Medical Equipment Maintenance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The medical equipment maintenance market is projected to register a CAGR of 9.1% during the forecast period.

The need for critical medical equipment for life-threatening disorders will boost the demand for maintenance services in the short term. The broad range of medical devices used in the diagnostic and treatment of COVID-19 supports the market growth. Owing to the unprecedented burden on healthcare infrastructure and the need for functional medical devices due to the pandemic, the market is likely to be profoundly impacted. Hospitals are having trouble getting service information to fix medical equipment during COVID-19. Thus, market players are adopting strategic initiatives to sustain themselves in an uncertain environment. For instance, in March 2021, iFixit launched a massive repair database for ventilators and other medical devices to help hospitals maintain and fix crucial equipment during COVID-19. Such product launches will help the market grow at a faster pace in the upcoming years.

The market is primarily driven by an increase in the adoption of preventive maintenance to enhance the lifetime of medical equipment in healthcare settings. Furthermore, rapid technological advancements in medical equipment and increased need for continuous training and maintenance are stimulating the market growth. Also, increasing purchases of refurbished medical equipment to reduce capital costs in hospitals and other healthcare settings are anticipated to fuel the growth of the market. Moreover, innovations in the service sector such as providing services through IoT devices and remote guidance are increasing the demand for medical equipment maintenance. The elderly population presents a greater exposure to chronic conditions, such as cancer, diabetes, and other lifestyle-related chronic disorders. For instance, according to the Division of Cancer Prevention and Control, Centers for Disease Control and Prevention, data updated in September 2021, more than two-thirds of all new cancers are diagnosed among adults aged 60 years and older. As the number of adults living to older ages continues to increase, so too will the number of new cancer cases and the number is expected to reach more than 2.2 million by 2050, with the largest percentage increase among adults who are 75 years old or older.Thus, healthcare delivering facilities and hospitals are also significantly contributing to medical equipment maintenance revenue.

However, the high cost of medical equipment maintenance and lack of skilled professionals are expected to hamper the market growth. Besides, the stringent regulatory policies in many countries around the globe have mandated medical equipment maintenance as a compulsory requirement for end users.

Medical Equipment Maintenance Market Trends

The Imaging Equipment Sub-segment is Expected to Have a Significant Share Over the Forecast Period

Imaging is preferred by most healthcare professionals as it provides a primary diagnosis in a short time among the majorly used COVID-19 screening options. All the imaging modalities, including computed tomography and nuclear imaging, have been used extensively to study COVID-19 and its effect on different patients in each demography. Thus, this is likely to boost the demand for imaging equipment maintenance during the pandemic.

Imaging equipment have evolved in a rapid phase with technological advancements and increasing investments by healthcare providers for the betterment of patient health. The significant number of diagnostic tests performed at healthcare facilities and the growing prevalence of chronic diseases are projected to boost the imaging equipment sub-segment. Furthermore, various initiatives are taken by the government and non-government organizations for the preventive maintenance of medical equipment. This is likely to boost the growth of the preventive medical equipment sub-segment over the forecast period.

Furthermore, an increasing number of hospitals worldwide to match the growing prevalence of chronic diseases and the increasing adoption of annual maintenance policies by healthcare providers are anticipated to boost the overall medical equipment maintenance market.

Increase in cardiovascular diseases and cancer prevalence is the major factor contributing to the increased use of sophisticated equipment that need continuous maintenance.

North America is Expected to have a Significant Market Share Over the Forecast Period

North America is anticipated to dominate the medical equipment maintenance market over the forecast period. The factors attributed to the high growth of the market in the region are the increasing chronic disorders and the growing demand for medical devices.

According to an article titled “ Trends in US Surgical Procedures and Health Care System Response to Policies Curtailing Elective Surgical Operations During the COVID-19 Pandemic” published in December 2021, Following the March 2020 advice to stop performing elective surgery, the total number of surgical procedures performed in the United States between January 1, 2019, and January 30, 2021, decreased by 48.0%. Except for otolaryngology, surgical volume rebounded to 2019 rates. This rate was maintained throughout the COVID-19 peak surge in the fall and winter. Thus, the demand for maintenance of these devices may also increase in the upcoming future.

The key companies operating in this region are adopting partnership as a key strategy to sustain in the highly competitive environment and gain higher market share. For instance, in 2019, the Extremadura Health Service collaborated with Siemens Healthineers for the provision of technological updates, medical devices, and comprehensive medical equipment maintenance. Such strategic initiatives implemented by key market players are likely to boost regional growth in the future.

Amid the pandemic, as North American countries were among the severely affected by COVID-19, hospital biomedical repair technicians tasked with keeping ventilators and other life-saving medical equipment up and running faced unnecessary and time-wasting hurdles. A survey released by the United States Public Interest Research Group in 2020 reported that almost half of workers reported being denied access to critical repair information, parts, or service keys. This is likely to hurt the market studied.

Furthermore, well-established reimbursement policies that encourage healthcare providers to maintain quality infrastructure are expected to fuel the market growth. Moreover, advancements in medical device technologies may boost their adoption, which is expected to drive the regional market share.

Medical Equipment Maintenance Market Competitor Analysis

The medical equipment maintenance market is fragmented with the presence of original equipment manufacturers and third-party service providers. Market players are focusing on simplifying the service access and regional expansions to increase their market shares. The key market players operating in the market include Siemens AG, Koninklijke Philips NV, Stryker Corporation, Canon Inc., and GE Healthcare.

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