Medical Equipment Maintenance Market
Medical Equipment Maintenance Market Study by Corrective, Preventive, and Performance/Operational Maintenance for Imaging, Endoscopic, Surgical, and Electro-medical Equipment from 2024 to 2034
Analysis of Medical Equipment Maintenance Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Medical Equipment Maintenance Market Outlook (2024 to 2034)
The global medical equipment maintenance market size is approximated at a value of US$ 47.8 billion in 2024 and is forecasted to expand at a CAGR of 7.5% to reach US$ 98.6 billion by 2034-end.
Maintenance of medical equipment is a crucial process to keep the device running optimally and ensure its operational efficiency and accuracy. Healthcare equipment and machines are very expensive and sophisticated, which makes the process of maintenance a necessity. Apart from this, it plays a crucial role in the calibration of the device and reducing the risk of contamination. These factors, along with rising demand for technologically advanced healthcare equipment, are key in boosting global medical equipment maintenance market growth. Increased funding for the production of innovative medical products and rising awareness about product safety and maintenance are set to boost the profits of service providers over the coming years
- The North American medical equipment maintenance market size is estimated at US$ 11.4 billion in 2024.
- East Asia is projected to capture 23.1% of the global medical equipment maintenance market share by 2034.
| Report Attribute | Detail |
|---|---|
| Medical Equipment Maintenance Market Size (2024E) | US$ 47.8 Billion |
| Forecasted Market Value (2034F) | US$ 98.6 Billion |
| Global Market Growth Rate (2024 to 2034) | 7.5% CAGR |
| South Korea Market Value (2034F) | US$ 5.3 Billion |
| Surgical Instrument Demand Growth Rate (2024 to 2034) | 8.4% CAGR |
| Key Companies Profiled | Canon Medical Systems Corporation; Zimmer Biomet; General Electric; Koninklijke Philips N.V.; Siemens Healthcare GmbH; Medtronic; Carestream Health; Shimadzu Corporation; Agfa-Gevaert HealthCare; Olympus Corporation; Boston Scientific Corporation; Viatronix, Inc.; Terarecon, Inc.; Agenor Mantenimientos; Hoya Corporation; Smith+Nephew; Richard Wolf GmbH; KARL STORZ. |
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Why is Need for Medical Equipment Maintenance Services Increasing Worldwide?
“Rapidly Advancing Healthcare Facilities Generating Opportunities for Medical Equipment Maintenance Service Providers”
Rising investments toward the advancements of medical facilities across the world are set to fuel the demand for medical equipment maintenance services in the years ahead. Technical advancements in the field of medical equipment are likely to push the need for maintenance services further. Moreover, governments across the world are focusing on developing healthcare facilities with technologically advanced equipment and state-of-the-art infrastructure. Apart from this, companies are looking to tap the increasing potential in developing countries where the healthcare sector is still developing.
Public-private partnerships are also on the rise in the healthcare sector. These factors are set to have a positive influence on the profit growth of medical equipment maintenance service providers.
“Advanced Medical Equipment Effective in Treatment of Chronic Diseases Need Timely Service and Maintenance”
Chronic diseases such as obesity, diabetes, stroke, and heart disease, are on the rise across the world. These chronic ailments are leading to an increasing number of deaths and often account for a hefty percentage of any country’s healthcare cost.
- According to the Centers for Disease Control and Prevention (CDC), chronic disorders such as strokes, diabetes, and cancer are the leading cause of disability and death in the United States.
Need for treatment, diagnosis, and prevention of these ailments is pushing companies to invest more in technologically advanced medical equipment, leading to high demand for medical equipment maintenance services.
“Expansion of Medical Device Manufacturing Sector Fuelling Demand for Equipment Maintenance Services”
Technological advancements in medical and diagnostic equipment are at the top across the world. Companies in the healthcare devices industry are focusing on innovative products to diagnose and treat patients with various medical conditions.
As the risk of various communicable and non-communicable diseases is on the rise globally, industry giants are coming up with new and complex devices with innovative features focusing on specific medical conditions. The highly diversified medical device industry is likely to boost the equipment maintenance market as these devices need replacement and maintenance owing to their limited lifespan.
“Strict Regulations on Regular Maintenance of Medical Equipment and Machines”
Regulations enforced by various regulatory bodies across the world mandate the end user to employ medical equipment maintenance. Food and Drug Administration (USFDA) and original equipment manufacturers (OEMs), make it necessary for hospitals to comply with requirements related to maintenance of equipment. The surge in the adoption of medical equipment services by healthcare facilities and hospitals is likely to boost the overall market growth in the coming years.
What’s Hampering Medical Equipment Maintenance and Service Demand Growth?
“Lack of Biomedical Engineers and Cost Constraints”
Lack of presence of skilled professional and biomedical engineers is one of the major challenges hampering the growth of the medical equipment maintenance industry. The knowledge of biomedical devices and re-engineering services is limited to the original manufacturer only. Cost of obtaining services for original manufacturers is quite high. Healthcare facilities running on tight budgets often avoid opting for regular maintenance of medical equipment or rely on alternative solutions.
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How is Digitalization Emerging as a Strategic Approach for Start-ups?
“Development of Predictive Digital Solutions Aiding Users and Start-ups Alike”
New companies are focused on the development of innovative solutions for better maintenance of medical equipment. The integration of digital technologies such as the Internet of Things, machine learning, smart sensors, and predictive analysis is one of the notable medical equipment maintenance market trends. The integration of digital technologies is helping users to take effective decisions regarding medical device maintenance and service.
- Based in Mexico Tinc is a start-up that offers software solutions for the maintenance process of medical equipment. The company’s software platform collects information related to the usage of medical devices and provides details of service needs. It runs automatically based on the concept of preventive maintenance. The software solutions help users in decision-making regarding service or replacement by measuring the risk metrics and performance of the device.
Country-wise Analysis
What’s Driving High Demand for Medical Device Maintenance Services?
“Presence of Established Medical Device Manufacturers and Service Providers”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 5.1 Billion |
| Growth Rate (2024 to 2034) | 7.9% CAGR |
| Projected Value (2034F) | US$ 10.9 Billion |
Presence of advanced healthcare infrastructure and continuous adoption of high-tech medical equipment are boosting the profits of healthcare device maintenance service providers. The existence of prominent service providers such as Viatronix Inc., Terarecon Inc., Carestream Health, Boston Scientific Corporation, and Zimmer Biomet is further supporting the market growth in the United States.
What is the Demand Outlook for Medical Equipment Maintenance Services in Japan?
“Adoption of Advanced Medical Equipment to Treat Chronic Disorders Necessitating Need for Effective Maintenance and Service Providers”
| Attribute | Japan |
|---|---|
| Market Value (2024E) | US$ 3.1 Billion |
| Growth Rate (2024 to 2034) | 8% CAGR |
| Projected Value (2034F) | US$ 6.7 Billion |
Japan is at the forefront of the production and adoption of innovative medical equipment and devices. The key market players such as Olympus Corporation, Shimadzu Corporation, and Hoya Corporation present in Japan are employing organic and inorganic strategic approaches to expand their portfolios. The rising prevalence of chronic disorders coupled with the presence of an aging population is contributing to the need for advanced medical devices and effective services.
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Category-wise Analysis
Why is Demand for Imaging Equipment Services So High?
“Imaging Equipment Crucial Part of Treatment Procedures and Requires Regular Maintenance”
| Attribute | Imaging Equipment |
|---|---|
| Segment Value (2024E) | US$ 13.7 Billion |
| Growth Rate (2024 to 2034) | 7.6% CAGR |
| Projected Value (2034F) | US$ 28.5 Billion |
Demand for imaging equipment services is projected to exhibit growth at a leading rate over the forecast period, closely followed by endoscopic devices. Medical imaging equipment encompasses several instruments and devices for the diagnosis of human anatomy. Imaging technologies play a vital role in treatment. Thus for effective treatment procedures, the regular maintenance of imaging equipment such as CT scanners, X-ray machines, MRI scanners, and ultrasound machines is essential.
Who is the Leading End User of Medical Equipment Maintenance Services?
“High Admissions of Patients in Hospitals Driving Need for Regular Maintenance of Medical Equipment”
Hospitals highly require keeping medical machinery and equipment maintained due to the strict regulatory criteria on the maintenance of medical equipment to ensure patient safety. The rules implemented by organizations such as FDA, ISO, and local health authorities are required to be followed by end users. Hospitals are prime healthcare providers. The high intake and regular visits of patients in hospitals drive the demand for effective medical equipment maintenance service providers.
Competitive Landscape
Key players in the medical equipment maintenance market are focusing on mergers and acquisitions along with collaborations to provide improved services and increase market reach. They are also focused on expanding their service centers across the globe.
- In 2022, B. Braun inaugurated its technical service center in Thailand to provide quality-driven medical equipment repair and maintenance services.
Fact.MR provides detailed information about the price points of key providers of medical equipment maintenance services positioned across the world, sales growth, production capacity, and speculative technological expansion, in the recently updated market report.
Key Segments of Medical Equipment Maintenance Market Research
-
By Device :
- Imaging Equipment
- Endoscopic Devices
- Surgical Instruments
- Electro-medical Equipment
-
By Service Provider :
- In-house Maintenance
- Original Equipment Manufacturers
- Independent Service Organizations
-
By Service Type :
- Corrective Maintenance
- Preventive Maintenance
- Performance/Operational
-
By End User :
- Hospitals
- Diagnostic Imaging Centers
- Dialysis Centers
- Ambulatory Surgical Centers
- Dental Clinics & Speciality Clinics
-
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
- FAQs -
How big is the medical equipment maintenance market in 2024?
The global medical equipment maintenance market is estimated at US$ 47.8 billion by 2034.
What are the market projections for 2034?
Revenue from medical equipment maintenance services is projected to reach US$ 98.6 billion by 2034.
What is the forecasted demand growth for medical equipment maintenance?
The market for medical equipment maintenance is foreseen to increase at a CAGR of 7.5% from 2024 to 2034.
Which region holds a leading market share?
North America is expected to hold 23.9% of the global market share in 2024.
Which type of medical device requires high maintenance?
Demand for surgical instrument maintenance is projected to expand at a CAGR of 8.4% through 2034.
Who are the leading providers of medical equipment maintenance services?
Leading service providers are Canon Medical Systems Corporation, Zimmer Biomet, General Electric, and Koninklijke Philips N.V.
What are the three types of healthcare equipment maintenance?
The three major forms are design-out maintenance, preventive maintenance, and corrective maintenance.
Medical Equipment Maintenance Market