In May 2023, Siemens Healthineers (Germany) established its new Education and Development Center (EDC) in Erlangen, which would offer medical device training courses for customers and in-house specialists.

Northbrook, IL 60062 -- (SBWire) -- 11/11/2023 --Medical Equipment Maintenance Market by Product (Imaging (MRI, CT, PET-CT, ultrasound, X-ray), Endoscopes, Lasers, ventilators, dialysis, Monitors), Provider (OEM, ISO, In-house), Service, End-User, Region - Global Forecast to 2028", size is expected to grow from an estimated USD 48.8 billion in 2023 to USD 80.7 billion by 2028, at a CAGR of 10.6%. Factors such as growth in the associated equipment markets, rising focus on preventive medical equipment maintenance, increasing purchase of refurbished medical systems, and adoption of innovative funding mechanisms are high growth prospects for the medical equipment maintenance market during the forecast period. Moreover, the market is also driven by the increasing adoption of patient-specific medical devices and a growing number of medical vendors across the globe. However, the significant maintenance expenditure and high initial costs may hinder the growth of this market during the forecast period.

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Key Market Players:

As of 2022, prominent players in medical equipment maintenance are GE Healthcare Technologies Inc. (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and FUJIFILM Holdings Corporation (Japan) among others.
GE Healthcare Technologies Inc. (US)

Medical Equipment Maintenance Market Dynamics:

Drivers:

1. Rise in focus on preventive maintenance of medical equipment

Restraints:

1. Significant maintenance expenditure and high initial cost

Opportunities:

1. Innovation in service offerings and use of IoT

Challenge:

1. Dearth of skilled technicians and biomedical engineers

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In 2022, GE Healthcare Technologies Inc. held the leading position in the medical equipment maintenance market.

The company is a prominent player in the medical equipment maintenance market owing to its wide geographical presence and strong technical expertise. The company's large connected installed base, distributed workforce, and global parts and repair network have provided a solid foundation to continuously develop cost-effective medical equipment maintenance services. The company aims to provide better access to healthcare to its customers, making it one of its key strengths. The company includes a wide range of medical equipment services portfolio through which it serves various end users, including hospitals, dental clinics, and ambulatory surgical centers (ASC). In order to strengthen its service portfolio and customer base and expand its presence across various regions, the company adopted inorganic strategies such as collaborations, partnerships and acquisitions to ensure its future growth.

The diagnostic imaging equipment segment is to register a significant growth rate over the forecast period of 2023-2028.

Based on the device type, the medical equipment maintenance is segmented into diagnostic imaging equipment, patient monitoring and life support devices, surgical equipment, endoscopic devices, ophthalmology equipment, medical lasers, electrosurgical equipment, radiotherapy devices, laboratory equipment, dental equipment, and durable medical equipment. Over the forecast period of 2023-2028, the diagnostic imaging equipment segment is to register a significant growth rate. The key factor encouraging the growth of this segment during the forecast period is the need to ensure maximum equipment uptime, and their substantial replacement cost is increasing demand for maintenance services for diagnostic imaging equipment. The diagnostic imaging equipment segment is further divided into CT scanners, MRI systems, ultrasound systems, X-ray systems, mammography systems, angiography systems, and fluoroscopy systems.

The preventive maintenance segment accounted for the largest share of medical equipment maintenance in 2023-2028.

Based on service type, the medical equipment maintenance is segmented into operational, corrective, and preventive maintenance. The preventive maintenance segment is estimated to hold the largest market share of the medical equipment maintenance market during the forecast period. The consequent need for preventive maintenance of medical devices and the technological advancements in medical devices lead to a large share of this segment.

The multi-vendor OEMs segment accounted for the largest share of medical equipment maintenance in 2023-2028.

Based on the service provider, medical equipment maintenance is segmented into single-vendor OEMs, multi-vendor OEMs, ISOs, and in-house maintenance. The multi-vendor OEMs segment is estimated to hold the largest market share of the medical equipment maintenance market during the forecast period. The large share of this segment can be attributed to their service quality, strong technical expertise, wide geographic presence, and easy access to spare parts (resulting in reduced downtime). Also, multi-vendor service contracts eliminate the complexity of dealing with multiple external suppliers and OEMs.

Germany registered the highest CAGR in the market during the forecast period.

In 2023, Germany is expected to register the highest CAGR in the European market for medical equipment maintenance during the forecast period. Europe comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. Factors such as the growth of service providers (both OEMs and the ISOs and also in-house maintenance) in the region, evolving healthcare infrastructure post-COVID-19 pandemic, and favorable investment scenario in the country are driving the growth of the German medical equipment maintenance market during the forecast period.

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