Medical Equipment Maintenance Market worth $80.7 billion by 2028

Medical Equipment Maintenance Market in terms of revenue was estimated to be worth $48.8 billion in 2023 and is poised to reach $80.7 billion by 2028, growing at a CAGR of 10.6% from 2023 to 2028 according to a new report by MarketsandMarkets™. Factors such as growth in the associated equipment markets, rising focus on preventive medical equipment maintenance, increasing purchase of refurbished medical systems, and adoption of innovative funding mechanisms are high growth prospects for the medical equipment maintenance market during the forecast period. Moreover, the market is also driven by the increasing adoption of patient-specific medical devices and a growing number of medical vendors across the globe. However, the significant maintenance expenditure and high initial costs may hinder the growth of this market during the forecast period.

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The diagnostic imaging equipment segment is to register a significant growth rate over the forecast period of 2023-2028.

Based on the device type, the medical equipment maintenance is segmented into diagnostic imaging equipment, patient monitoring and life support devices, surgical equipment, endoscopic devices, ophthalmology equipment, medical lasers, electrosurgical equipment, radiotherapy devices, laboratory equipment, dental equipment, and durable medical equipment. Over the forecast period of 2023-2028, the diagnostic imaging equipment segment is to register a significant growth rate. The key factor encouraging the growth of this segment during the forecast period is the need to ensure maximum equipment uptime, and their substantial replacement cost is increasing demand for maintenance services for diagnostic imaging equipment. The diagnostic imaging equipment segment is further divided into CT scanners, MRI systems, ultrasound systems, X-ray systems, mammography systems, angiography systems, and fluoroscopy systems.

The preventive maintenance segment accounted for the largest share of medical equipment maintenance in 2023-2028.

Based on service type, the medical equipment maintenance is segmented into operational, corrective, and preventive maintenance. The preventive maintenance segment is estimated to hold the largest market share of the medical equipment maintenance market during the forecast period. The consequent need for preventive maintenance of medical devices and the technological advancements in medical devices lead to a large share of this segment.

The multi-vendor OEMs segment accounted for the largest share of medical equipment maintenance in 2023-2028.

Based on the service provider, medical equipment maintenance is segmented into single-vendor OEMs, multi-vendor OEMs, ISOs, and in-house maintenance. The multi-vendor OEMs segment is estimated to hold the largest market share of the medical equipment maintenance market during the forecast period. The large share of this segment can be attributed to their service quality, strong technical expertise, wide geographic presence, and easy access to spare parts (resulting in reduced downtime). Also, multi-vendor service contracts eliminate the complexity of dealing with multiple external suppliers and OEMs.

Germany registered the highest CAGR in the market during the forecast period.

In 2023, Germany is expected to register the highest CAGR in the European market for medical equipment maintenance during the forecast period. Europe comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. Factors such as the growth of service providers (both OEMs and the ISOs and also in-house maintenance) in the region, evolving healthcare infrastructure post-COVID-19 pandemic, and favorable investment scenario in the country are driving the growth of the German medical equipment maintenance market during the forecast period.

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Medical Equipment Maintenance Market Dynamics:

Drivers:

1. Rise in focus on preventive maintenance of medical equipment

Restraints:

1. Significant maintenance expenditure and high initial cost

Opportunities:

1. Innovation in service offerings and use of IoT

Challenge:

1. Dearth of skilled technicians and biomedical engineers

Key Market Players:

As of 2022, prominent players in medical equipment maintenance are GE Healthcare Technologies Inc. (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and FUJIFILM Holdings Corporation (Japan) among others.

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