Medical Equipment Maintenance Market By Equipment (Imaging Equipment, Electromedical Equipment, Endoscopic Equipment, Surgical Devices, Others) , By Services (Preventive Maintenance, Corrective Maintenance, Operational Maintenance) By End User (Hospitals, Clinics, Diagnostic Centers) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Medical Equipment Maintenance Market
The medical equipment maintenance market was valued at $52.6 billion in 2023 and is projected to reach $141.0 billion by 2033, growing at a CAGR of 10.4% from 2024 to 2033.
Medical equipment maintenance is an essential activity practiced in hospitals & clinics to ensure timely delivery of healthcare, reduce the risk of failure, and extend the lifespan of devices. Equipment in a medical facility ranges from a simple thermometer to complex devices such as ventilators and diagnostic devices. Their prolonged & recurrent usage makes it important to inspect and maintain their optimal working conditions at all times. Therefore, facilities adopt several strategies such as in-house, manufacturer-based, and third-party maintenance to continue operations through the devices.
Expansion of the healthcare infrastructure and rise in emergence of innovative medical devices have fueled the need for efficient preservation methodologies, augmenting the growth of the medical equipment maintenance market. Furthermore, the implementation of rigorous mandates by several regulatory bodies, such as Quality System Regulation by the U.S. Food and Drug Administration, acts as a key driver for the market development. To enhance the precision and frequency of instrument maintenance, the integration of predictive maintenance technologies is trending in the market. The technology enables remote monitoring and early detection of maintenance requirements of equipment, thereby elevating the operational ability of hospitals.
However, maintenance activities and deployment of innovative technologies for early protection of medical equipment require significant capital investment. Healthcare facilities with budget constraints typically avoid making huge investments in maintenance requirements, thereby hampering the growth of the market. Moreover, lack of proficient biomedical engineers and technicians with knowledge of novel maintenance procedures restrains the market development significantly. On the contrary, constant innovations in maintenance techniques and adoption of digital technology are poised to open new avenues for the market in the future. The assimilation of AI, automation, robotics, and the Internet of Things into medical instruments & upkeep machinery is projected to accelerate the provision of maintenance activities. As per a recent article published by Healthcare IT Today—a leading provider of healthcare news and insights—nearly 30 billion medical devices are estimated to become connected globally by 2030. This adoption of smart technologies is projected to present lucrative opportunities for the medical equipment maintenance market.
Segment ReviewThe medical equipment maintenance market is segmented into equipment, services, end user, and region. On the basis of equipment, the market is divided into imaging equipment, electromedical equipment, endoscopic equipment, surgical devices, and others. Depending on services, it is classified into preventive maintenance, corrective maintenance, and operational maintenance. As per end user, it is categorized into hospitals, clinics, diagnostic centers. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of equipment, the imaging equipment segment is expected to dominate the market during the forecast period.
Depending on services, the corrective maintenance segment is projected to be the highest shareholder by 2033.
As per end user, the clinics segment acquired a high stake in the market in 2023.
Region wise, North America is anticipated to be the highest revenue generator by 2033.
Competition AnalysisThe major players in the global medical equipment maintenance market include Siemens Healthineers AG, GE Healthcare, Olympus Corporation, Stryker Corporation, Canon Inc., Hitachi Ltd. (Hitachi Chemical Co. Ltd.), B. Braun SE, Althea Group, Elekta AB, and BCAS Bio Medical Services Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy EquipmentImaging Equipment
Electromedical Equipment
Endoscopic Equipment
Surgical Devices
Others
By ServicesPreventive Maintenance
Corrective Maintenance
Operational Maintenance
By End UserHospitals, Clinics
Diagnostic Centers
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market PlayersSiemens Healthineers AG
GE Healthcare
Olympus Corporation
Stryker Corporation.
Canon Inc.
Hitachi Ltd (Hitachi Chemical Co Ltd)
B. Braun SE
Althea Group
Elekta AB
BCAS Bio Medical Services Ltd