Medical Equipment Maintenance Market

Plastic Optic Fiber Market Report Thumbnail

Medical Equipment Maintenance Market by Service Type (Maintenance, Corrective Maintenance, Installation, and Training), by Device Type (Diagnostic Imaging Equipment, Therapeutic Equipment, Surgical Instruments, Patient Monitoring Devices, Laboratory Equipment and Others) and by End User (Hospitals, Clinics, Laboratory, Other End User) – Global Opportunity Analysis and Industry Forecast, 2024-2030

  • Facebook
  • Linkedin
  • Whatsapp

Market Definition

The Medical Equipment Maintenance Market size was valued at USD 47.51 billion in 2023 and is predicted to reach USD 92.36 billion by 2030 with a CAGR of 10.0% from 2024-2030. The Medical Equipment Maintenance Market refers to the industry segment involved in the provision of services aimed at ensuring the optimal functioning, and reliability of medical equipment used in healthcare settings. This market encompasses a wide range of services, including preventive maintenance, corrective maintenance, inspection, and others. It caters to a variety of medical devices, such as diagnostic imaging equipment, patient monitoring systems, surgical instruments, therapeutic equipment, and laboratory instruments. The primary goal of the medical equipment maintenance market is to minimize equipment downtime, prevent malfunctions, and ensure compliance with regulatory standards, ultimately contributing to the efficient delivery of healthcare services and patient safety.

Market Dynamics and Trends

The medical equipment maintenance market is influenced by technological advancements ranging from sophisticated diagnostic imaging equipment to intricate surgical instruments. As medical technology progresses, these innovative devices become increasingly complex, necessitating specialized maintenance services to uphold optimal performance, accuracy, and safety standards. The ongoing integration of cutting-edge technologies in healthcare devices highlights the vital role of maintenance services, thereby fostering improved patient care and driving market growth.

For example, in July 2022, B. Braun introduced the B. Braun Technical Service Center, aimed at providing quality-driven repair and maintenance services for medical equipment. This initiative is designed to support the Thailand public health system in delivering uninterrupted healthcare services to its citizens.

Moreover, the expansion of the medical equipment maintenance market is closely linked to the global increase in the aging population. With a growing elderly demographic, there is a heightened demand for healthcare services, leading to increased utilization of medical devices such as diagnostic imaging machines, respiratory equipment, and mobility aids. According to the report published by the World Health Organization in 2022, the number of people above 60 reached 1.4 billion in 2020, which is anticipated to reach 2.1 billion by 2050. As the number of elderly individuals rises, so does the demand for healthcare services and the utilization of medical equipment tailored to address age-related health issues.

However, the potential high cost of specialized medical equipment maintenance service, restrains the market. As devices become more advanced, maintaining them requires expertise, leading to increased service expenses. Healthcare providers, find it challenging to allocate budgets for these services, impacting the thoroughness and frequency of maintenance activities thereby restraining the market growth.

On the contrary, the integration of artificial intelligence (AI) into medical equipment maintenance systems presents a lucrative growth opportunity for the market.  Artificial Intelligence (AI) significantly enhances the efficiency and precision of maintenance processes, facilitating the anticipation of potential issues, minimizing downtime and resulting in cost savings for healthcare providers. Furthermore, AI improves workflow management and provides valuable insights, aiding in informed decision-making regarding equipment upgrades or replacements. 

Market Segmentations and Scope of the Study

The medical equipment maintenance market is segmented on the basis of service type, device type, end user and region. On the basis of service type, the market is segmented into maintenance, corrective maintenance, installation, and training. On the basis of device type, the market is divided into diagnostic imaging equipment, therapeutic equipment, surgical instruments, patient monitoring devices, laboratory equipment and others. Based on end-user, the market is categorised into hospitals, clinics, laboratory, and other end users. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and Rest of the World (RoW).

Geographical Analysis

North America maintains a dominant share in the medical equipment maintenance market throughout the forecast period, primarily attributed to the significant presence of top market players in the region. These key market players possess advanced technologies, extensive service networks, and a strong reputation, influencing the overall market dynamics. For instance,  in March 2023, Advantus Health Partners and GE Healthcare announced 10-year agreement to expand access to healthcare technology management (HTM) services. This partnership aims to offer a comprehensive HTM program, covering the complete management of medical equipment in healthcare facilities, including maintenance, monitoring for and addressing recalls, disinfection and distribution, and more. Such collaborations reinforce the region's position as a leader in the medical equipment maintenance market, offering innovative and comprehensive solutions to meet the evolving needs of healthcare facilities.

Also, escalating prevalence of chronic kidney disease (CKD) in North America is driving the growth of medical equipment maintenance market. With rising number of individuals affected by CKD, there is a corresponding surge in demand for essential medical equipment, including dialysis machines and monitoring devices.  The effective management of CKD relies heavily on the proper functioning of these critical devices. Notably, data from the Centers for Disease Control and Prevention reveals that over 14% of the U.S. population, roughly 35.5 million individuals, suffer from CKD anually. This rise in CKD cases in the region contributes substantively to the ongoing expansion of the medical equipment maintenance market in the North America.

On the other hand, the medical equipment maintenance market is experiencing substantial growth in the Asia-Pacific (APAC) region, primarily propelled by substantial government investments in advancing healthcare infrastructure. Governments across APAC countries such as Singapore and China, are investing significantly towards enhancing their healthcare systems, thereby driving the market to grow. For instance, in Singapore, there is a growth in National Health expenditure, reaching USD 43 billion by 2030 and is accounting for 5.9% of the GDP, with the potential to rise by 9.0% the same period. This upward trajectory is primarily attributed to increased government spending on healthcare and the rising demand for healthcare services among the local population, making it a significant driver for the medical equipment maintenance market.

Furthermore, the escalating demand for medical equipment maintenance is predominantly fueled by the rapidly expanding aging population. With more elderly individuals requiring healthcare services, there's an increased need for maintaining and ensuring the reliable functioning of medical equipment crucial for their care. According to the National Library of Medicine, the proportion of individuals aged 60 years and above in China is projected to rise from 12.4% (168 million) to 28% (402 million) by 2040. This rising figure indicates the importance of proactive maintenance to extend the lifespan of these devices and uphold the overall well-being of the aging population.

Competitive Landscape

Various market players operating in the medical equipment maintenance market are GE Healthcare Technologies Inc., B. Braun Melsungen AG, Siemens Healthineers, Koninklijke Philips N.V., Medtronic plc, FUJIFILM Holdings Corporation, Olympus Corporation, Canon Inc., Toshiba Medical Systems Corporation, Drägerwerk AG & Co. KGaA, Hitachi Ltd. and others. These market players are adopting various strategies such as product launches and acquisitions to remain dominant in the market.

For Instance, in March 2022, Siemens Healthineers launched Technology Optimization Partnerships, a service program designed to support healthcare organizations with connected solutions. This program provides streamlined and standardized services for all medical technology, ensuring quality and performance, by simplifying technology management with a single point of contact.

Moreover, November 2023, Canon Inc. and Cleveland Clinic partnered to develop innovative imaging and healthcare IT technologies aimed at improving diagnosis, care, and outcomes for patients. The two organizations expect to establish a comprehensive imaging research center, potentially including shared workspace focussing on joint research projects and machines in cardiology, neurology, and musculoskeletal medicine.

KEY BENEFITS

  • The report provides quantitative analysis and estimations of the medical equipment maintenance market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

  • The study comprises a deep-dive analysis of the medical equipment maintenance market including the current and future trends to depict prevalent investment pockets in the market.

  • Information related to key drivers, restraints, and opportunities and their impact on the medical equipment maintenance market is provided in the report. 

  • Competitive analysis of the players, along with their market share is provided in the report.

  • SWOT analysis and Porters Five Forces model is elaborated in the study.

  • Value chain analysis in the market study provides a clear picture of roles of stakeholders.

KEY MARKET SEGMENTS

By Service Type

  • Maintenance

  • Corrective Maintenance

  • Installation

  • Training

By Device Type 

  • Diagnostic Imaging Equipment

  • Therapeutic Equipment

  • Surgical Instruments

  • Patient Monitoring Devices

  • Laboratory Equipment

  • Others

By End User

  • Hospitals

  • Clinics

  • Laboratory

  • Other End Users

By Region

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • The UK

    • Germany

    • France        

    • Italy        

    • Spain        

    • Denmark        

    • Netherlands        

    • Finland        

    • Sweden        

    • Norway        

    • Russia        

    • Rest of Europe    

  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Indonesia

    • Singapore

    • Taiwan

    • Thailand

    • Rest of Asia Pacific

  • RoW

    • Latin America

    • Middle East

    • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size in 2023

USD 47.51 Billion

Revenue Forecast in 2030

USD 92.36 Billion

Growth Rate

CAGR of 10.0% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Billion (USD)

Growth Factors

  •  Technological Advancements boost the market growth

  • Surging aging population increases the demand for medical equipment maintenance devices

Countries Covered

28

Companies Profiled

10

Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

  • GE Healthcare Technologies Inc.

  • B. Braun Melsungen AG

  • Siemens Healthineers, Koninklijke Philips N.V.

  • Medtronic plc

  • FUJIFILM Holdings Corporation

  • Olympus Corporation

  • Canon, Inc.

  • Toshiba Medical Systems Corporation

  • Drägerwerk AG & Co. KGaA

  • Hitachi Ltd.

Bar chart Pie chart Pie chart

Download Free Sample

Please Enter Full Name

Please Enter Valid Email ID

Please enter Country Code and Phone No

Please enter message

Frequently Asked Questions

According to Next Move Strategy Consulting the medical equipment maintenance industry is valued at USD 47.51 billion in 2023.

As per NMSC, the medical equipment maintenance industry is predicted to reach USD 92.36 billion by 2030.

As per NMSC, North America holds the major share of the medical equipment maintenance industry.

GE Healthcare Technologies Inc., B. Braun Melsungen AG, Siemens Healthineers, Koninklijke Philips N.V., Medtronic plc. are the top players of medical equipment maintenance industry.

Limited budgets can restrict investment in preventive maintenance programs, spare parts inventory, and training for maintenance staff. This can lead to deferred maintenance, increased risk of equipment failure, and higher long-term costs.
popular
$4,975
$3,975
$6,975
$2,975

This website uses cookies to ensure you get the best experience on our website. Learn more