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Medical Equipment Maintenance Market Report 2024 - Medical Equipment Maintenance Market Trends, Opportunities And Demand
Medical Equipment Maintenance Market
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According to The Business Research Company's, The medical equipment maintenance market size has grown rapidly in recent years. It will grow from $36.47 billion in 2023 to $40.92 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to increased equipment complexity, rise in healthcare spending, focus on preventive maintenance, specialized service providers, quality and patient safety concerns.
The medical equipment maintenance market size is expected to see rapid growth in the next few years. It will grow to $64.09 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to integration of predictive analytics, ongoing training and skill development, extended equipment longevity, emphasis on patient safety and quality care, demand for specialized service providers. Major trends in the forecast period include telehealth expansion, environmental sustainability, outsourcing maintenance services, shift to preventive maintenance, remote monitoring solutions.
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Market Drivers and Trends:
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 to lower dispatch costs, minimize patient dissatisfaction, ensure prompt patient treatment, and lower 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 compared to $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.
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 its 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 surgical instruments 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.
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• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
McKesson Corporation, Cardinal Health, Johnson & Johnson, Hitachi Ltd., General Electric Co, Thermo Fisher Scientific Inc., Abbott Laboratories, Fujitsu Limited, Medtronic plc, Danaher Corporation, Canon Inc., Toshiba International Corporation, Siemens Healthineers AG, FUJIFILM Holdings Corporation, Koninklijke Philips N.V., Stryker Corporation, Aramark Services Inc., Baxter International Inc., Laboratory Corporation of America Holdings Corp, Henry Schein Inc., Quest Diagnostics Incorporated, B. Braun Melsungen AG, Olympus Corporation, Dentsply Sirona Inc., Drägerwerk AG & Co KGaA, Hill-Rom Holdings Inc., Getinge AB, KARL STORZ SE & Co KG, Carestream Health Inc., Althea Group Holdings Ltd.
Medical Equipment Maintenance Market 2024 Key Insights:
• The medical equipment maintenance market size is expected to see rapid growth in the next few years. It will grow to $64.09 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.
• Rising Demand For Medical Devices Fuels Growth In The Medical Equipment Maintenance Market
• Strategic Partnerships And Acquisitions Reshaping The Landscape Of Medical Equipment Maintenance
• North America was the largest region in the medical equipment maintenance market in 2023
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