Medical Equipment Maintenance Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Medical Equipment Maintenance Market Size

Medical Equipment Maintenance Market Trends & Drivers

Multi-Vendor Contracts Are Key Trend in Market

End users in the medical equipment maintenance market are becoming more inclined toward entering into multi-vendor contracts, in order to reduce the complexities and additional expenses associated with separate services provided under agreements with the manufacturers of medical equipment. For instance, GE Healthcare, the healthcare division of General Electric Company, offers the Assure Point multi-vendor service for imaging equipment, regardless of the manufacturer. In June 2019, GE Healthcare added more than 6,000 multi-vendor parts and six new functions to its online Service Shop, with the aim to provide greater availability of parts.

Advancements in Medical Device Industry Are Boosting Market Growth

Rapid advancements in medical devices, including diagnostic equipment, are being witnessed in the healthcare sector, globally. With the global medical device industry being highly diversified, key players are developing high-quality diversified products using advanced technologies resulting from significant investments in research and development (R&D) activities. Medical devices have a certain life span and require maintenance or replacement, in some cases, after a certain period.

Newer equipment offers improved implant imaging, reduced susceptibility challenges, pulmonary imaging opportunities, enhancements in liver imaging, larger bores, and artificial intelligence. Therefore, the expanding medical device industry is predicted to drive the growth of the medical equipment maintenance market during the forecast period.

Rising Awareness about Preventive Medical Equipment Maintenance Is Driving Service Demand

The emphasis on cleanliness in healthcare facilities is increasing, with many prestigious organizations issuing guidance for improving the cleanliness regimen and preventing infections. For instance, the World Health Organization has issued guidelines for hospital hygiene and infection control, which emphasize equipment maintenance. Owing to this, healthcare providers are increasingly adopting maintenance services for various devices to increase their useful life and ensure the safety of the personnel and patients. Such factors are expected to significantly boost the growth of the medical equipment maintenance market during the forecast period.

Recent Approvals to Medical Devices by FDA Will Drive Maintenance Demand

The FDA approved 37 medical devices in 2022 in the categories of lab tests, defibrillators, lung ventilators, stents, heart monitors, leadless pacemaker systems, software, spinal stimulation systems, and many more. This rise in the number of medical devices in use will, in turn, drive the demand for their maintenance.

Product Development Agreements

In November 2022, Sonablate Corp., a focused ultrasound technology company, announced a three-year contract with Agiliti, a provider of healthcare technologies and services, to deploy Sonablate’s HIFU devices throughout their network. Agiliti assists over 9,000 healthcare providers across the country with accessing, managing, maintaining, and mobilizing essential medical equipment, in order to lower costs, boost operational efficiencies, and support the best possible patient results.

Moreover, in November 2022, in an effort to improve access to healthcare in underprivileged regions, Siemens Healthineers announced that it has reached an agreement to supply more than USD 140 million worth of medical equipment to U.S.-based healthcare provider Atrium Health over the next 10 years.

Medical Equipment Maintenance Market Analysis

Extensive Use of Imaging Equipment Is Supporting Their Market Domination

Based on equipment type, the imaging equipment category is expected to dominate the medical equipment maintenance market during the forecast period. The leading position of the category is attributed to the extensive use of imaging equipment for various medical conditions, including cancer and neurological diseases.

Preventive and Predictive Services Are Expected to Witness Fastest Growth

Based on service type, the preventive and predictive services category is expected to witness the fastest growth in the medical equipment maintenance market during the forecast period. This would mainly be due to the wide range of services offered by service providers in this category, which generates immense cost savings for public- and private-sector organizations.

Due to Maintenance Obligations, Original Equipment Manufacturers (OEMs) Dominated Industry in 2023

In 2023, the global medical equipment maintenance industry generated the highest revenue in the category of OEMs, based on service provider, owing to advanced and faster maintenance services offered by them. Based on the type of OEM, multi-vendor is expected to be the higher-revenue-generating category in the global market till 2030. It is also projected to be the faster-growing category during the forecast period, mainly on account of a wider portfolio of services provided by them as compared to single-vendor OEMs.

Increase in Number of Government Hospitals and Facilities Is Raising Demand for Maintenance Services

Public-sector organizations are the dominant end users in the global market for medical equipment maintenance, both in terms of growth and size. This leading position of the category is due to the fact that public-sector organizations operate a greater number of medical centers than private-sector organizations, thereby generating a higher demand for maintenance services than the private sector. In addition, the increasing number of government hospitals and rising healthcare support provided by governments to patients lead to a higher usage of medical devices by these end users, thereby further supporting the market growth.

Geographical Analysis

Increasing Adoption of Medical Imaging Systems Supports Domination of North American Market

North America accounted for the major share in the medical equipment maintenance market in 2023, and it is expected to continue to lead the industry throughout the forecast period. This would be due to the growing geriatric population, increasing number of hospitals, rising disease burden, and increasing adoption of medical imaging systems.

According to an article published by the U.S. Census Bureau, the older North American population is expected to outnumber the younger population by 2030. The region will have 78 million people aged 65 years and above, whereas the population under the age of 18 years will be 76.7 million.

Moreover, the region is expected to witness an increase in the number of hospitals. According to the data published by the American Hospital Association, there were 6,093 registered hospitals in the U.S. in 2022. Thus, with the increase in the number of hospitals, the demand for medical equipment maintenance is also likely to rise in the region owing to the number of medical devices under extensive use for diagnosis and treatment.

Rising Prevalence of Chronic Diseases Is Expected To Positively Impact APAC Market

Globally, APAC is expected to advance with the highest CAGR in the medical equipment maintenance market during the forecast period. The major factors responsible for this growth would be the increasing number of diagnostic tests performed in the region and rising prevalence of chronic diseases that require medical devices for early diagnosis.

Moreover, the number of hospitals in the region is increasing annually. For instance, the total number of hospitals in China has risen significantly over the last decade, from roughly 18,700 in 2005 to about 27,600 in 2015 and approximately 35,394 in 2020.

Market Breakdown

This fully customizable report gives a detailed analysis of the medical equipment maintenance industry from 2019 to 2030, based on all the relevant segments and geographies.

Based on Type

• Imaging
  • Advanced modalities
    • Computed tomography (CT)
    • Magnetic resonance imaging (MRI)
  • Primary modalities
    • Digital X-ray
    • Ultrasound
    • Endoscope
• Electromedical
• Life Support
• Surgical
• Dental

Based on Service Type

• Preventive and Predictive
• Corrective
• Operational

Based on Service Provider

• Original Equipment Manufacturers (OEMs)
  • Multi-vendor OEMs
  • Single-vendor OEMs
• Independent Service Organizations (ISOs)
• In-House

Based on End User

• Public-sector Organizations
• Private-sector Organizations

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.

Top Medical Equipment Maintenance Companies

Medical Equipment Maintenance Market News

Market Players Are Engaging in Mergers and Acquisitions to Gain Competitive Edge

In recent years, players in the market have been actively involved in mergers and acquisitions to stay ahead in the competition.

• In May 2022, Fresenius Kabi completed the acquisition of Ivenix Inc., a provider of infusion therapy. The hardware and software from Ivenix will be combined to produce a full setup of advanced medical devices for the U.S. market.
• In March 2022, Source Bioscience International plc, a laboratory service and product provider, completed the acquisition of LDPath Ltd., a London-based digital pathology testing services company. LDP has developed a digital pathology platform, which is now being widely used. The combined company, Source LPDath, will offer a complete patient journey from first consultant contact to diagnosis.