Medical Equipment Maintenance Market (By Equipment: Imaging Equipment, Electromedical Equipment, Endoscopic Devices, Surgical Instruments, and others; By Service: Preventive Maintenance, Corrective Maintenance, and Operational Maintenance) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023- 2032


The global medical equipment maintenance market was estimated at USD 47 billion in 2022 and is expected to reach USD 130.47 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 10.80% during the forecast period 2023 to 2032.

Medical Equipment Maintenance Market Size 2023 to 2032

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Key Takeaways

  • North America led the global market with the highest market share of 39% in 2022.
  • Asia-Pacific is expected to expand at the fastest CAGR during the forecast period.
  • By Equipment, the imaging equipment segment has held the largest revenue share of 36% in 2022.
  • By Equipment, the surgical instruments segment is anticipated to grow at a notable CAGR of 8.9% during the projected period.
  • By Service, the disk diffusion segment had the biggest market share of 58% in 2022.
  • By Service, the preventive maintenance segment is anticipated to grow at the fastest CAGR over the projected period.

Medical Equipment Maintenance Market Size in the U.S. 2023 To 2032

The U.S. medical equipment maintenance market was valued at USD 10 billion in 2022 and is projeted to be worth USD 27.76 billion by 2032, growing at a CAGR of 10.50% between 2023 to 2032.

U.S. Medical Equipment Maintenance Market Size 2023 To 2032

Based on region, North America accounted 39% revenue share in 2022 and is expected to remain its dominance during the forecast period. The increased adoption of the advanced equipment in the healthcare sector, rising investments in the preclinical tests of the latest medical equipment, growing number of private hospitals and clinics, and rising expenditure of the medical equipment manufacturers to make innovative and efficient equipment are the prominent factors that boosts the growth of the medical equipment market in North America.

Medical Equipment Maintenance Market Share, By Region, 2020 (%)

The Asia Pacific is expected to be the fastest-growing market during the forecast period. The rising government expenditure on the development of healthcare infrastructure, rapid urbanization and increase healthcare spending, rising prevalence of diseases, and growing geriatric population drives the demand for the medical equipment maintenance market. The increasing number of patients in hospital owing to the huge population is driving the demand among the hospital sector and hence this region is expected to grow rapidly in the forthcoming years.

Growth Factors

Increasing purchase of renewed medical systems, rising prevalence of diseases leading to higher diagnostic rates, and rising demand for the refurbished medical equipment are the primary factors leading to growth of the medical equipment maintenance market. The rapidly growing medical equipment industries in the developed regions like US and Canada are significantly boosting the demand for the Medical equipment maintenance. The rising prevalence of diseases among the population has a significant role to play in the demand for the medical equipment maintenance. Moreover, the rising investments in the medical devices such as X-ray units, centrifuge, ventilator units, ultrasound, syringe pumps, electrocardiographs, and autoclave are available in the industry. The main objective of the equipment maintenance is to reduce the down time of medical devices in the facility, and this can leads to save cost and provide better services to the customer. Further, the rising adoption of automated technologies to enhance productivity and reduce cost is likely to augment the growth of the market. The key players in the industry are introducing new services in the market to serve the patients. This has led the growth of the market in the coming years.

Scope of the Medical Equipment Maintenance Market Report

Report Highlights Details
Market Size USD 130.47 Billion by 2032
Growth Rate CAGR of 10.80% From 2023 to 2032
Largest Market North America
Fastest Growing Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Equipment, Service, Region
Companies Mentioned GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Drägerwerk AG & Co. KGaA, Medtronic, B. Braun Melsungen AG, Aramark, BC Technical, Inc., Alliance Medical Group, Althea Group

 

Equipment Insights

Based on equipment, the imaging equipment segment accounted largest revenue share over 36% in 2022. This is attributable to the introduction of new technologies, presence of numerous devices such as Digital X-Ray, ultrasound, MRI, and others in hospitals, and rise in global diagnostic procedures. Moreover, the rising investments in the new innovation in the devices by the healthcare industry players is further boosting the growth of the medical equipment maintenance across the globe, and hence this segment is expected to be the fastest-growing segment during the forecast period.

Moreover, the surgical instruments segment is projected to witness highest CAGR 8.9% over the forecast period.

Service Insights

Based on service, the corrective maintenance segment accounted 58% revenue share in 2022 and is expected to remain its dominance over the forecast period. The increased prevalence of chronic diseases among the population, growing research activities to develop innovative services, and growing demand for the usage of medical equipmentin the hospitals has fostered the growth of this segment in the past few years.

Medical Equipment Maintenance Market Share, By Service, 2020 (%)

The preventive maintenance segment is expected to witness highest growth during the forecast period as it is gaining prominence as planned inspections to enhance patient safety and care quality.

Key Companies & Market Share Insights

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.

In July 2018,Koninklijke Philips N.V., is a health technology company focused on improving people's health across the globe, signed two long-term delivery, upgrade, replacement, and maintenance partnership agreements with Kliniken der Stadt Köln. The various developmental strategies like acquisitions and mergers fosters market growth and offers lucrative growth opportunities to the market players.

Some of the prominent players in the global medical equipment maintenance market include:

  • GE Healthcare
  • Siemens Healthineers
  • Koninklijke Philips N.V.
  • Drägerwerk AG & Co. KGaA
  • Medtronic
  • B. Braun Melsungen AG
  • Aramark
  • BC Technical, Inc.
  • Alliance Medical Group
  • Althea Group

Segments Covered in the Report

By Equipment

  • Imaging Equipment
  • Electromedical Equipment
  • Endoscopic Devices
  • Surgical Instruments
  • Other

By Service

  • Preventive Maintenance
  • Corrective Maintenance
  • Operational Maintenance

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Frequently Asked Questions

What is the current size of medical equipment maintenance market?
The global medical equipment maintenance market size was reached at USD 47 billion in 2022 and is predicted to hit USD 130.47 billion by 2032.
What is the CAGR of medical equipment maintenance market?
The global medical equipment maintenance market is growing at a CAGR of 10.80% from 2023 to 2032.
Which are the driving factors of the medical equipment maintenance market?
The rapid growth of themedical equipment maintenance market is owing to increase in healthcare expenses and increase in advanced medical equipment.
Who are the major players operating in the medical equipment maintenance market?
The major players operating in the medical equipment maintenance market are GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Drägerwerk AG & Co. KGaA, Medtronic, B. Braun Melsungen AG, Aramark, BC Technical, Inc., Alliance Medical Group, Althea Group.
Which region will lead the global medical equipment maintenance market?
The North America accounted 39% revenue share in 2022 and is expected to remain its dominance during the forecast period.

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