Medical Equipment Maintenance Market Driver: Rising focus on preventive medical equipment maintenance
The focus on the preventive maintenance of medical equipment has grown in recent years, as healthcare institutions seek to enhance patient safety and care quality. This involves a carefully designed program where maintenance tasks are performed in a scheduled manner to avoid larger and costly repairs down the line. It also helps in reducing equipment downtime, which enhances day-to-day operations and improves device reliability.
The preventive maintenance approach is gaining prominence as planned inspections, and medical device maintenance help avoid adverse incidents and medical device-related accidents. Regular maintenance services ensure the safe, efficient, and long-lasting use of medical devices. The growing focus on implementing preventive maintenance strategies among healthcare organizations is expected to offer growth opportunities for service providers in the coming years.
Expected Revenue Gains:
The medical equipment maintenance market is projected to reach USD 74.2 billion by 2026 from USD 45.2 billion in 2021, at a CAGR of 10.4% during the forecast period.
Major Growth Restraining Factor for Medical Equipment Maintenance Market: High initial cost and significant maintenance expenditure
Maintenance programs for medical devices enable healthcare providers to track and monitor their condition, and thereby ensure efficient utilization and maximum uptime. This is also essential, given the current focus on preventive maintenance and cost pressures, to control total expenditure against a background of austerity measures. Such programs include the deployment of asset management solutions, which use advanced technologies.
However, the deployment of these solutions incurs high initial installation costs and significant maintenance expenditure, while the installation of advanced medical equipment incurs a service contract cost (~12% of the cost of medical equipment) to be paid per year. The service cost thus paid during the lifespan of the equipment is usually more than the cost of the equipment. The high cost associated with the purchase and maintenance of advanced medical equipment is restraining end users from adopting them.
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Opportunity: Emergence of ISOs
The medical equipment maintenance and services sector was initially dominated by OEMs. However, OEMs typically charge more than third-party vendors, and often take longer for maintenance, resulting in higher associated costs as well as downtime. This situation, especially given the backdrop of continuing austerity measures and the need for cost-curtailment in healthcare systems, has led to the emergence of ISOs dedicated to solely providing maintenance services.
With a strong team of experts, these organizations can cater to customers in situations where OEMs fail to offer satisfactory and time-efficient solutions. Moreover, ISOs offer services for multiple brands of medical devices, providing end users with a central, independent management platform for uniform service delivery across all asset groups, while reducing maintenance costs.
Challenge: Survival of players in a highly fragmented and competitive market
The medical equipment maintenance market is highly fragmented and competitive and comprises a broad range of players, including multinational companies and small local players. The high capital required in retaining biomedical engineers, logistics of medical devices, and regulatory approval make it difficult for several companies (especially start-ups and small organizations) to sustain their presence in the industry.
As a result, companies are focusing on the development of better and improved technologies to gain a competitive edge. A few companies have also emphasized acquisitions and partnerships to maintain and improve their market sustainability, expertise, and technological capabilities. This provides a highly competitive and dynamic environment, which makes it difficult for smaller companies to survive.
North America is expected to dominate the global medical equipment maintenance market in 2020
North America, comprising the US and Canada, accounted for the largest share of the medical equipment maintenance market in 2020. Increasing number of vendors manufacturing for medical equipment maintenance and a growing number of approvals for advanced, medical devices are the major factors driving market growth in North America. Customers in North America are moving towards outsourcing maintenance services for curbing expense, which is increasing demand for medical equipment maintenance. This trend will have a positive impact on the medical equipment maintenance market.
GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and FUJIFILM Holdings Corporation (Japan), Canon, Inc. (Toshiba Medical System Corporation, Japan), Agfa-Gevaert Group (Belgium), Carestream Health, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Hitachi Medical Corporation (Japan), Althea Group (Italy), Olympus Corporation (Japan), B. Braun Melsungen AG (Germany), KARL STORZ GmbH & Co. KG (Germany), and Aramark Services, Inc. (US) among others are some of the major players operating in the Medical Equipment Maintenance market.
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