Summary: A new SNS Insider report predicts the medical equipment maintenance market will grow from $47.8 billion in 2023 to $116.4 billion by 2032. The expansion, driven by complex devices and increasing demand for preventive and corrective services, benefits both OEMs and emerging third-party providers worldwide.

Key Takeaways

  • Preventive Maintenance Gains Momentum: Growing emphasis on preventative measures reflects a desire to lower operational costs and enhance patient safety.
  • OEMs vs. Third-Party Competition: OEMs retain dominance with specialized knowledge and extended service plans, yet third-party providers are rapidly gaining ground due to localized, adaptable services.

A new report from SNS Insider expects the global medical equipment maintenance market, valued at $47.8 billion in 2023, to reach $116.4 billion by 2032, reflecting a healthy compound annual growth rate (CAGR) of 10.40% from 2024 to 2032.

The report attributes this rapid uptick to the increasing complexity of advanced devices, such as MRI machines, CT scanners, and endoscopic equipment, which require specialized oversight and upkeep to maintain peak performance and ensure patient safety. Preventive maintenance strategies—ranging from routine inspections to minor servicing—have also gained traction among healthcare facilities striving to avoid unexpected downtime and contain repair costs.

Regulations and Emerging Tech Propel Market Forward

Regulatory bodies are imposing stricter standards on how medical devices are maintained, compelling hospitals and clinics to adopt robust protocols that uphold patient safety. Simultaneously, predictive analytics and IoT-driven solutions are reshaping maintenance practices by enabling real-time monitoring and proactive scheduling. These technological innovations not only boost cost efficiency but also minimize disruptions in clinical settings.

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Corrective and Preventive Maintenance Segments on the Rise

In 2023, corrective maintenance solutions—where faulty equipment is repaired or replaced—claimed the largest market share at 49%. Analysts say frequent equipment failures, spurred by intensive use in cutting-edge healthcare facilities, have fueled steady demand for quick fixes that minimize operational slowdowns.

Meanwhile, the preventive maintenance segment is projected to log the fastest growth from 2024 to 2032, at a CAGR of 12.21%. By extending the lifecycle of medical equipment through regular servicing, facilities are better positioned to provide consistent patient care and reduce costs, explaining the surge in popularity for preventative measures.

OEMs Dominate, While Small Providers Gain Momentum

Original equipment manufacturers (OEMs) led the market with over 70% share in 2023, thanks to their deep expertise in equipment design and function. Their offerings often include after-warranty maintenance and repair plans, fostering long-term relationships with customers.

Smaller third-party providers, however, are emerging as a formidable force and are expected to grow at a CAGR of 10.93% through 2032. Their localized operations, quick response times, and ability to accommodate a range of technologies position them well in an increasingly diversified market.

As healthcare facilities worldwide prioritize reliability and patient safety, the medical equipment maintenance sector is poised for robust growth—reflecting both the escalating demands of modern medical technology and the evolving strategies aimed at keeping vital devices in optimal condition.