Medical Equipment Maintenance Market Size USD 130.47 Bn By 2032

The global medical equipment maintenance market size reached USD 47 billion in 2022 and is predicted to hit USD 130.47 billion by 2032 with 10.80% from 2023 to 2032.

Medical Equipment Maintenance Market Size 2023 to 2032

Key Points

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.

The rapid growth of themedical equipment maintenance market is owing to increase in healthcare expenses and increase in advanced medical equipment. The increase in patient population, rising number of diagnostic centers, presence of large numbers of OEMs, and technological advancement in the equipment are the major factors for the growth of the medical equipment maintenance market.

Moreover, medical equipment maintenance is majorly used in the covid-19 pandemic. The pandemic has led to rise in demand for the medical devices such as ventilators. The wide usage of the ventilators in the pandemic has increased the demand for medical equipment maintenance. This is a major factor that boosts the growth of the global medical equipment maintenance market.

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The market has gain a major traction as preventive and corrective maintenance are gaining prominence as planned inspections, and medical device maintenance helps to reduce the incidents and related accidents. The medical equipment maintenance medical equipment maintenance is expected to change the way the hospitals and clinics operate by introducing innovative methods for the maintenance.

Table of Contents

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

North America dominated the market in 2020. This is attributed to the presence of strong base of healthcare facilities and growing installation base for advanced medical technologies in healthcare facilities in the countries like US and Canada. The presence of high number of health care companies along with the various contract manufacturing organizations and contract research organizations is benefiting the market in this region.

Asia Pacific is expected to be the most opportunistic market during the forecast period. The rising government expenditure to develop strong healthcare infrastructure and government policies to attract FDIs is expected to play a significant role in the growth of the medical equipment maintenance market in the region. The rising number of hospital admissions will foster the demand for the medical equipment maintenance in the Asia Pacific region, and will lead to the growth of the market during the forecast period.

The rising awareness regarding preventive maintenance of medical devices and increasing funding in innovative devices are the factors which led to the market in the coming years. Moreover, the increasing awareness of safety of devices, advanced in area of healthcare devices are the driving factors for the growth of the market.

The high costs associated with the maintenance of the devices may hamper the growth of the market. Further, lack of adequate infrastructure and capital in the underdeveloped and developing nations may hamper the market growth during the forecast period.

The introduction of latest technologies such as artificial intelligence and machine learning may provide growth prospects to the market players in the upcoming future, and drive the market growth.

Based on the equipment, the imaging equipment segment is the leading and the fastest-growing segment. This can be attributed to the rise in diagnostic procedures and increasing heart diseases are driving the segment.

Based on the service, the corrective maintenance segment dominated the market. It includes replacement or restoration of the devices or components of the devices to reinstate the physical integrity after unexpected failure.

In March 2021, iFixit, is an American e-commerce and how-to website which sells repair part, launched a massive repair database for ventilators and other devices in order to help hospitals and clinics during the Covid-19 pandemic.

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.