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.
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Advancements in healthcareRapid 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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Market Challenges – High maintenance costsThe 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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Insights, By Product: The Imaging Equipment Segment Is Anticipated To Lead The Market GrowthThe 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.
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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.
Medical Equipment Maintenance Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 50.79 Bn |
Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
Forecast Period 2024 to 2031 CAGR: | 9.5% | 2031 Value Projection: | US$ 96.03 Bn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
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 |
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Growth Drivers: |
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Restraints & Challenges: |
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*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.
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About Author
Komal Dighe is a Management Consultant with over 8 years of experience in market research and consulting. She excels in managing and delivering high-quality insights and solutions in Health-tech Consulting reports. Her expertise encompasses conducting both primary and secondary research, effectively addressing client requirements, and excelling in market estimation and forecast. Her comprehensive approach ensures that clients receive thorough and accurate analyses, enabling them to make informed decisions and capitalize on market opportunities.
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