Medical Equipment Maintenance Market by Product (Imaging (MRI, CT, PET-CT, ultrasound, X-ray), Endoscopes, Lasers, ventilators, dialysis, Monitors), Provider (OEM, ISO, In-house), Service, End-User, Region - Global Forecast to 2028

Medical Equipment Maintenance Market by Product (Imaging (MRI, CT, PET-CT, ultrasound, X-ray), Endoscopes, Lasers, ventilators, dialysis, Monitors), Provider (OEM, ISO, In-house), Service, End-User, Region - Global Forecast to 2028

The global medical equipment maintenance market is projected to reach USD 80.7 billion by 2028 from USD 48.8 billion in 2023, growing at a CAGR of 10.6% during the forecast period. The rise in focus on preventive medical equipment maintenance is one of the major factors anticipated to boost market growth in the forecasting years.

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

Based on device type, the medical equipment maintenance market is segmented into diagnostic imaging equipment, endoscopic devices, medical lasers, patient monitoring & life support devices, dental equipment, electrosurgical equipment, radiotherapy devices, laboratory equipment, surgical equipment, ophthalmology equipment, and durable medical equipment. The medical equipment maintenance market is expected to be dominated by diagnostic imaging equipment during the forecast period. The use of advanced imaging equipment is expected to propel due to the rise in the prevalence of chronic diseases and the increasing number of diagnostic imaging procedures across the globe.

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

Based on service type, medical equipment maintenance is segmented into corrective maintenance, preventive maintenance, and operational maintenance. Preventive maintenance is expected to dominate the medical equipment maintenance market during the forecast period. The growth is attributed to the benefits of preventive maintenance. Preventive maintenance is carried out for medical equipment such as diagnostic imaging devices, life support devices, and devices that significantly impact the safety of patients (such as infusion pumps, ECG machines, pulse oximeters, defibrillators, and electrosurgical units).

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

Based on the service provider, the medical equipment maintenance market is segmented into single-vendor OEMs, multi-vendor OEMs, ISOs, and in-house maintenance. The multi-vendor OEMs segment is estimated to hold the largest market share of the medical equipment maintenance market during the forecast period. OEMs provide a wide range of services, such as operational maintenance, corrective maintenance, planned maintenance, and extended warranty, along with insurance maintenance programs.

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

The end-user market is segmented into diagnostic imaging centers, hospitals, dialysis centers, ambulatory surgical centers, dental clinics & specialty clinics, and other end users. Hospitals accounted for the largest share of the global medical equipment maintenance market in 2022. This can be attributed to factors such as the large number of diagnostic imaging procedures performed in hospitals and the increasing adoption of minimally invasive procedures (including diagnostic imaging systems) in hospitals to improve the quality of patient care.

“The market in the North America region is expected to hold a significant market share for medical equipment maintenance in 2022.”

The medical equipment maintenance market covers five key geographies—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2022, a significant market share for medical equipment maintenance was held by the market in the North American region. The number of vendors manufacturing medical equipment maintenance and a growing number of approvals for advanced medical devices 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 GE Healthcare Technologies Inc. (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), FUJIFILM Holdings Corporation (Japan), Olympus Corporation (Japan), among others.

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 the associated 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, emergence of ISOs, emerging markets across Central and Eastern Europe and APAC), and challenges (survival of players in a highly fragmented and competitive market, 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.