Medical Equipment Maintenance Market

The report "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", size is projected to reach USD 88.9 billion by 2029 from USD 54.0 billion in 2024, at a CAGR of 10.5% during the forecast period.

Browse 307 market data Tables and 58 Figures spread through 349 Pages and in-depth TOC on "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"
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The aging demographics worldwide are driving up healthcare needs, resulting in heightened utilization of medical devices across various healthcare settings. As populations age, there is a growing prevalence of chronic conditions and age-related ailments, prompting a greater reliance on medical devices for diagnosis, treatment, and monitoring. This surge in device utilization underscores the importance of proactive maintenance to ensure the continuous functionality and reliability of equipment critical to patient care. Healthcare facilities are increasingly prioritizing maintenance services to address the heightened demand, aiming to prevent equipment failures, minimize downtime, and uphold patient safety standards. Consequently, the aging global population contributes to the escalating requirement for medical equipment maintenance, as healthcare providers strive to meet the evolving healthcare needs of aging populations while maintaining operational efficiency. However, The integration of the Internet of Things (IoT) and Artificial Intelligence (AI) in medical devices introduces new challenges in terms of cybersecurity and data management. Maintenance providers need to develop expertise in these areas to manage and secure interconnected devices.

“Diagnostic imaging equipment segment of device type accounted for the largest share and will  grow at the highest CAGR during the forecast period of the global medical equipment maintenance market”

The medical equipment maintenance market is segmented by device type into diagnostic imaging equipment, patient monitoring and life support devices, surgical equipment, radiotherapy devices, laboratory equipment, endoscopic devices, medical lasers, electrosurgical equipment, dental equipment, and durable medical equipment. The diagnostic imaging equipment segment accounted for the largest market share and is projected to grow at the highest compound annual growth rate (CAGR) during the forecast period in the global medical equipment maintenance market. Continuous innovations in diagnostic imaging technologies, such as MRI, CT scans, and ultrasound, have resulted in more sophisticated and expensive equipment requiring regular maintenance to ensure optimal performance, which will drive the market.

“Preventive maintenance segment of service type estimated to hold the largest share of medical equipment maintenance during the forecst period”

The medical equipment maintenance market is segmented by service type into operational, corrective, and preventive maintenance. The preventive maintenance segment holds the largest market share in the medical equipment maintenance market. With the increasing complexity of diagnostic imaging equipment, preventive maintenance becomes critical to prevent equipment breakdowns and ensure uninterrupted operation. Technological advancements may introduce new components or subsystems that require specialized maintenance procedures and expertise.

“Multi-vendor OEMs segment of service provider accounted for the largest share, growing at the highest CAGR of the medical equipment maintenance in 2024-2029”

The medical equipment maintenance market is segmented by service provider into single-vendor OEMs, multi-vendor OEMs, ISOs, and in-house maintenance. The multi-vendor OEMs segment is projected to hold the largest market share and exhibit the highest CAGR in the medical equipment maintenance market during the forecast period. Multi-vendor OEMs possess specialized expertise and training to support equipment from different manufacturers, ensuring consistent quality of service regardless of the equipment's brand or model, driving the growth of the market.

“Hospitals segment of end user estimated for the largest share of the medical equipment maintenance during the forecast period”

The medical equipment maintenance market is segmented by end user into hospitals, diagnostic imaging centers, dialysis centers, ambulatory surgical centers, dental clinics, specialty clinics, and other end users. The hospitals segment is expected to hold the largest market share during the forecast period, underscoring the critical role medical equipment plays in patient care within hospital settings, with many devices being essential for diagnosis, treatment, and monitoring. As such, regular maintenance is vital to prevent disruptions to healthcare delivery and ensure patient safety. These factors will drive the growth of the market.

“Premium contract segment of contract type is projected to experience the most rapid expansion within the medical equipment maintenance market throughout the forecast period.”

Based on the contract type, medical equipment maintenance market is segmented into basic contract, premium contract, customized contract, and add-on contract. The premium contract is accounted to hold the largest market share of the medical equipment maintenance market during the forecast period. remium contracts in the medical equipment maintenance market offer customizable service level agreements tailored to the specific needs of healthcare facilities. This customization allows facilities to prioritize equipment, set response times, schedule maintenance, define performance metrics, manage spare parts, receive training, and adhere to budget constraints. By aligning maintenance services with facility requirements, premium contracts ensure efficient, effective, and cost-conscious support for medical equipment, optimizing patient care and operational performance.

“Asia Pacific region is projected to experience the most rapid growth throughout the forecast period”

In 2023, Asia Pacific is expected to register the highest CAGR of the medical equipment maintenance market during the forecast period. The Asia Pacific region has been experiencing significant growth in healthcare infrastructure, with increasing investments in hospitals, clinics, and medical facilities. This expansion has led to a higher demand for medical equipment maintenance services to support the growing number of healthcare facilities.

Key Market Players

Key players in this market include 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).

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