GVR Report cover Medical Equipment Repair Software Market Size, Share & Trends Report

Medical Equipment Repair Software Market Size, Share & Trends Analysis Report By Deployment Mode (Web & Cloud-based, On-premise), By End-use (Hospital, Clinics), By Region, And Segment Forecast, 2023 - 2030

  • Report ID: GVR-4-68040-098-6
  • Number of Report Pages: 100
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2021
  • Forecast Period: 2023 - 2030
  • Industry: Healthcare

Report Overview

The global medical equipment repair software market size was estimated at USD 40.18 million in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 9.6% from 2023 to 2030. The growth of the market is attributed to several factors including an increase in several clinics and hospitals, an increasing need to integrate with the healthcare system approved by government support, and growing technological advancement. Furthermore, the growing government initiatives to develop advanced software are the key factors driving the market.

U.S. Medical Equipment Repair Software Market size and growth rate, 2023 - 2030

Medical equipment is a necessary part of healthcare. However, when these devices malfunction or develop defects, it can lead to serious complications and delays. Medical equipment repair software is a solution designed to help healthcare organizations maintain their tools functioning properly and efficiently. This software helps to automate daily operations, offering secure and reliable data that can be accessed by medical personnel worldwide. It offers a variety of features, from asset tag tracking to log maintenance to scheduled inspection. Not only does it make it easier to track ownership details, but it also allows for customized repairs, which helps prolong the equipment's life.

The procurement process is also simplified with the use of medical equipment repair software as it automates purchase orders, which helps healthcare organizations easily replace disposable or damaged equipment. The software is also easily scalable and suitable for both small and large institutions. For a healthcare organization, timely repair and maintenance of medical devices is critical. With medical equipment repair software, healthcare organizations can better manage their equipment while ensuring their staff can access necessary data as needed. By using this software, hospitals can not only keep up with the latest regulations but also improve operational efficiency and patient safety.

Maintenance of medical equipment plays a crucial role in various aspects of healthcare systems such as minimizing dispatch costs, improving patient satisfaction, ensuring appropriate treatment, and reducing risks associated with patient care. For instance, as per the article published by Science Publication, maintenance costs accounted for a significant portion of hospital funds, approximately 1% of the total expenditure.

Moreover, according to a study conducted by the World Health Organization (WHO), nearly half of the medical devices in developing countries are either operated incorrectly or lack proper maintenance due to inadequate management policies. In addition, the capacity to effectively manage and maintain medical equipment in developing countries is relatively low. Therefore, there is an anticipated increase in the demand for medical equipment repair software to address these challenges and improve the management and maintenance of medical devices in such regions.

In 2020, the COVID-19 pandemic had a positive impact on the market. One significant factor was the Critical Medical Infrastructure Right-to-Repair Act which was included in August of that year in the U.S. This federal legislation aimed to address the challenges related to repairing critical medical infrastructure during the pandemic.The Act was specifically designed to facilitate the repair of essential medical equipment and infrastructure by focusing on various intellectual property issues. By addressing these concerns, the legislation aimed at removing obstacles that hindered the repair process and ensured the efficient restoration of critical medical resources, thereby driving market growth.

Deployment Mode Insights

Based on deployment mode, the market is divided into web & cloud-based and on-premises. The web & cloud-based segment is anticipated to dominate the global market in 2022 and is expected to grow at the fastest CAGR of 9.8% during the forecast period. The growth is attributed to the increasing adoption of cloud solutions by hospitals and clinics to reduce costs and improve efficacy.

Cloud-based solutions offer scalability, enabling healthcare organizations to easily expand or adjust their software usage based on their needs. This flexibility enables them to efficiently manage a growing number of medical equipment assets and accommodate changes in their operations without significant infrastructure investments.These factors collectively contribute to the growing adoption and demand for cloud-based medical equipment repair software, empowering healthcare organizations to streamline their operations, enhance patient care, and optimize resource utilization.

The on-premises segment is expected to have substantial growth during the forecast period. The availability of new on-premises equipment repair software offers healthcare organizations increased data control, customization options, compliance adherence, and offline accessibility. It provides flexibility to integrate with existing systems and allows organizations to have greater control over system upgrades and long-term cost considerations. These factors contribute to the adoption and demand for on-premises software in the healthcare industry.

End-use Insights

Based on end-use, the market is segmented into hospitals, diagnostic laboratories, clinics, and others. The hospital segment dominated the global market in 2022 with a revenue share of 34.7%. This growth is attributed to multiple factors, including the rise in the number of hospitals and independent clinics in emerging countries. This growth can be further attributed to the impact of the COVID-19 pandemic, which has led to an increased demand for hospital beds.

The adoption rate of medical equipment repair software in hospitals is expected to increase during the forecast period owing to factors such as healthcare facilities using software for the benefits of streamlined maintenance processes, cost savings, regulatory compliance, enhanced equipment performance, data-driven decision-making, and integration with existing systems.

Global Medical Equipment Repair Software Market share and size, 2022

As hospitals strive to optimize equipment utilization and deliver high-quality patient care, the demand for such software solutions is expected to grow. The diagnostic laboratories segment is expected to be the second most dominating segment and is estimated to grow at the fastest CAGR during the projection period. To ensure smooth operations and minimize downtime, diagnostic centers are increasingly adopting medical equipment repair software. This is expected to increase the adoption rate of equipment repair software in diagnostic centers during the forecast period.

Regional Insights

North America dominated the market with a revenue share of 40.9% in 2022. This can be attributed to the rapid adoption of technologically developed products. The regional growth is driven by factors such as the well-established infrastructure, wide adoption of medical equipment repair software products, and the presence of major market players in the region.

Furthermore, the growth of the market in this region is being driven by the emergence of advanced technologies such as edge computing, the Internet of Things (IoT), analytics, Artificial Intelligence (AI), and cloud computing. These technologies are playing a crucial role in transforming the maintenance management landscape. The adoption of medical equipment repair software enables these companies to streamline their maintenance processes, improve asset performance, and enhance overall operational efficiency.

Medical Equipment Repair Software Market Trends by Region, 2023 - 2030

The Asia Pacific region is predicted to experience significant growth in the forecast period. Several national governments in the Asia Pacific are investing significantly in cloud and associated healthcare technologies to facilitate digital transformation, which has the potential to boost the market. In addition, growing awareness of computerized maintenance management systems (CMMS) among end-users will generate new opportunities for the market in the Asia Pacific.

Key Companies & Market Share Insights

The market is competitive owing to the presence of medical equipment repair software providers. The market players are adopting various strategies, such as new service launches, partnerships & collaborations, and regional expansion to gain higher shares. Some prominent players in the global medical equipment repair software market include:

  • BlueFolder Software, Inc.

  • FieldEZ

  • OrderStorm Inc.

  • SYSPRO

  • ECI Software Solutions, Inc.

  • Mapcon Technologies, Inc.

  • APTIEN.COM

  • UpKeep Technologies, Inc.

  • EZO

  • Klipboard

Medical Equipment Repair Software Market Report Scope 

Report Attribute

Details

Market size value in 2023

USD 43.51 million

Revenue forecast in 2030

USD 82.46 million

Growth Rate

CAGR of 9.6% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD million and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Deployment mode, end-use, region

Regional Scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; UK; Germany; France; Italy; Spain; Sweden; Norway; Denmark; China; Japan; India; Australia; South Korea; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait

Key companies profiled

BlueFolder Software, Inc.; FieldEZ; OrderStorm Inc.; SYSPRO; ECI Software Solutions, Inc.; Mapcon Technologies, Inc.; APTIEN.COM; UpKeep Technologies, Inc.; EZO; Klipboard

Customization scope

Free report customization (equivalent to up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

 

Global Medical Equipment Repair Software Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global medical equipment repair software market report based on deployment mode, end-use, and region:

Global Medical Equipment Repair Software Market Report Segmentation

  • Deployment Mode Outlook (Revenue, USD Million, 2018 - 2030)

    • Web & Cloud-based

    • On-premise

  • End-use Outlook (Revenue, USD Million, 2018 - 2030)

    • Hospital

    • Diagnostic Laboratories

    • Clinics

    • Others

  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

      • France

      • Italy

      • Spain

      • Sweden

      • Norway

      • Denmark

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • Thailand

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • MEA

      • South Africa

      • Saudi Arabia

      • UAE

      • Kuwait

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