmentation by

1. Type 
• 1.1 Healthcare systems
• 1.2 Pharmaceutical diagnostics
• 1.3 Others
2. End-user 
• 2.1 Public sector organizations
• 2.2 Private sector organizations
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Healthcare systems- The Medical Equipment Maintenance market segmentation by type encompasses dialysis centers, where specialized medical devices require meticulous upkeep. Patient epidemiology for chronic conditions such as cancer and diabetes necessitates precise and accurate medical equipment. The pipeline includes advanced medical devices like ventilators, which are essential in critical care units. The regulatory framework governs the import-export of medical devices, ensuring compliance with trade regulations. In Extremadura Health Service and other public health systems, medical manufacturing technologies like balloon forming, thermal bonding, folding and pleating, and stent crimping are utilized for the maintenance of various medical equipment. Market hindrances include technical service centers and domestic market players, while major medical manufacturing technologies serve the needs of various medical devices, including those used in imaging, such as computed tomography and nuclear imaging. Canon Medical, Vantage Fortian, and Agfa solutions are notable players in the imaging equipment market, catering to lifestyle-related disorders and heart attack diagnoses.

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Research Analysis

The Medical Equipment Maintenance Market encompasses the preventive maintenance of medical devices used in healthcare organizations, including imaging equipment such as Computed Tomography (CT) scanners from Canon Medical and Vantage Fortian, as well as Agfa solutions. OEMs (Original Equipment Manufacturers) play a crucial role in ensuring the precision and accuracy of these devices, adhering to the regulatory framework for medical devices. The market caters to the maintenance needs of medical equipment used in the management of chronic conditions like Cancer and Diabetes, as well as lifestyle-related disorders. Ventilators are another essential medical device requiring regular maintenance. The market's growth is driven by the increasing prevalence of chronic diseases and the need for precise and accurate medical equipment to improve patient epidemiology.

Market Research Overview

The Medical Equipment Maintenance Market encompasses the services and solutions dedicated to keeping medical devices in optimal condition. These offerings ensure the longevity, efficiency, and safety of healthcare equipment. The market is driven by the increasing adoption of advanced medical technology, the growing aging population, and the need for cost-effective solutions. Various maintenance models, including preventive, predictive, and corrective, are employed to cater to diverse client requirements. Additionally, the integration of IoT and AI technologies in maintenance processes enhances equipment performance and reduces downtime. The market is expected to witness significant growth in the coming years due to these factors.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Healthcare Systems
• Pharmaceutical Diagnostics
• Others
• End-user
• Public Sector Organizations
• Private Sector Organizations
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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SOURCE Technavio