Market Estimation Methodology:

A detailed market estimation approach was followed to estimate and validate the size of the Medical Equipment Maintenance Market and other dependent submarkets.

# The key players in the market were identified through secondary research, and their market shares were determined through primary and secondary research.

# The research methodology includes the study of the annual and quarterly financial reports of the top market players as well as interviews with industry experts for key insights on the Medical Equipment Maintenance market.

# All percentage shares, splits, and breakdowns were determined by using secondary sources and verified through primary sources.

# All the possible parameters that affect the market segments covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

The above-mentioned data was consolidated and added with detailed inputs and analysis from MarketsandMarkets and presented in this report.

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.

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Recent Developments:

# In March 2021, FUJIFILM Corporation (Japan) acquired the Diagnostic Imaging-related Business of Hitachi, Ltd. (Japan) to support R&D, manufacturing, marketing, and maintenance services for diagnostic imaging systems (CT, MRI, X-ray, ultrasound systems, and others), electronic medical records, and other medical-related products and services.

# In February 2021, Siemens Healthineers (Germany) entered into an eight-year technological partnership with Kantonsspital Baden (KSB, Switzerland)for procurement and maintenance of medical imaging systems, technology management, and the expansion of telemedicine solutions.

# In December 2019 GE Healthcare (US) GE Healthcare signed a six-year service contract for imaging technologies across Affidea’s network in the Netherlands.

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.

Restraint: 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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By End User, the hospitals segment accounted for the largest share of the medical equipment maintenance market in 2020

Based on End User, the market has been segmented into the hospitals, diagnostic imaging centers, dialysis centers, ambulatory surgical centers, dental clinics & specialty clinics, and other end users. Among these, the hospitals segment accounted for the largest share of the market in 2020. . The rising patient influx is encouraging hospitals to form alliances and partnerships with medical device maintenance service vendors for the establishment of state-of-the-art in-house maintenance facilities or outsourcing maintenance services.