MEDICAL EQUIPMENT MAINTENANCE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Size and Trends

The medical equipment maintenance market is estimated to be valued at USD 50.79 Bn in 2024 and is expected to reach USD 96.03 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031.

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The market is experiencing positive growth due to the increasing demand for preventive medical equipment maintenance. With growth in the healthcare infrastructure and the establishment of new hospitals and clinics, the demand for medical equipment is increasing significantly. Additionally, the emergence of new technologies, such as robotic surgery and medical imaging equipment, is further driving the need for professional maintenance services. Manufacturers are also offering comprehensive maintenance packages to ensure the highest levels of performance, safety, and regulatory compliance of their equipment. This rising demand from end users and emphasis on preventive maintenance is expected to propel the medical equipment maintenance market during the forecast period.

Rising aging population

As the population is aging in many parts of the world, the number of people aged 65 and above is on the rise. As people grow older, they tend to increasingly rely on medical equipment and devices to maintain their health and quality of life. The increasing elderly segment will thus drive greater demand for maintenance and after-sales servicing of medical equipment being used in homes, nursing homes, as well as in hospitals and clinical settings. Equipment such as mobility aids, continuous positive airway pressure machines, oxygen concentrators, glucose monitors, etc. require regular servicing to function optimally and provide intended medical benefits to older users. This rising aging population is therefore expected to boost prospects for the medical equipment maintenance market in the coming years.

Market Concentration and Competitive Landscape

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Rapid advancements are being witnessed in the medical technology field with innovative devices and equipment being introduced that allow for more effective diagnosis and treatment. Technologies such as robotic surgery systems, digital X-ray machines, medical imaging modalities, laser surgery devices, laboratory diagnostics equipment, and others are becoming commonplace in healthcare facilities. While such advanced medical technologies improve clinical outcomes, they also need to be properly maintained to performance at optimal levels. High-end equipment is usually under warranty and manufacturers provide maintenance services. However, after the expiry of the initial warranty period, healthcare providers require third party maintenance services to carry out repairs, software upgrades, and calibration in order to continue deriving benefits. The growing adoption of sophisticated medical equipment coupled with the need for long term maintenance is likely to present new opportunities for service providers in the medical equipment maintenance market. With healthcare undergoing transformation, maintenance of clinical infrastructure will form an important aspect to support quality care.

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The medical equipment maintenance market faces several challenges. Medical devices are becoming increasingly complex with new technologies being adopted at a rapid pace. It is difficult for maintenance service providers to keep up with the latest developments and train technicians adequately. Further, budgets for maintenance are often limited at hospitals. The costs of maintenance contracts and spare parts are rising too. This poses pricing pressures and challenges customer acquisition. Device uptime is critical in a healthcare environment too, placing greater importance on maintenance services.

Market Opportunities – Growing healthcare infrastructure

The medical equipment maintenance market presents several opportunities. With the healthcare infrastructure growing across the world, the base of medical equipment needing maintenance is expanding consistently. As device complexity rises, there is a growing need for specialized maintenance service providers with expertise in different domains. Outsourcing of equipment maintenance is catching up too, allowing service providers to target a larger customer base. The adoption of predictive maintenance technologies also opens up new revenue streams, thus creating lucrative opportunities for market growth over the forecasted period.

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The product segment includes electromedical equipment, surgical instruments, endoscopic devices, imaging equipment, and other medical equipment. The imaging equipment segment is estimated to hold 34.9% share of the market in 2024. Imaging technologies, such as X-ray, CT, MRI, ultrasound, and other modalities, have undergone rapid evolution in recent years, leading to enhanced image quality and new functionalities. As healthcare providers increasingly adopt these advanced imaging solutions to deliver better diagnosis and treatment planning, the need for regular maintenance and repairs has also increased significantly. Proper upkeep through planned maintenance schedules and calibration services help maximize the performance and lifespan of expensive imaging machines. Moreover, novel imaging techniques are allowing for minimally invasive procedures, expediting recovery and reducing costs for patients and hospitals. This growing dependence on sophisticated imaging equipment to deliver improved patient outcomes and experiences is a key factor propelling the aftermarket services segment.

Insights, By Maintenance Type: Preventive Maintenance Ensures Uptime of Critical Medical Devices

The maintenance type segment includes operational maintenance, preventive maintenance, and corrective maintenance. The preventive maintenance sub-segment is expected to have 45.9% of the market share in 2024. Healthcare facilities rely heavily on a variety of medical devices and equipment in patient care delivery. Any downtime or malfunction can severely impact clinical workflows, treatment delays and user safety. A well-structured preventive maintenance program helps proactively detect potential issues, reduce unexpected breakdowns and ensure consistent uptime of critical devices. Regular inspections, calibration, part replacements and software/firmware upgrades in accordance with manufacturer specifications are vital. This minimizes the risk of equipment failure and allows timely repair or servicing. The role of preventive maintenance is further magnified as newer devices integrate more complex electronic and software components. Proper upkeep is critical not just for patient safety but also regulatory compliances in most regions.

Insights, By Service Provider: Original Equipment Manufacturers Lead with Application Expertise

The service provider segment includes original equipment manufacturer, in-house maintenance, and independent service organization. The original equipment manufacturer sub-segment is expected to hold 42.9% of the market share in 2024. As the designer and builder of medical devices, Original equipment manufacturers (OEMs) possess in-depth application know-how and strong understanding of the core technology/architecture involved. Their factory-trained technicians are best equipped to handle both hardware and software-related issues. OEMs also have direct access to spare parts as well as the latest diagnostic tools and testing equipment required. This ensures repairs adhere to stringent quality standards. Moreover, maintaining equipment via OEM contracts keeps warranty and regulatory certifications valid. The specialized technical expertise, genuine components usage, rapid response times, and preventive services ability of OEMs provide considerable peace of mind for clinics. Their long-term service relationships additionally aids uptime commitments and flexibility in service agreements.

Regional Insights

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North America has established itself as the dominant region in the global medical equipment maintenance market and is anticipated to hold 42.5% of the market share in 2024. With a large, developed healthcare sector and the presence of leading medical device companies, North America accounts for the largest share of the maintenance spending globally. The region's aging population coupled with rising healthcare expenditure has sustained the demand for maintenance and after-sales support of medical equipment over the years. Moreover, stringent regulations around quality standards and safety procedures have ensured equipment upkeep remains a focus for both private and public healthcare facilities.

Asia Pacific has emerged as the fastest growing regional market. Governments across developing nations have increased healthcare budgets to boost infrastructure development and modernize facilities. This, in turn, is driving the installation of advanced medical technologies. As the installed base of high-tech diagnostic devices and therapy equipment rises in countries like China, India, and Indonesia, the need for regular servicing and repairs has grown significantly. The Asia Pacific region also sees strong potential in exports of refurbished and pre-owned equipment. This offers lucrative opportunities for local and multinational service providers specializing in equipment maintenance, renovation, and quality certification activities.

Market Report Scope

Key Developments

• On January 31, 2024, Aamal Company Q.P.S.C., one of the largest and most diversified companies in Qatar, announced a new strategic partnership between its fully owned subsidiary, Aamal Medical, and Austco Healthcare, a global leader in healthcare technology solutions, to modernize patient care and healthcare staff communication in Qatar. This collaboration marks a significant milestone for both companies in their shared mission to improve healthcare outcomes and bring cutting-edge patient care to market.
• In November 2023, Nagarro, a leader in digital product engineering, and Radiometer, a medical equipment manufacturer, announced their collaboration to drive healthcare innovation. Nagarro and Radiometer have worked together since 2015 to develop future-ready IT solutions for business intelligence, predictive maintenance using machine learning, platform integrations, mobile apps, enterprise solutions using Microsoft Dynamics 365, automation, DevOps, infrastructure and security support, monitoring and maintenance, and many other areas.
• In October 2023, GE Healthcare, a healthcare company and reLink Medical, largest independent provider of medical equipment, are partnering to deliver asset management solutions to healthcare providers to help reduce medical device waste. With this collaboration, GE HealthCare will help healthcare providers manage their clinical devices for the full lifecycle of their equipment, a true wing-to-wing solution, from capital planning and purchasing to maintenance and final disposition of the equipment.
• In March 2023, Advantus Health Partners, a health care solutions company delivering more effective, efficient supply chain models to health care organizations, and GE HealthCare, one of the largest providers of medical equipment maintenance services in the world, announced an agreement of up to USD 760 million over 10-years to provide GE HealthCare’s Healthcare Technology Management (HTM) services to Advantus Health Partners’ clients

*Definition: The medical equipment maintenance market consists of companies that provide maintenance, repair, and operational support services for various medical devices and equipment used in healthcare facilities. Key products serviced include medical imaging systems like MRI and CT scanners, laboratory equipment, ventilators, patient monitors, and surgical instruments. Medical equipment maintenance ensures safety, efficiency, and optimal performance of costly medical devices through preventative maintenance programs, emergency repairs, calibration checks, and equipment upgrades.

Market Segmentation

• Product Insights (Revenue, USD BN, 2019 - 2031)
  • Electromedical Equipment
  • Surgical Instruments
  • Endoscopic Devices
  • Imaging Equipment
    • Digital X-Ray
    • Computed Tomography (CT) Scan
    • Ultrasound
    • Magnetic Resonance Imaging
    • Others
  • Other Medical Equipment
•  Maintenance Type Insights (Revenue, USD BN, 2019 - 2031)
  • Operational Maintenance
  • Preventive Maintenance
  • Corrective Maintenance
•  Service Provider Insights (Revenue, USD BN, 2019 - 2031)
  • Original Equipment Manufacturer
  • In-house Maintenance
  • Independent Service Organization
•  End User Insights (Revenue, USD BN, 2019 - 2031)
  • Hospitals
  • Diagnostic Laboratories
  • Ambulatory Surgical Centers
  • Others
• Regional Insights (Revenue, USD BN, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Koninklijke Philips N.V.
  • Medtronic
  • GE Healthcare
  • B. Braun Melsungen AG
  • Althea Group
  • Siemens Healthineers
  • Agiliti
  • Sodexo Healthcare
  • Crothall Healthcare
  • ISS Solutions, Inc.
  • TriMedx
  • Avante
  • TRIMED Healthcare
  • NovaMed Corporation
  • DiaMedical USA Equipment LLC
  • Aramark
  • Stryker
  • Medigas 
  • RENOVO Solutions
  • Steris plc