Global Medical Equipment Maintenance Market: From $54.0B in 2024 to $88.9B by 2029 at 10.5% CAGR | MarketsandMarkets™

Chicago, July 03, 2024 (GLOBE NEWSWIRE) — The global Medical Equipment Maintenance Market, valued at $54.0 billion in 2024 and projected to reach $88.9 billion by 2029 with a CAGR of 10.5%, is driven by increasing adoption of preventive maintenance programs in healthcare facilities to ensure continuous equipment operation and minimize downtime, crucial for maintaining high standards of patient care and safety. Economic fluctuations pose challenges by impacting healthcare budgets and maintenance spending, potentially hindering market growth. The market encompasses diagnostic imaging equipment (MRI, CT, ultrasound, X-ray), ventilators, and other devices; service providers such as OEMs, ISOs, and in-house maintenance; service types including preventive, corrective, and operational maintenance; end users including hospitals, diagnostic centers, and others; and contract types such as basic and customized contracts. Leading players like Siemens Healthineers, GE Healthcare Technologies, and Medtronic plc drive the market with comprehensive service offerings and global presence. Recent collaborations and acquisitions, like GE Healthcare’s partnership with reLink Medical and Siemens Healthineers’ acquisition of Block Imaging, reflect industry efforts towards sustainability and enhanced service delivery, optimizing medical equipment utilization and efficiency through advanced maintenance strategies.

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Key Players in the Medical Equipment Maintenance Market

Leading players in the medical equipment maintenance market include GE Healthcare Technologies Inc. (US), Siemens Healthineers (Germany), Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), and FUJIFILM Holdings Corporation (Japan).

GE Healthcare Technologies Inc. (US)

GE Healthcare Technologies Inc. stands as a frontrunner in the medical equipment maintenance market, offering a comprehensive suite of maintenance solutions tailored for healthcare facilities worldwide. Their services encompass preventive and corrective maintenance, equipment upgrades, and predictive maintenance supported by advanced data analytics. With a global footprint and a commitment to innovation, GE Healthcare ensures the reliability and efficiency of medical devices across diverse healthcare settings, maintaining their position at the forefront of the industry.

Siemens Healthineers (Germany)

Siemens Healthineers is a prominent player in the medical equipment maintenance market, known for its cutting-edge technologies and extensive healthcare solutions portfolio. With a global presence, Siemens Healthineers delivers a broad spectrum of maintenance services customized to meet the evolving needs of healthcare facilities worldwide. Their expertise spans hospitals, clinics, diagnostic centers, and research institutions, leveraging advanced technologies and skilled technicians to provide timely and cost-effective maintenance solutions that optimize equipment performance and minimize operational downtime.

Medtronic plc (Ireland)

Medtronic plc holds a significant market position, offering a diverse portfolio including cardiac devices, spinal and orthopedic products, and surgical instruments. Emphasizing comprehensive maintenance services, Medtronic provides preventive, corrective, and extended warranty solutions tailored to optimize performance and reliability across its range of medical equipment. Targeting hospitals, ambulatory surgical centers, and specialty clinics, Medtronic’s services uphold operational excellence, supporting healthcare providers in delivering high-quality patient care.

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Segment Insights: Device Types and Market Dynamics

The medical equipment maintenance market is segmented by device type, encompassing electrosurgical equipment, radiotherapy devices, dental equipment, laboratory equipment, patient monitoring & life support devices, diagnostic imaging equipment, endoscopic devices, surgical equipment, ophthalmology equipment, medical lasers, and durable medical equipment. During the forecast period, the diagnostic imaging equipment segment is expected to demonstrate the highest CAGR and hold the largest market share. Technological advancements in diagnostic imaging equipment necessitate specialized maintenance services to manage software updates, regulatory compliance, and integration of remote monitoring capabilities, enhancing equipment performance and asset management.

Service Types and Strategic Maintenance

Segmented by service type, the medical equipment maintenance market includes corrective maintenance, preventive maintenance, and operational maintenance. Preventive maintenance holds the largest market share, emphasizing proactive strategies to identify and resolve potential issues before they escalate. This approach extends equipment lifespan, reduces operational disruptions, and enhances patient safety within healthcare facilities.

Provider Dynamics: Multi-Vendor OEMs Lead Growth

The market divides service providers into multi-vendor OEMs, single-vendor OEMs, ISOs, and in-house maintenance, with multi-vendor OEMs anticipated to exhibit the highest CAGR and dominate market share. These providers offer comprehensive maintenance services for diverse medical equipment portfolios, ensuring access to genuine parts and addressing varied maintenance needs across healthcare facilities, thereby enhancing operational efficiency and equipment reliability.

End User Insights: Hospitals Drive Market Demand

End users in the medical equipment maintenance market include hospitals, diagnostics imaging centers, dialysis centers, ambulatory surgical centers, dental clinics & specialty clinics, and other facilities. Hospitals command the largest market share due to their extensive inventory of critical medical equipment. Comprehensive maintenance services are crucial to uphold equipment performance and reliability, supporting patient care and operational efficiency within hospital settings.

Contract Types and Service Standards

The market is segmented by contract type into basic contract, premium contract, customized contract, and add-on contract, with the premium contract segment holding the largest market share. These contracts offer elevated service standards including accelerated response times and personalized support, ensuring swift resolution of equipment issues and minimizing disruptions to patient care and operational continuity.

Regional Overview: North America Leads Market Share

Geographically, North America leads the medical equipment maintenance market, driven by advanced medical infrastructure and widespread healthcare facilities. The region’s demand for maintenance services underscores the importance of professional upkeep to ensure continuous functionality and reliability of medical equipment across various healthcare settings.

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