The medical equipment maintenance market has seen significant growth, increasing from $36.47 billion in 2023 to $40.92 billion in 2024, with a compound annual growth rate (CAGR) of 12.2%. This growth is driven by the rising complexity of medical equipment, increased healthcare spending, a focus on preventive maintenance, the emergence of specialized service providers, and heightened concerns about quality and patient safety. The market is projected to reach $64.09 billion by 2028, with a CAGR of 11.9%. The forecasted growth is supported by the integration of predictive analytics, ongoing training and skill enhancement, extended equipment longevity, and a growing demand for specialized service providers. Trends to watch include the expansion of telehealth services, a focus on environmental sustainability, outsourcing of maintenance services, a shift towards preventive maintenance practices, and the adoption of remote monitoring solutions.
Major Driver In The Medical Equipment Maintenance Market
The burgeoning demand for medical devices is making a substantial contribution to the expansion of the medical equipment maintenance market. In 2020, the total production value of medical devices and equipment in India reached $4,473 million, marking a notable increase from $2,390 million in 2019. This surge in production underscores the growing need for effective medical equipment maintenance services to optimize operational efficiency and ensure patient safety. As demand escalates, efficient maintenance services become imperative to minimize operational costs, mitigate patient dissatisfaction, and enhance patient care outcomes. The escalating demand for medical devices signifies a promising growth trajectory for the medical equipment maintenance market, driving expansion beyond 2024.
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Medical Equipment Maintenance Market Competitive Landscape
McKesson Corporation, Cardinal Health, Johnson & Johnson, Hitachi Ltd., General Electric Co, Thermo Fisher Scientific Inc., Abbott Laboratories, Fujitsu Limited, Medtronic plc, Danaher Corporation, Canon Inc., Toshiba International Corporation, Siemens Healthineers AG, FUJIFILM Holdings Corporation, Koninklijke Philips N.V., Stryker Corporation, Aramark Services Inc., Baxter International Inc., Laboratory Corporation of America Holdings Corp, Henry Schein Inc., Quest Diagnostics Incorporated, B. Braun Melsungen AG, Olympus Corporation, Dentsply Sirona Inc., Drägerwerk AG & Co KGaA, Hill-Rom Holdings Inc., Getinge AB, KARL STORZ SE & Co KG, Carestream Health Inc., Althea Group Holdings Ltd.
Key Medical Equipment Maintenance Market Trend
Strategic partnerships and collaborations are shaping the medical equipment maintenance market. For instance, in February 2021, Siemens Healthineers, a Germany-based medical technology company, and the Kantonsspital Baden (KSB), a Switzerland-based hospital formed a technological and strategic partnership for eight years. This partnership aims to help Kantonsspital Baden to expand its capabilities, optimize business processes, and advance innovation. It includes maintenance of medical imaging systems, technology needs, and capacity assessment, holistic technology management, process optimization, expansion of telemedicine solutions, and certified employee training programs. Additionally, in March 2021, Agiliti, a US-based medical equipment management company acquired Northfield Medical, a US-based company that offers repairing and maintenance services for surgical instruments for $475 million. Through this acquisition, Northfield Medical offers medical device care and repair, with a focus on surgical instruments, endoscopes, and other operating room equipment.
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Medical Equipment Maintenance Market Segmentation
The medical equipment maintenance market covered in this report is segmented –
1) By Service Type: Preventive Maintenance, Corrective Maintenance, Operational Maintenance
2) By Device: Imaging Equipment, Endoscopic Devices, Surgical Instruments, Electro-medical Equipment
3) By Technology: Multi-Vendor OEMs, Single-Vendor OEMs, Independent Service Organization, In-House Maintenance
4) By End User: Hospital, Diagnostic Imaging Centers, Dialysis Centers, Ambulatory Surgical Centers, Dental Clinics And Specialty Clinics, Other End Users
By Geography:The regions covered in the medical equipment maintenance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the medical equipment maintenance market in 2023.
The Medical Equipment Maintenance Global Market Report 2024 furnishes information about the global medical equipment maintenance market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
