Medical Equipment Maintenance Market Research Report: By Equipment Type (Imaging, Electromedical, Life Support, Surgical, Dental), Service Type (Preventive and Predictive, Corrective, Operational), Service Provider (Original Equipment Manufacturers, Independent Service Organizations, In-House), End User (Public-Sector Organizations, Private-Sector Organizations) - Global Industry Analysis and Demand Forecast to 2030

  • Published: December 2020
  • Report Code: LS11124
  • Available Format: PDF
  • Pages: 200

Medical Equipment Maintenance Market Overview

The global medical equipment maintenance market was valued at $17.4 billion in 2019, which is expected to grow at a CAGR of 9.4% during the forecast period (2020–2030). The major factors responsible for the growth of the market include the advancements in medical devices, stringent regulatory environment, and rising awareness about preventive maintenance across the globe.

However, the current COVID-19 pandemic has negatively impacted the market for medical equipment maintenance services. The healthcare system is facing an unprecedented challenge due to the social distancing measures adopted by governments to prevent the virus spread. This is impacting the face-to-face interactions typically conducted by sales representatives, medical science liaisons, and other field-based employees of pharmaceutical and medical device companies.

Medical Equipment Maintenance Market

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.

Due to Wide Range of Services Offered 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 2019

In 2019, 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.

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 2019, 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 in 2018, the older North American population is expected to outnumber 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 in January 2019, there were 6,210 registered hospitals in the U.S. in 2017. 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 Asia-Pacific (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. Further, in 2019, there were approximately 33,000 hospitals in China.

Medical Equipment Maintenance Market

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 (GE), offers the AssurePoint 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.

Medical Equipment Maintenance Market

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. 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 (WHO) has issued guidelines for hospital hygiene and infection control, which emphasize on equipment maintenance. Owing to this, healthcare providers are increasingly adopting maintenance services for various devices. For instance, Montana State Hospital launched a preventive maintenance program in August 2017 to increase the useful life of buildings and equipment 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.

Medical Equipment Maintenance Market Report Coverage
Report Attribute Details
Historical Years 2014-2019
Forecast Years 2020-2030
Base Year (2019) Market Size $17.4 Billion
Forecast Period (2020-2030) CAGR 9.4%
Report Coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Analysis, Companies’ Strategic Developments, Impact of COVID-19, Company Profiling
Market Size by Segments Equipment Type, Service Type, Service Provider, End User, Region
Market Size of Geographies U.S., Canada, Germany, U.K., France, Italy, Spain, Russia, Switzerland, Poland, Ukraine, Netherlands, Belgium, China, Japan, India, Australia, South Korea, Singapore, Indonesia, New Zealand, Malaysia, Brazil, Mexico, Argentina, Chile, Colombia, Peru, Saudi Arabia, South Africa, U.A.E., Israel
Secondary Sources and References (Partial List) American Association for Accreditation of Ambulatory Surgery Facilities, American College of Radiology, American Hospital Association, American Medical Resources Foundation, American Registry of Radiologic Technologists, AmeriCares, Association for the Advancement of Medical Instrumentation, Association of Medical Device Reprocessors, Health and Human Services


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 February 2020, Agiliti Inc. acquired Mobile Instrument Service & Repair Inc., which services flexible and rigid endoscopes, powered surgical equipment, general and laparoscopic handheld instruments, video cameras and processing systems, case carts, and rolling stock sterilizers.
  • In December 2018, Federal Street Acquisition Corp. and Agiliti Holdco Inc. (subsidiary of Agiliti Inc.) entered into an amended and restated merger agreement, under which both the companies agreed to reduce the aggregate consideration paid to the selling equity holders of Agiliti Holdco Inc. from approximately $1.58 billion to $1.44 billion./li>

Key Players in Medical Equipment Maintenance Industry Include:

  • General Electric Company
  • Siemens AG
  • Koninklijke Philips N.V.
  • Drägerwerk AG & Co. KGaA
  • FUJIFILM Holdings Corporation
  • Hitachi Ltd.
  • Agfa-Gevaert N.V.
  • Agiliti Health Inc.
  • Canon Inc.
  • Carestream Health Inc.
  • Shimadzu Corporation
  • Sodexo SA
  • Crothall Healthcare
  • TRIMEDX Holdings LLC

Market Size Breakdown by Segment

The global medical equipment maintenance market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.

Based on Equipment Type

  • Imaging
    • Advanced imaging modalities
      • Computed tomography (CT)
      • Magnetic resonance imaging (MRI)
    • Primary imaging 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
    • Russia
    • Switzerland
    • Poland
    • Ukraine
    • Netherlands
    • Belgium
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Singapore
    • Indonesia
    •  New Zealand
    • Malaysia
  • Latin America (LATAM)
    • Brazil
    • Mexico
    • Argentina
    • Chile
    • Colombia
    • Peru
  • Middle East and Africa (MEA)
    • Saudi Arabia
    • South Africa
    • U.A.E.
    •  Israel
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