May 18, 2024
Medical Equipment Maintenance Market

Medical Equipment Maintenance Market To Witness Robust Growth Due To Rising Equipment Costs And Shortening Replacement Cycles

The medical equipment maintenance market involves servicing and upkeep of various devices utilized across diagnostic and clinical settings. Regular maintenance and repairs help extend equipment lifespan while ensuring optimal functionality. Key devices maintained include imaging systems, radiology devices, operating room equipment, patient monitoring tools, and other instruments. The growing complexity and digitization of medical technology has raised maintenance needs. At the same time, tighter regulations mandate compliance with quality and safety standards. Moreover, the high acquisition cost of many devices has prompted healthcare providers to rely increasingly on maintenance contracts for budgeting equipment expenses.

The global medical equipment maintenance market is estimated to be valued at US$ 96.03 billion in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Medical Equipment Maintenance Market Growth include 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 growing complexities associated with medical devices have prompted leading OEMs to offer bundled maintenance services to optimize performance and workflows.

The market enjoys several opportunities arising from increasing rate of surgery, rise in chronic diseases, and growing digitization of healthcare infrastructure. Furthermore, emerging economies across Asia Pacific and Latin America present lucrative prospects owing to rising healthcare expenditures and improving access to quality care.

Key players are actively pursuing global expansion initiatives through acquisitions and partnerships. For instance, Philips acquired U.S.-based IntelliVue monitors manufacturer Patient Care and has enhanced its maintenance footprint worldwide. Similarly, GE Healthcare has established a widespread service network across 150 countries to cater to growing overseas demand.

Market Drivers

The key driver for medical equipment maintenance market is the rising acquisition and maintenance costs of various diagnostic and therapeutic devices. Modern medical technologies come with hefty price tags, forcing providers to enroll in multi-year maintenance contracts. Additionally, manufacturers are shortening replacement cycles of medical devices, which spurs periodic servicing needs. Strict regulatory mandates around equipment quality and safety compliance have strengthened the business case for timely repairs and upgrades. These factors will continue aiding the growth of medical equipment maintenance spending globally.

PEST Analysis

Political: New healthcare regulations impact the types of equipment that needs servicing and support. Regulations aim to improve patient safety which increases the need for well-maintained medical equipment.

Economic: The demand for medical equipment maintenance services depends on healthcare spending levels. During economic downturns, maintenance budgets may be reduced which affects the market size.

Social: An aging population requires more healthcare and medical treatments. This increases the demand for medical equipment, technologies and their supporting maintenance services to serve more patients.

Technological: Advances in medical technology leads to newer generation of complex diagnostic and therapeutic equipment. Proper maintenance is essential to leverage technological innovations and maximize equipment lifetime. Regular upgrades and part replacements are also important to deliver quality care.

Geographical concentration

The developed markets of North America and Europe currently account for the largest share of the global medical equipment maintenance market in terms of value. This is due to comprehensive and well-funded healthcare systems in countries such as the United States, Germany, the United Kingdom and others.

Fastest growing region

The Asia Pacific region is expected to grow at the fastest pace over the forecast period attributed to rapidly developing healthcare infrastructure and increasing healthcare expenditure across major Asian economies like China and India. A growing middle class population and rising per capita incomes in Asia Pacific are driving the demand for high-quality medical services and technologies across the region.

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