How Has the Medical Equipment Maintenance Market Evolved Historically and What is its Current Size
The medical equipment maintenance market has seen considerable growth due to a variety of factors.
• The market size of medical equipment maintenance has seen a rapid surge in the past few years. The market that stood at $40.56 billion in 2024, is projected to reach $45.36 billion in 2025, with a compound annual growth rate (CAGR) of 11.8%.
Factors such as the complexity of the equipment, an uptick in healthcare expenditure, the emphasis on preventive maintenance, the presence of specialized service providers, and issues relating to quality and patient safety have contributed to the substantial growth during this historic period.
What is the Forecasted Market Size and CAGR for the Medical Equipment Maintenance Market?
The medical equipment maintenance market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the medical equipment maintenance market is projected to experience steep expansion in the coming years, attaining a valuation of $71.76 billion in 2029 with a compounded annual growth rate (CAGR) of 12.2%.
The projected growth during this period can be ascribed to factors such as the incorporation of predictive analytics, consistent training and skill enhancement, improved equipment lifespan, focus on the safety of patients and quality healthcare, and the need for specialized service providers. Major trends during this forecast period are expected to be the augmentation of telehealth, environmental sustainability, the delegation of maintenance services, a shift towards preventive maintenance, and the adoption of remote monitoring solutions.
What Are The Leading Drivers Of Growth In The Medical Equipment Maintenance Market?
The surge in the need for medical equipment is playing a decisive part in advancing the medical equipment maintenance market. Medical equipment refers to tools, devices, and equipment employed for healthcare purposes such as prevention, diagnosis, or treatment of diseases. The escalating need for these devices necessitates efficient medical equipment upkeep services to reduce delivery costs, lessen patient dissatisfaction, assure quick patient care, and decrease mortality and risk during patient treatment. For instance, according to Invest India, which is an Indian National Investment Promotion and Facilitation Agency, the market value of medical devices in India is roughly $11 billion and it is anticipated to rise to $50 billion by 2025. So, the growing need for medical equipment is projected to drive the advancement of the medical equipment maintenance market in the future.
What are the Market Segments in the Medical Equipment Maintenance Market?
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
Subsegments:
1) By Preventive Maintenance: Scheduled Maintenance, Calibration Services, Performance Testing
2) By Corrective Maintenance: Repair Services, Replacement of Parts, Emergency Repair Services
3) By Operational Maintenance: Daily Operation Checks, User Training and Support, Software Updates and Upgrades
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What Trends are Shaping the Medical Equipment Maintenance Market?
Leading firms in the medical equipment maintenance market are forging strategic alliances to boost their service abilities, increase their market penetration, and elevate client satisfaction. Such strategic alliances enable companies to utilize combined strengths, like merging innovative technologies with well-established service networks. For example, in March 2023, GE HealthCare, an American pioneer in medical technology and digital solutions, joined forces with Advantus Health in a deal estimated to be worth up to $760 million across a decade. The goal of this collaboration is to offer GE’s Healthcare Technology Management (HTM) services to Advantus clientele, facilitating the upkeep and administration of medical equipment and amplifying the quality of healthcare.
Who Are the Key Players in the Medical Equipment Maintenance Market?
Major companies operating in the medical equipment maintenance market include:
• Hitachi Ltd.
• General Electric Co
• 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.
• 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.
What are the Regional Insights into the Medical Equipment Maintenance Market?
North America was the largest region in the medical equipment maintenance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical equipment maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
