Medical Equipment Maintenance Market is Anticipated to Witness High Growth Owing to Rising Need for Preventive Maintenance

The medical equipment maintenance market comprises services that ensure optimal performance, lower downtime, and extend the life of medical equipment. It involves inspecting, testing, calibrating, and repairing medical equipment such as imaging machines, surgical tools, patient monitoring devices, life support systems, and other medical devices. Preventive maintenance helps avoid sudden equipment failures and unplanned downtime that can disrupt hospital operations and patient care. The growing medical infrastructure across hospitals and clinics and rising need for cost-effective maintenance solutions are fueling demand for medical equipment maintenance services.

The Global Medical Equipment Maintenance Market is estimated to be valued at US$ 50.79 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Medical Equipment Maintenance Market are 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, and Steris plc. These major players are focusing on inorganic growth strategies such as mergers, acquisitions, and partnerships to expand their global footprint.

The growing geriatric population and rising incidence of chronic diseases are expected to drive the demand for advanced medical equipment such as imaging machines and ventilation devices. As more medical equipment is being used, the need for effective maintenance services is also rising. This represents a major opportunity for players in the medical equipment maintenance market.

Globally, there is increased demand for high-quality and cost-effective healthcare services. Many players are expanding their maintenance network across different geographic regions in response to growing international patient flows and digitalization of healthcare. They aim to provide localized maintenance solutions supported by advanced digital capabilities.

Market Drivers

- Increasing installed base of medical equipment globally due to advancing healthcare infrastructure and rising investment is a key driver as it expands the potential equipment pool requiring maintenance services.

- Growing emphasis on preventive maintenance and equipment uptime optimization exerts upward pressure on planned maintenance contracts with trained technicians and biomedical engineers. This ensures no disruptions in critical equipment operations.

Market Restrains

- High initial costs associated with setting up an in-house medical equipment maintenance team can discourage some end users from entering long-term contracts.

- Stringent regulatory approvals and quality standards for maintenance services increase market entry barriers, restricting expansion of local and regional players into different geographic territories.

Segment Analysis

The medical equipment maintenance market can be segmented into equipment type, service type, service provider, and end user. Based on equipment type, the diagnostic imaging equipment segment dominated the market in 2024 and is estimated to continue its dominance during the forecast period. The high maintenance costs of advanced imaging modalities such as MRI and CT scanners are responsible for the large share of this segment. Based on service type, the preventive maintenance segment accounted for the largest market share in 2024 due to the need for scheduled safety checks and calibration of medical equipment. Under the service provider segment, original equipment manufacturers held the largest share as they offer customized maintenance programs and services. Hospitals accounted for the largest share of the end-user segment as medical equipment maintenance is crucial for smooth functioning of diagnostic and therapeutic facilities in hospitals.

Global Analysis

North America accounted for the largest share of the medical equipment maintenance market in 2024 due to supportive insurance and reimbursement policies favoring preventive medical equipment maintenance in the region. However, Asia Pacific is poised to grow at the highest CAGR during the forecast period. Factors such as improving accessibility to healthcare facilities, increasing healthcare expenditure, rising medical tourism, and growing need for preventive medical equipment maintenance are expected to drive the market in the Asia Pacific region. European countries such as Germany, the UK, and France also contribute significantly to the global market due to their well-established healthcare systems and demand for refurbished medical equipment with maintenance packages. Furthermore, Latin American countries are projected to provide lucrative growth opportunities during the forecast period.

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