June 13, 2024
Medical Equipment Maintenance Market

Medical Equipment Maintenance Market is Estimated to Witness High Growth Owing to Emerging Need for Cost-effective and Long-term Services

The medical equipment maintenance market involves the servicing, repairing, and routine checking of various medical devices used across hospitals, clinics and diagnostic centers. Equipment such as imaging devices, operating room & surgical equipment, patient monitors and critical care devices require periodic maintenance to ensure optimal performance. This helps minimize equipment downtime and avoid clinical errors that could impact patient safety. The need for maintenance also stems from the high value of medical devices and longevity requirements as equipment failures are costly and could disrupt clinical workflows. Key players offer different service plans, from basic preventive maintenance to advanced performance-focused options with 24×7 monitoring features. Technology advances have enabled remote equipment monitoring and diagnostics, allowing predictive analysis of maintenance needs.

The Global medical equipment maintenance market is estimated to be valued at US$ 50.79 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 To 2031.

Key Takeaways 

Key players operating in the Medical Equipment Maintenance Market Demand are 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.

The key opportunities in the market include increased investments by hospitals to upgrade medical infrastructure and growing demand for outsourced maintenance from ambulatory surgical centers and smaller clinics. Additionally, the development of value-added services like telemedicine support and equipment usage analytics provides new revenue streams for service providers.

Globally, the market is witnessing strong growth across emerging regions like Asia Pacific, Latin America and Middle East & Africa attributed to rising medical expenditures, increasing access to healthcare and expanding network of healthcare facilities in these countries. Meanwhile, developed countries are also supporting market growth through large replacement cycles.

Market Drivers 

The emergence of evidence-based maintenance approaches focusing on preventive care through periodic servicing and component replacement is one of the major market drivers. Such practices help minimize equipment downtime and reduce long-term maintenance costs substantially. Furthermore, the shift towards performance-based contracts that link payments to uptime guarantees is encouraging service providers to optimize maintenance programs. Lastly, the growing internet-of-things applications in the healthcare industry allows real-time equipment monitoring and predictive maintenance analysis, enabled by integration of medical devices with advanced analytics platforms. This is expected to transform the market landscape in the coming years.

PEST Analysis

Political: Medical equipment maintenance requires regulatory compliance and approvals. Changes in healthcare policies impact market dynamics.

Economic: Economic growth influences healthcare spending which impacts market demand. Rise in disposable incomes increases affordability of maintenance services.

Social: Aging populations and increasing lifestyle diseases drive demand fordiagnostic equipment and services. Growth in medical tourism offers opportunities.

Technological: Digital technologies like IoT enable remote monitoring and predictive maintenance. Advances in robotics and automation impact service delivery models.

Geographical Concentration

North America leads the market in terms of value due to major healthcare infrastructure and high equipment penetration. The region is expected to maintain its dominance over the forecast period supported by well developed healthcare systems and high spending.

Fastest Growing Region

Asia Pacific region is poised to witness the highest growth rate over the forecast period. Factors such as rising medical tourism, growing middle class population with higher disposable incomes and increasing government initiatives to modernize healthcare infrastructure are driving the market in the region. In addition, growing burden of chronic diseases, increasing awareness about preventive healthcare and rapid technological adoption would support the medical equipment maintenance market growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it