Medical Equipment Maintenance Market by Device (Imaging (MRI, CT, ultrasound, X-ray), ventilator), Provider (OEM, ISO, In-house), Service (Preventive, Corrective), User (Hospital, Diagnostic Center), Contract (Basic, Customized) - Global Forecast to 2029

Medical Equipment Maintenance Market by Device (Imaging (MRI, CT, ultrasound, X-ray), ventilator), Provider (OEM, ISO, In-house), Service (Preventive, Corrective), User (Hospital, Diagnostic Center), Contract (Basic, Customized) - Global Forecast to 2029

The global medical equipment maintenance market is projected to reach USD 88.9 billion by 2029 from USD 54.0 billion in 2024, growing at a CAGR of 10.5% during the forecast period. Rising healthcare expenditures, particularly notable in emerging economies, are driving the acquisition of advanced medical equipment to bolster healthcare infrastructure and improve patient care standards. This uptick in the procurement of sophisticated medical devices underscores the critical need for reliable maintenance services to ensure their sustained performance and operational integrity. With healthcare providers prioritizing the adoption of cutting-edge technologies to meet the evolving healthcare demands of their populations, there is a parallel emphasis on securing robust maintenance solutions. As a result, maintenance services play an increasingly vital role in safeguarding the functionality and longevity of advanced medical equipment, thereby facilitating optimal healthcare delivery and patient outcomes amidst expanding healthcare budgets. However, disruptions in the supply chain for spare parts and maintenance tools can create challenges, driving the need for more reliable and diverse sourcing strategies and fostering the development of local manufacturing capabilities.

“The diagnostic imaging equipment segment to hold the largest share of the market in 2023.”

In the realm of diagnostic imaging, accuracy and precision stand as paramount prerequisites, playing pivotal roles in facilitating precise diagnoses and effective treatment planning. Given their indispensable significance, the imperative for regular maintenance to uphold optimal performance becomes self-evident. Through meticulous maintenance practices, diagnostic imaging equipment retains its capability to deliver the precise and reliable results imperative for informed medical decisions. By ensuring the equipment's accuracy remains uncompromised, maintenance endeavors safeguard against potential deviations that could compromise diagnostic efficacy. Consequently, healthcare providers can consistently rely on the fidelity of diagnostic imaging outputs, fostering confidence in clinical assessments and enhancing patient outcomes. The above mentioned factors will drive the growth of the market.

“The preventive maintenance segment to hold the largest share of the market in 2023.”

Although the initial investment in preventive maintenance may entail upfront costs, its long-term cost-effectiveness is underscored by its ability to avert expensive repairs, replacements, and downtime commonly associated with reactive maintenance practices. By systematically addressing potential issues before they escalate, preventive maintenance mitigates the risk of equipment failures and malfunctions, thus minimizing the need for costly emergency interventions. This proactive approach not only preserves the integrity and longevity of medical equipment but also sustains uninterrupted workflow in healthcare settings, ensuring efficient delivery of patient care. Consequently, while preventive maintenance requires an initial financial commitment, its proactive nature yields substantial savings over time, making it a prudent and economically advantageous strategy for healthcare facilities aiming to optimize operational efficiency and mitigate financial risks. The aforementioned factors will drive the growth of the market.

“The multi-vendor OEMs segment to hold the largest share of the market in 2023.”

Multi-vendor Original Equipment Manufacturers (OEMs) possess the capability to access authentic OEM components, service manuals, and comprehensive documentation spanning a diverse array of medical devices. This breadth of resources enables them to adhere meticulously to manufacturers' specifications, thus ensuring compliance and upholding equipment warranties. By leveraging genuine parts and adhering to prescribed procedures outlined in service manuals, multi-vendor OEMs safeguard the integrity and performance of medical equipment, mitigating the risk of voiding warranties or encountering issues related to non-compliance. This comprehensive support ecosystem underscores the reliability and credibility of multi-vendor OEM maintenance services, reassuring healthcare facilities of the continued efficacy and reliability of their medical equipment assets. These factors will drive the growth of the market.

“The hospitals segment to hold the largest share of the market in 2023.”

Hospitals employ proactive risk management strategies to mitigate the potential hazards posed by medical equipment failures or malfunctions. This involves the establishment of structured maintenance protocols, robust performance monitoring systems, and contingency plans aimed at safeguarding patient well-being and minimizing liability. By implementing scheduled maintenance procedures, hospitals can detect and address potential issues before they escalate, ensuring the continued reliability and functionality of critical medical equipment. Concurrently, performance monitoring systems enable real-time assessment of equipment performance, allowing for prompt intervention in the event of deviations from expected norms. Additionally, hospitals develop contingency plans to outline procedures for mitigating risks and managing emergencies, thereby bolstering their ability to respond effectively to unforeseen circumstances and uphold the highest standards of patient care and safety while minimizing legal liabilities. Thus the above mentioned factors are driving the growth of the market.

“The premium contract segment to hold the largest share of the market in 2023.”

Premium contracts frequently incorporate performance metrics as a means to assess the efficacy of maintenance services provided, encompassing key indicators such as equipment uptime, mean time to repair (MTTR), and first-time fix rate. Within these contracts, healthcare facilities have the flexibility to delineate their preferred performance targets and benchmarks, empowering them to monitor the quality and efficiency of maintenance activities over time. By establishing clear expectations and measurable outcomes, premium contracts facilitate transparency and accountability between service providers and healthcare facilities, fostering continuous improvement and ensuring that maintenance services align with the facility's operational objectives and standards of excellence. This collaborative approach not only enhances the reliability and performance of medical equipment but also contributes to the overall optimization of healthcare delivery and patient outcomes. The aforementioned factors will bolster the market.

“The market in the North America region is expected to hold a significant market share for medical equipment maintenance in 2023.”

North America leads the global medical equipment maintenance market, fueled by substantial healthcare expenditure directed towards procurement, maintenance, and enhancement of medical devices. With a focus on meeting the evolving needs of an aging population and elevated healthcare standards, the region invests significantly in ensuring the reliability, efficiency, and safety of medical equipment. These investments encompass not only the acquisition of state-of-the-art devices but also robust maintenance programs aimed at optimizing equipment performance and longevity. As healthcare expectations continue to rise, North America's commitment to maintaining cutting-edge medical equipment underscores its dedication to delivering quality patient care and remaining at the forefront of healthcare innovation led to the growth of the medical equipment maintenance market in this region.

A breakdown of the primary participants referred to for this report is provided below:

By Company Type: Tier 1–48%, Tier 2–36%, and Tier 3– 16%

By Designation: Director-level–14%, C-level–10%, and Others–76%

By Region: North America–40%, Europe–32%, Asia Pacific–20%, Latin America- 5%, MEA- 3%

The prominent players in the medical equipment maintenance market are Siemens Healthineers (Germany), GE Healthcare Technologies Inc. (US), Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), FUJIFILM Holdings Corporation (Japan), Olympus Corporation (Japan), Stryker Corporation (US), Canon Inc (Japan), Drägerwerk AG & Co. KGaA (Germany), Hitachi, Ltd (Japan), B. Braun SE (Germany), Elekta (Sweden), Shimadzu Corporation (Japan), Althea Group (Italy), Agfa-Gevaert N.V. (Belgium), BCAS Bio-medical Services Ltd. (UK), Agenor Mantenimientos (Spain), Grupo Empresarial Electromédico (Spain), Carestream Health (US), Karl Storz Gmbh & Co. Kg (Germany), STERIS Plc (US), Avensys UK Ltd. (UK), The Intermed Group (US), Crothall Healthcare (US), and Trimedx Holdings LLC (US).

Research Coverage

This report studies the medical equipment maintenance market based on device type, service type, service provider, end user, contract type, and region. It also covers the factors affecting market growth, analyzes the various opportunities and challenges in the market, and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five main regions (and the respective countries in these regions).

Reasons to Buy the Report

The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their market presence.

This report provides insights on the following pointers:

Analysis of key drivers (growth in medical equipment markets, rising focus on preventive medical equipment maintenance, adoption of innovative funding mechanisms, increasing purchase of refurbished medical systems), restraints (high initial cost and significant maintenance expenditure, fiscal unsustainability due to wasteful spending), opportunities (innovation in service offerings and use of IoT, growing medical device sector in emerging economies across Central and Eastern Europe and Asia Pacific), and challenges (survival of small players in highly fragmented and competitive market, compliance issues with new medical device regulation guidelines and dearth of skilled technicians and biomedical engineers) influencing the growth of medical equipment maintenance market

Market Penetration: Comprehensive information on the product portfolios offered by the top players in the medical equipment maintenance market

Service Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and service developments in the medical equipment maintenance market

Market Development: Comprehensive information on lucrative emerging regions

Market Diversification: Exhaustive information about new services, growing geographies, and recent developments in the medical equipment maintenance market

Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and services of the leading market players.