Medical Equipment Maintenance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Equipment, by Services, by End User : Global Opportunity Analysis and Industry Forecast, 2024-2033

Key Market Dynamics

According to medical equipment maintenance market forecast analysis the key factors driving the growth of the market are rising focus on preventive maintenance, increasing adoption of advanced medical equipment, and stringent regulatory requirements. As healthcare technology advances, the range and complexity of medical equipment have significantly increased. Advanced equipment such as MRI machines, CT scanners, robotic surgery systems, and specialized monitoring devices require regular maintenance to function optimally. These high-tech devices are highly sensitive, and any malfunction could affect patient diagnosis or treatment outcomes. The more advanced the equipment, the more critical it becomes to maintain it through scheduled servicing, calibration, and repairs to ensure accuracy and longevity. Thus, the increasing adoption of advance medical equipment is expected to drive the medical equipment maintenance market growth.

Furthermore, according to medical equipment maintenance market trends analysis preventive maintenance is expected to drive the growth of the market. Preventive maintenance has become a focal point in healthcare facilities as a proactive strategy to avoid unexpected equipment breakdowns. Instead of waiting for equipment to fail, preventive maintenance involves regular inspections, cleaning, calibration, and part replacement to ensure devices operate within their specifications. Thus, the growing trend towards preventive maintenance of medical equipment is expected to drive the growth of the market.

Moreover, governments and healthcare regulatory bodies worldwide have established stringent guidelines that mandate the regular maintenance and servicing of medical equipment. Compliance with these regulations ensures that healthcare providers deliver safe and effective patient care by using equipment that is functioning correctly. Failure to comply with these regulations can result in legal penalties, fines, or the loss of operating licenses for healthcare providers. Therefore, healthcare organizations prioritize maintenance services to meet regulatory standards. Thus, the stringent regulatory requirements is expected to drive the medical equipment maintenance market growth.

Growing Geriatric Population

The rise in the geriatric population is a significant driver for the growth of the medical equipment maintenance market. As the aging population increases, there is a higher prevalence of chronic diseases and age-related conditions, which necessitates the use of advanced medical devices and equipment for diagnosis, treatment, and monitoring. This growing demand for medical devices places additional pressure on healthcare facilities to ensure that equipment remains in optimal working condition, leading to a surge in the need for regular maintenance services. Moreover, elderly patients often require continuous monitoring and long-term care, which further increases the reliance on well-maintained medical equipment. Additionally, governments and healthcare institutions are focusing on enhancing the quality of care for the elderly, emphasizing the importance of minimizing equipment downtime and ensuring safety standards are met, which contributes to the growing demand for comprehensive maintenance services. As a result, the rise in the geriatric population plays a pivotal role in driving the expansion of the medical equipment maintenance market.

Market Segmentation

The medical equipment maintenance market is segmented on the basis of equipment, services, end user, and region. By equipment, the market is classified into imaging equipment, electromedical equipment, endoscopic equipment, surgical devices, and others. As per services, the market is divided into preventive maintenance, corrective maintenance, and operational maintenance. By end user, it is segregated into hospitals, clinics, and diagnostic centers. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Regional/Country Market Outlook

North America dominated the medical equipment maintenance market share in 2023. This is attributed to its highly advanced healthcare infrastructure, increasing adoption of cutting-edge medical technologies, and strict regulatory standards that require regular equipment maintenance to ensure patient safety and equipment efficiency. The region also has a large installed base of medical devices, coupled with a growing number of healthcare facilities and the presence of key players offering maintenance services.

However, according to medical equipment maintenance market opportunity analysis, Asia-Pacific is expected to register the highest CAGR in the forecast period due to the region’s rapidly expanding healthcare sector, increasing government investments in healthcare infrastructure, and rising awareness of the need for preventive maintenance to extend the lifespan of medical devices. Additionally, the growing adoption of advanced medical equipment and the rise in healthcare expenditures in countries like China, India, and Japan are fueling this growth.

• According to Invest India, Indian medical devices market is expected to reach $25 billion by 2025. There are 750-800 domestic medical devices manufacturers in India, accounting for 65% of the market.
• According to 2023 article by National Library of Medicine, approximately 4–7% of total GDP has been invested in the health sector in most Asian countries, in comparison to approximately 12% or more of that in European countries, the U.S., and other high-income countries.
• According to an article by European Commission, among the EU Member States, Germany (12.9%) , France (12.3%) and Austria (12.1%) had the highest current healthcare expenditure relative to GDP in 2021.

Industry Trends

• According to 2022 article by National Library of Medicine, to ensure the use of large medical equipment, it is necessary to carry out regular maintenance on large medical equipment.
• According to National Cancer Institute, in 2022, there were almost 20 million new cases of cancer worldwide.
• 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.
• According to 2022 article by United Nations, the proportion of people aged 65 years and above is increasing at a faster rate than those below that age. It is projected that by 2050, the number of individuals aged 65 years or above across the world will be twice the number of children under age 5 and almost equivalent to the number of children under 12 years.

Competitive Landscape

The major players operating in the medical equipment maintenance market include Siemens Healthineers, GE Healthcare, Olympus Corporation, Stryker Corporation, Canon Inc, Hitachi Ltd, B. Braun SE, Althea Group, Elekta, and BCAS Bio Medical Services Ltd. Other players in the market include Intermed Group, Crothal Healthcare, and Trimedx Holdings LLC.

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical equipment maintenance market analysis from 2024 to 2033 to identify the prevailing medical equipment maintenance market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the medical equipment maintenance market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global medical equipment maintenance market trends, key players, market segments, application areas, and market growth strategies.