Medical Equipment Maintenance Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 53.67 Billion |
| Market Size (2029) | USD 88.27 Billion |
| CAGR (2024 - 2029) | 10.47 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Medical Equipment Maintenance Market Analysis
The Global Medical Equipment Maintenance Market size is estimated at USD 53.67 billion in 2024, and is expected to reach USD 88.27 billion by 2029, growing at a CAGR of 10.47% during the forecast period (2024-2029).
The outbreak of the pandemic impacted the market. The need for critical medical equipment to tackle the pandemic crisis has sparked a surge in demand for medical equipment maintenance products and services. The broad range of medical devices used in the diagnosis and treatment of COVID-19 positively impacted market growth. In addition, hospitals were having trouble getting service information to fix medical equipment during COVID-19. Thus, to combat such situations, market players adopted certain strategic initiatives to sustain their positions in the market during the pandemic. For instance, in March 2021, iFixit launched a massive repair database for ventilators and other medical devices to help hospitals maintain and fix crucial equipment during COVID-19. Therefore, the market witnessed moderate growth during the pandemic. However, with the positive developments, upliftments of lockdowns, ease of restrictions, and declining cases of COVID-19, the market started to gain momentum and is expected to maintain the upward trend over the forecast period.
The focus on preventive maintenance of medical equipment and rising investments by healthcare providers and governments in infrastructure are the major factors driving market growth. Furthermore, rapid technological advancements in medical equipment and the increased need for continuous training and maintenance are also stimulating market growth. For instance, in July 2022, Canon Medical launched Vantage Fortian at ECR 2022. The new MRI system features innovative workflow solutions, image enhancement, and accelerated scan technology, which together contribute to reducing the time required for MRI procedures.
Similarly, in October 2021, Hospital Espaol La Plata in Buenos Aires, Argentina, acquired an analog DR 100e system to complement its portfolio of Agfa solutions. With this, the hospital can significantly reduce the diagnostic volume of bedside exams. As a result of the increasing number of medical devices launched by key players, the demand for medical equipment maintenance services is expected to rise; thus, significant market growth is anticipated over the forecast period.
In addition, increasing cases of chronic diseases and lifestyle-related disorders are also propelling market growth. For instance, according to CDC data updated in September 2021, more than two-thirds of all new cancers were diagnosed among adults aged 60 and older. It was also reported that as the number of adults living to older ages continues to increase, there will be more new cancer cases, and the number is expected to reach more than 2.2 million by 2050, with the largest percentage increase among adults who are 75 years old or older. In such cases, medical equipment is one of the essential requirements; therefore, increasing use of medical equipment may surge the demand for medical equipment maintenance services, thereby propelling market growth over the forecast period.
However, the high cost of medical equipment maintenance is expected to hinder market growth over the forecast period.
Medical Equipment Maintenance Market Trends
The Imaging Equipment Segment is Expected to Witness Significant Growth Over the Forecast Period
The majority of healthcare professionals favor imaging equipment because it quickly provides a primary diagnosis for all diseases.All the imaging modalities, including computed tomography and nuclear imaging, are extensively used for the diagnosis of various diseases. They are also majorly used in chronic diseases, which include health conditions such as heart disease, asthma, cancer, and diabetes. Therefore, this equipment is being utilized as both a diagnostic imaging and therapeutic modality and has a wide range of applications in the medical field.
The rising geriatric population and increasing rates of chronic diseases and lifestyle-related diseases across the globe are the major factors propelling the segment's growth. For instance, according to the data published by the IDF in 2021, around 537.0 million adults were living with diabetes, and by 2030, around 643.0 million people were expected to live with diabetes. It was also reported that 3 out of 4 adults live with diabetes, and around 1 out of 2 adults (240.0 million) are living with undiagnosed diabetes. Similarly, according to the report published by the CDC in 2021, around 5.0% of adults have been diagnosed with emphysema, chronic bronchitis, or chronic obstructive pulmonary disease (COPD). Furthermore, according to the NCBI report published in January 2022, the global prevalence of COPD is around 10.1% in people aged 40 or older. Furthermore, according to the data published by the NHS U.K. for the year 2021, around 1.17 million people in England were diagnosed with COPD, which constitutes around 1.9% of the population of England. The imaging equipment is helpful in the early diagnosis of chronic diseases.
Therefore, owing to the abovementioned factors, the segment is anticipated to witness considerable growth over the forecast period.
North America is Expected to Witness Considerable Growth Over the Forecast Period
North America is expected to dominate the overall medical equipment maintenance market over the forecast period. The growth is due to factors such as increasing chronic disorders and the growing demand for medical devices. For instance, according to the HeartLife Foundation 2021 report, more than 1.4 million Canadians were admitted to hospitals with the illness each year as a result of heart failure or cardiovascular disease. Similarly, as per the data from the American Heart Association for 2022, in Mexico, 56.1% of adults have high levels of LDL-C, or bad cholesterol, which is thought to be the primary risk factor for cardiovascular disease. Therefore, owing to the increasing prevalence of various diseases, the demand for medical equipment is anticipated to increase, which in turn may propel the use of medical equipment maintenance services in the North American region.
Key product launches, a high concentration of market players or manufacturers' presence, acquisitions and partnerships among major players, and increasing cases of chronic diseases in the United States are some of the factors driving the growth of the market in the country. For instance, according to the 2021 data from the CDC, every year, 805,000 people in the United States have a heart attack; 605,000 of these result in a first-time heart attack, while 200,000 are caused by previous heart attacks. Similarly, as stated by the American Heart Association 2021 journal, it is estimated that by the year 2035, more than 130.0 million adults in the United States will have some type of heart disease. Therefore, such instances indicate considerable market growth in the country over the forecast period.
Therefore, owing to the aforesaid factors, the growth of the studied market is anticipated in the North American region.
Medical Equipment Maintenance Industry Overview
The medical equipment maintenance market is fragmented with the presence of original equipment manufacturers and third-party service providers. Market players are focusing on simplifying service access and expanding regionally to increase their market shares. The key players operating in the market include Siemens AG, Koninklijke Philips NV, Stryker Corporation, Canon Inc., and GE Healthcare, among others.
Medical Equipment Maintenance Market Leaders
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Siemens AG
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Koninklijke Philips N.V.
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Stryker Corporation
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Canon Inc.
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GE Healthcare
*Disclaimer: Major Players sorted in no particular order
Medical Equipment Maintenance Market News
- July 2022: B. Braun launched Technical Service Center to provide quality-driven medical equipment repair and maintenance services to support the Thailand public health system.
- May 2022: Medical Manufacturing Technologies (MMT), expanded its catheter manufacturing solutions offering with the acquisition of Medical Production Technology Europe (MPT). The provides equipment and process development services centered on balloon forming, folding and pleating, thermal bonding, and stent crimping solutions.
Medical Equipment Maintenance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Defination
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Focus on Preventive Maintenance of Medical Equipment
4.2.2 Rising Investments of Healthcare Providers and Governments in Infrastructure
4.3 Market Restraints
4.3.1 High Cost of Medical Equipment Maintenance
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 By Products and Services
5.1.1 Products
5.1.1.1 Imaging Equipment
5.1.1.2 Endoscopic Devices
5.1.1.3 Surgical Equipment
5.1.1.4 Other Products
5.1.2 Services
5.1.2.1 Preventive Maintenance
5.1.2.2 Corrective Maintenance
5.1.2.3 Operational Maintenance
5.2 By Service Providers
5.2.1 Independent Service Organizations
5.2.2 Original Equipment Manufacturers
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Alliance Medical Group
6.1.2 Alpha Source Inc.
6.1.3 Althea Group
6.1.4 Aramark
6.1.5 Canon Inc.
6.1.6 GE Healthcare
6.1.7 Koninklijke Philips NV
6.1.8 Shimadzu Corporation
6.1.9 Siemens AG
6.1.10 Stryker Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Medical Equipment Maintenance Industry Segmentation
As per the scope of the report, medical equipment maintenance involves all activities relating to providing an adequate level of service and limiting downtime of medical devices in the facility. Traditionally, equipment maintenance is categorized as preventive maintenance and corrective maintenance. The Medical Equipment Maintenance Market is Segmented by Products and Services (Products (Imaging Equipment, Endoscopic Devices, Surgical Equipment, and Other Products) and Services (Preventive Maintenance, Corrective Maintenance, and Operational Maintenance)), Service Providers (Independent Service Organizations, and Original Equipment Manufacturers), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers a value (USD million) for the above segments.
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Medical Equipment Maintenance Market Research FAQs
How big is the Global Medical Equipment Maintenance Market?
The Global Medical Equipment Maintenance Market size is expected to reach USD 53.67 billion in 2024 and grow at a CAGR of 10.47% to reach USD 88.27 billion by 2029.
What is the current Global Medical Equipment Maintenance Market size?
In 2024, the Global Medical Equipment Maintenance Market size is expected to reach USD 53.67 billion.
Who are the key players in Global Medical Equipment Maintenance Market?
Siemens AG, Koninklijke Philips N.V., Stryker Corporation, Canon Inc. and GE Healthcare are the major companies operating in the Global Medical Equipment Maintenance Market.
Which is the fastest growing region in Global Medical Equipment Maintenance Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Medical Equipment Maintenance Market?
In 2024, the North America accounts for the largest market share in Global Medical Equipment Maintenance Market.
What years does this Global Medical Equipment Maintenance Market cover, and what was the market size in 2023?
In 2023, the Global Medical Equipment Maintenance Market size was estimated at USD 48.05 billion. The report covers the Global Medical Equipment Maintenance Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Medical Equipment Maintenance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the emerging trends in Medical Equipment Maintenance Technology?
The emerging trends in Medical Equipment Maintenance Technology are a) Remote monitoring b) Predictive maintenance tools
What are the emerging trends in Medical Equipment Maintenance Technology?
The emerging trends in Medical Equipment Maintenance Technology are a) Remote monitoring b) Predictive maintenance tools
Medical Equipment Maintenance Industry Report
The global medical equipment maintenance market is experiencing substantial growth, particularly driven by a surge in emphasis on medical device preventive maintenance. This trend is crucial for ensuring patient safety and enhancing the quality of care through early diagnosis and more effective management of healthcare tools, especially diagnostic imaging equipment. Technology advancements, including IoT integration, are significantly improving operational efficiency and reducing downtimes in the medical equipment repair industry.
Geographically, North America leads in market share due to its sophisticated healthcare infrastructure. Meanwhile, the Asia-Pacific region is undergoing rapid growth, fueled by escalating healthcare investments. This dynamic market environment is fostering significant opportunities for both medical equipment maintenance and repair companies.
For stakeholders seeking to understand this evolving market, detailed insights and future projections are available in specialized reports from renowned sources like Mordor Intelligence™. These reports offer a comprehensive analysis of market trends, growth opportunities, and challenges, providing valuable data that can enhance strategic planning.
Access a free sample report for in-depth market forecasting and to explore the latest developments in the medical equipment maintenance landscape. The industry analysis reveals crucial industry information and industry outlook, highlighting the importance of industry reports and industry research. The industry sales and industry size are also covered, with detailed industry statistics and industry trends.
The market data provided includes a thorough market forecast and market growth analysis, identifying the market leaders and offering a comprehensive market outlook. The market overview encompasses market predictions and market review, with a focus on market segmentation and market value. The report example and report pdf offer additional insights into the research companies involved in this sector.
Medical Equipment Maintenance Market Report Snapshots
