The increased advanced integration of various technologies has made maintaining medical equipment more challenging. One of the key elements boosting the market's growth is the adoption of novel funding mechanisms across the globe. There are many medical devices available in the healthcare sector, which necessitates routine maintenance. For instance, electrocardiographs, X-ray machines, syringe pumps, centrifuges, ultrasound machines, and autoclaves. All of these consequently result in more frequent maintenance of medical equipment.
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Data Bridge Market Research analyses that the Global Medical Equipment Maintenance Market is expected to grow at USD 23,660.9 million in 2022, would rise to USD 48,547.8 million by 2030, and is expected to undergo a CAGR of 9.4% during the forecast period 2023 to 2030. The growing global population and aging demographics have led to an increased demand for healthcare services, which, in turn, drives the need for regular maintenance and servicing of medical equipment to ensure optimal functionality.
Key Findings of the Study
Cost-Effectiveness is expected to drive the market's growth rate
Regular maintenance and preventive servicing of medical equipment are cost-effective measures that can save healthcare providers from expensive breakdowns and repairs. Identifying potential issues early on, healthcare facilities can avoid equipment failures that may disrupt patient care and lead to unplanned expenses. Proactive maintenance also extends the lifespan of medical devices, reducing the need for frequent replacements. Overall, investing in routine maintenance ensures smooth operations, reduces downtime, and offers long-term financial benefits for healthcare organizations.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Service Type (Preventive, Corrective, Performance/Operational), Service Providers (In-House Service Providers, External Service Providers), Device Type (Imaging Equipment, Endoscopic Devices, Electromedical Equipment, Surgical Instruments, Other Medical Equipment), Level of Maintenance (Level 3, Specialized, Level 2, Technician, Level 1, User (or First-line)), Technology (Multi-Vendor OEMs, Single-Vendor OEMs, Independent Service Organization, In-House Maintenance), End User (Hospitals, Clinics, Laboratory, Other Health Care Centres)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Koninklijke Philips N.V. (Netherlands), Siemens Healthcare GmbH (Germany), General Electric (U.S.), Medtronic (Ireland), Viatronix, Inc. (U.S.), Terarecon, Inc (U.S.), Carestream Health (U.S.), Shimadzu Corporation (Japan), Olympus Corporation (Japan), Boston Scientific Corporation (U.S.), Cook (U.S.), Hoya Corporation (Japan), Richard Wolf GmbH (Germany), KARL STORZ (Germany), Smith+Nephew (U.K.), Zimmer Biomet (U.S.)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The medical equipment maintenance market is segmented on the basis of service type, service providers, device type, level of maintenance, technology, and end user
- On the basis of service type, the medical equipment maintenance market is segmented into preventive, corrective, performance/operational. Preventive segment is expected to dominate the service type segment of the global medical equipment maintenance market with a CAGR of 9.3% in the forecast period of 2023 to 2030 due to its ensures regular maintenance, identifies potential issues early, and minimizes costly equipment breakdowns.
- On the basis of service providers, the medical equipment maintenance market is segmented into in-house service providers, external service providers. In-house service providers dominates the service provider segment of the medical equipment maintenance market with a CAGR of 9.2% in the forecast period of 2023 to 2030 due to offer cost-effective, customized, and timely maintenance solutions, ensuring better equipment performance and minimizing downtime for healthcare facilities.
- On the basis of device type, the medical equipment maintenance market is segmented into imaging equipment, endoscopic devices, electromedical equipment, surgical instruments, patient monitoring and life suport devices, Dental Equipment, other medical equipment. Imaging equipment segment is expected to dominate the device type of the global medical equipment maintenance market with 33.01% market share in the forecast period of 2023 to 2030 due to its crucial role in medical diagnostics and treatment planning. This includes X-ray machines, MRI, CT scanners, ultrasound, and nuclear medicine equipment, driving consistent demand in the healthcare industry.
In 2023, the imaging equipment segment is expected to dominate the device type of the global medical equipment maintenance market
In 2023, the imaging equipment segment is expected to dominate the device type of the global medical equipment maintenance market owing to its important place in the planning and diagnosis of medical conditions. This includes nuclear medicine apparatus, X-ray machines, MRI, CT scanners, ultrasound equipment, and other things that continuously fuel demand in the healthcare sector with a 33.01% market share in the forecast period of 2023 to 2030
- On the basis of the level of maintenance, the medical equipment maintenance market is segmented into level 3, specialized, level 2, technician, level 1, user (or first-line). Level 3 specialized segment is expected to dominate the level of maintenance segment of the global medical equipment maintenance market with a CAGR of 9.3% in the forecast period of 2023 to 2030 due to its comprehensive approach, involving scheduled maintenance, detailed inspections, and proactive replacements, ensuring optimal performance and reliability of medical equipment, which is critical in healthcare settings.
In 2023, the level 3 specialized segment is expected to dominate the level of maintenance segment of the global medical equipment maintenance market
in 2023, the level 3 specialized segment is expected to dominate the level of maintenance segment of the global medical equipment maintenance market owing to its comprehensive approach, which includes routine maintenance, in-depth inspections, and proactive replacements, ensures the medical equipment's optimal performance and dependability, which is essential in healthcare settings with a CAGR of 9.3% in the forecast period of 2023 to 2030.
- On the basis of technology, the medical equipment maintenance market is segmented into multi-vendor OEMS, single-vendor OEMS, independent service organization, in-house maintenance.
- On the basis of end user, the medical equipment maintenance market is segmented into hospitals, clinics, laboratory, other health care centres. Hospital segment dominates the end user segment of the medical equipment maintenance market with a CAGR of 9.4% in the forecast period of 2023 to 2030 due to their high demand for reliable and uninterrupted healthcare services.
Major Players
Data Bridge Market Research recognizes the following companies as the major medical equipment maintenance market players in medical equipment maintenance market are Siemens Healthcare GmbH (Germany), General Electric (U.S.), Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), Smith+Nephew (U.K.), Zimmer Biomet (U.S.)
Market Developments
- In 2022, B. Braun launched Technical Service Center to offer quality-driven medical equipment repair and maintenance services to strengthen the Thailand public health system.
- In 2022, Medical Manufacturing Technologies (MMT) acquired Medical Production Technology Europe (MPT) to extend its catheter manufacturing solutions offering.
- In 2022, Swiss pharmaceutical giant Roche announced it had acquired mySugr, a leading diabetes management app, for an undisclosed amount. mySugr provides a platform for people with diabetes to track their blood sugar levels, food intake, and medication.
- In 2022, Abbott acquired Medical Design Innovations (MDI), a medical device technology and manufacturing company..
- In 2022, Johnson & Johnson announced it had acquired Auris Health, a medical device company focused on developing technologies for detecting and treating lung cancer.
- In 2022, Merck & Co. announced it had acquired AI Medical, a medical technology company that specializes in developing artificial intelligence-based tools for the diagnosis and treatment of a variety of diseases.
- In 2022, Siemens Healthineers announced it had acquired Varian Medical Systems, a leading radiation therapy and oncology solutions provider.
Regional Analysis
Geographically, the countries covered in the medical equipment maintenance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in medical equipment maintenance market during the forecast period 2023 - 2030
North America's dominance in the medical equipment maintenance market is driven by its higher prevalence of chronic diseases, leading to an increased need for well-maintained medical devices. The region's substantial healthcare spending also emphasizes the importance of cost-effective maintenance to optimize equipment performance and avoid costly downtime. Moreover, the rising demand for advanced medical devices in North America fuels the growth of the maintenance market, as healthcare facilities prioritize regular servicing to ensure optimal functionality and patient care.
Asia-Pacific is estimated to be the fastest growing region in medical equipment maintenance market the forecast period 2023 - 2030
Asia-Pacific is poised for significant growth in the medical equipment maintenance market due to proactive government initiatives aimed at improving healthcare services. The Ayushman Bharat Yojana in India, launched in 2018, exemplifies such efforts, offering free healthcare access to a substantial portion of the population. As healthcare infrastructure expands and medical equipment adoption increases, the demand for maintenance services rises. These initiatives foster a conducive environment for the growth of the medical equipment maintenance market in the region.
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