Medical Equipment Maintenance Market Show substantial growth $118.08 Billion & 10.50% CAGR

Medical Equipment Maintenance Market Size Worth $118.08 Billion By 2032 | CAGR: 10.50%


The global medical equipment maintenance market size is expected to reach USD 118.08 billion by 2032, according to a new study by Polaris Market Research. The report “Medical Equipment Maintenance Market Share, Size, Trends, Industry Analysis Report, By Service Type (Corrective Maintenance, Preventive Maintenance, Operational Maintenance); By Equipment; By End User; By Region; Segment Forecast, 2024- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The Asia-Pacific region is poised for substantial growth during the forecast period. Governments in this area are making significant investments in healthcare infrastructure and services. These investments frequently involve the acquisition of medical equipment for public healthcare institutions, typically accompanied by maintenance contracts, which are propelling market expansion. Additionally, numerous countries in the Asia-Pacific region have become appealing hubs for medical tourism. To cater to international patients, these nations must uphold elevated healthcare standards, which encompass the diligent maintenance of medical equipment.

The adoption of preventive maintenance practices is gaining prominence. Preventive maintenance involves regular, scheduled servicing to proactively address issues before they become critical, minimizing costly equipment breakdowns and enhancing the longevity of expensive medical devices. Scheduled servicing and inspections help in identifying and rectifying potential issues before they escalate into costly equipment breakdowns, reducing operational disruptions.

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The integration of remote monitoring and Internet of Things (IoT) technology in medical equipment is revolutionizing maintenance practices. It allows for proactive, real-time monitoring, diagnostics, and predictive maintenance, ensuring seamless equipment performance and minimizing downtime. Many healthcare facilities and organizations prefer to outsource their equipment maintenance to specialized third-party service providers. This approach ensures access to expert technicians and resources, driving the growth of the medical equipment maintenance service sector.

Data analytics and artificial intelligence (AI) are increasingly applied to optimize maintenance schedules and identify maintenance trends. These technologies offer opportunities for more efficient maintenance operations, as they can predict equipment issues and improve maintenance efficiency.

Medical Equipment Maintenance, Market Report Highlights

  • Corrective maintenance accounted for significant market share in 2022, which is mainly driven by greater need for issue rectification and downtime mitigation
  • Imaging equipment accounted for significant market share in 2022, which is mainly driven by diagnosis precision and patient care, regulatory conformance, and downtime mitigation
  • Hospitals segment held the maximum market revenue share in 2022, mainly due to regulatory standards and guidelines, diverse equipment portfolio, and patient safety emphasis
  • North America region dominated the market with majority share in 2022, owing to adoption of advanced healthcare technology, regulatory compliance, aging equipment, and focus on patient safety
  • The global key market players include B. Braun Melsungen AG, GE Healthcare, Hitachi Healthcare, Koninklijke Philips N.V., Siemens Healthineers, and Althea Group among others

Polaris Market Research has segmented the Medical Equipment Maintenance market report based on service type, equipment, end user, and region:

Medical Equipment Maintenance, Service Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Corrective Maintenance
  • Preventive Maintenance
  • Operational Maintenance

Medical Equipment Maintenance, Equipment Outlook (Revenue - USD Billion, 2019 - 2032)

  • Surgical Instruments
  • Imaging Equipment
  • Endoscopic Equipment
  • Electromedical Equipment
  • Others

Medical Equipment Maintenance, End User Outlook (Revenue - USD Billion, 2019 - 2032)

  • Hospitals
  • Diagnostic Centers
  • Ambulatory Centers
  • Others

Medical Equipment Maintenance, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Medical Equipment Maintenance Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 53.14 billion

Revenue forecast in 2032

USD 118.08 billion

CAGR

10.50% from 2024 – 2032

Base year

2023

Historical data

2019-2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments covered

By Service Type, By Equipment, By End User, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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