The global medical equipment maintenance market size was estimated to be USD 50.43 billion in 2023 and is expected to reach at USD 163.09 billion by 2034 with a CAGR of 11.26% during the forecast period 2024-2034. Rising focus on preventive maintenance of medical equipment, surge in investments by healthcare providers & governments, growing technological advancements in medical equipment, increasing prevalence of chronic & lifestyle-related disorders, rising number of medical devices launched by key players, growing technological developments, and surge in need for continuous training & maintenance of medical equipment are some of the key factors boosting the market growth.
Surge in need for continuous training & maintenance of medical equipment is predicted to boost the market growth during the forecast period. The rising utilization of medical equipment is expected to lead to an increased need for medical equipment maintenance services, which in turn will drive market expansion. For instance, in July 2022, At ECR 2022, Canon Medical introduced the Vantage Fortian, a new MRI system that incorporates advanced workflow solutions, image enhancement techniques, and faster scanning technology. These combined features work together to decrease the duration of MRI procedures.
By product, imaging equipment was the highest revenue-grossing segment in the global medical equipment maintenance market in 2023 owing to increasing demand for primary diagnosis of the diseases and rising usage of imaging modalities including computed tomography & nuclear imaging for the diagnosis of various diseases. Additionally, surgical equipment is predicted to grow at fastest CAGR during the forecast period owing to the growing number of surgical procedures, rising introduction of non-invasive & robotic solutions, and increasing initiatives by market players. For instance, in May 2023, Siemens Healthineers, based in Germany, has opened a new Education and Development Center (EDC) in Erlangen. This facility is designed to provide training courses in medical device operation for both customers and their in-house experts.
By services, corrective maintenance was the highest revenue-grossing segment in the global medical equipment maintenance market in 2023 owing to the increasing demand for replacing or repairing systems or parts to restore the physical integrity, appearance, & functionality of a medical device and growing focus on expansion by market players. For instance, in May 2022, Medical Manufacturing Technologies (MMT) has broadened its catheter manufacturing solutions by acquiring Medical Production Technology Europe (MPT). MPT specializes in providing equipment and services related to balloon forming, folding and pleating, thermal bonding, and stent crimping solutions for the medical industry. Additionally, preventive maintenance is predicted to grow at fastest CAGR during the forecast period owing to the growing emphasis on preventive maintenance for medical devices because it contributes to the improvement of patient care quality and safety. This approach involves regularly scheduled maintenance to prevent expensive repairs in the future, enhance device reliability, and optimize daily operations.
By service providers, original equipment manufacturers was the highest revenue-grossing segment in the global medical equipment maintenance market in 2023 owing to the lower cost of maintenance services and advanced & quick maintenance services offered by them. Additionally, independent service organizations is predicted to grow at fastest CAGR during the forecast period owing to the surge in mergers & acquisitions within market players. For instance, in March 2023, Althea UK and Medipass Healthcare have merged and will now operate under the name Ergéa. Ergéa has become the foremost independent Managed Equipment Services provider in the UK, specializing in cardiology, radiology, endoscopy, radiotherapy, and surgical theaters.
By end-user, hospitals was the highest revenue-grossing segment in the global medical equipment maintenance market in 2023 owing to the rising demand for rapid & accurate diagnosis of various diseases and growing installation of advanced diagnostic imaging systems by hospitals. Additionally, diagnostic imaging centers is predicted to grow at fastest CAGR during the forecast period owing to the surge in technological developments and increasing partnerships within market players. For instance, in March 2023, GE Healthcare Technologies Inc. has joined forces with Advantus Health Partners in a 10-year deal to deliver Healthcare Technology Management (HTM) services to Advantus Health Partners' clientele.
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing demand for medical devices, growing prevalence of chronic disorders, surge in key product launches, rising healthcare infrastructure, increasing demand for advanced medical devices, and growing mergers & acquisitions within market players. For instance, in September 2022, Prescott's Inc, which is under the ownership of Atlantic Street Capital, has completed the acquisition of Preventive Maintenance Medical Inc. This company is known for its expertise in healthcare and laboratory sterilizers, as well as providing specialized service and support for washers. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the surge in government initiatives to provide better healthcare services, increasing geriatric population, and rising launch of maintenance service centers within the region. For instance, in July 2022, B. Braun Thailand has recently opened the "B. Braun Technical Service Center" with the goal of offering top-notch repair and maintenance services for medical equipment. The center's establishment is geared towards assisting Thailand's public healthcare system in delivering uninterrupted healthcare services to its population. Furthermore, this initiative aligns with B. Braun's global vision of safeguarding and enhancing the well-being of people worldwide.
Surge in need for continuous training & maintenance of medical equipment is predicted to boost the market growth during the forecast period. The rising utilization of medical equipment is expected to lead to an increased need for medical equipment maintenance services, which in turn will drive market expansion. For instance, in July 2022, At ECR 2022, Canon Medical introduced the Vantage Fortian, a new MRI system that incorporates advanced workflow solutions, image enhancement techniques, and faster scanning technology. These combined features work together to decrease the duration of MRI procedures.
By product, imaging equipment was the highest revenue-grossing segment in the global medical equipment maintenance market in 2023 owing to increasing demand for primary diagnosis of the diseases and rising usage of imaging modalities including computed tomography & nuclear imaging for the diagnosis of various diseases. Additionally, surgical equipment is predicted to grow at fastest CAGR during the forecast period owing to the growing number of surgical procedures, rising introduction of non-invasive & robotic solutions, and increasing initiatives by market players. For instance, in May 2023, Siemens Healthineers, based in Germany, has opened a new Education and Development Center (EDC) in Erlangen. This facility is designed to provide training courses in medical device operation for both customers and their in-house experts.
By services, corrective maintenance was the highest revenue-grossing segment in the global medical equipment maintenance market in 2023 owing to the increasing demand for replacing or repairing systems or parts to restore the physical integrity, appearance, & functionality of a medical device and growing focus on expansion by market players. For instance, in May 2022, Medical Manufacturing Technologies (MMT) has broadened its catheter manufacturing solutions by acquiring Medical Production Technology Europe (MPT). MPT specializes in providing equipment and services related to balloon forming, folding and pleating, thermal bonding, and stent crimping solutions for the medical industry. Additionally, preventive maintenance is predicted to grow at fastest CAGR during the forecast period owing to the growing emphasis on preventive maintenance for medical devices because it contributes to the improvement of patient care quality and safety. This approach involves regularly scheduled maintenance to prevent expensive repairs in the future, enhance device reliability, and optimize daily operations.
By service providers, original equipment manufacturers was the highest revenue-grossing segment in the global medical equipment maintenance market in 2023 owing to the lower cost of maintenance services and advanced & quick maintenance services offered by them. Additionally, independent service organizations is predicted to grow at fastest CAGR during the forecast period owing to the surge in mergers & acquisitions within market players. For instance, in March 2023, Althea UK and Medipass Healthcare have merged and will now operate under the name Ergéa. Ergéa has become the foremost independent Managed Equipment Services provider in the UK, specializing in cardiology, radiology, endoscopy, radiotherapy, and surgical theaters.
By end-user, hospitals was the highest revenue-grossing segment in the global medical equipment maintenance market in 2023 owing to the rising demand for rapid & accurate diagnosis of various diseases and growing installation of advanced diagnostic imaging systems by hospitals. Additionally, diagnostic imaging centers is predicted to grow at fastest CAGR during the forecast period owing to the surge in technological developments and increasing partnerships within market players. For instance, in March 2023, GE Healthcare Technologies Inc. has joined forces with Advantus Health Partners in a 10-year deal to deliver Healthcare Technology Management (HTM) services to Advantus Health Partners' clientele.
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing demand for medical devices, growing prevalence of chronic disorders, surge in key product launches, rising healthcare infrastructure, increasing demand for advanced medical devices, and growing mergers & acquisitions within market players. For instance, in September 2022, Prescott's Inc, which is under the ownership of Atlantic Street Capital, has completed the acquisition of Preventive Maintenance Medical Inc. This company is known for its expertise in healthcare and laboratory sterilizers, as well as providing specialized service and support for washers. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the surge in government initiatives to provide better healthcare services, increasing geriatric population, and rising launch of maintenance service centers within the region. For instance, in July 2022, B. Braun Thailand has recently opened the "B. Braun Technical Service Center" with the goal of offering top-notch repair and maintenance services for medical equipment. The center's establishment is geared towards assisting Thailand's public healthcare system in delivering uninterrupted healthcare services to its population. Furthermore, this initiative aligns with B. Braun's global vision of safeguarding and enhancing the well-being of people worldwide.
Segmentation: Medical Equipment Maintenance Market Report 2023 - 2034
Medical Equipment Maintenance Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Endoscopic Devices
- Electromedical Equipment
- Surgical Equipment
- Imaging Equipment
- Other
Medical Equipment Maintenance Market Analysis & Forecast by Services 2023 - 2034 (Revenue USD Bn)
- Operational Maintenance
- Corrective Maintenance
- Preventive Maintenance
Medical Equipment Maintenance Market Analysis & Forecast by Service Providers 2023 - 2034 (Revenue USD Bn)
- Original Equipment Manufacturers
- Independent Service Organizations
Medical Equipment Maintenance Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Diagnostic Imaging Centers
- Ambulatory Surgical Centers
- Hospitals
- Dialysis Centers
- Dental Clinics & Specialty Clinics
- Others
Medical Equipment Maintenance Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Medical Equipment Maintenance Market: Product Estimates & Trend Analysis
8. Medical Equipment Maintenance Market: Services Estimates & Trend Analysis
9. Medical Equipment Maintenance Market: Service Providers Estimates & Trend Analysis
10. Medical Equipment Maintenance Market: End-user Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Medical Equipment Maintenance Market
13. Europe Global Medical Equipment Maintenance Market
14. Asia Pacific Global Medical Equipment Maintenance Market
15. Latin America Global Medical Equipment Maintenance Market
16. MEA Global Medical Equipment Maintenance Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- B. Braun
- GE Healthcare
- Aramark
- Siemens Healthineers
- Medtronic
- Prescott's Inc
- BC Technical Inc.
- Althea Group
- Koninklijke Philips N.V.
- Drägerwerk AG & Co. KGaA
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | January 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 50.43 Billion |
| Forecasted Market Value ( USD | $ 163.09 Billion |
| Compound Annual Growth Rate | 11.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
