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

Medical Equipment Maintenance 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.

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.