The global medical equipment maintenance market in terms of revenue was estimated to be worth $48.8 billion in 2023 and is poised to reach $80.7 billion by 2028, according to a new report by MarketsandMarkets.
Factors such as growth in the associated equipment markets, rising focus on preventive medical equipment maintenance, increasing purchase of refurbished medical systems, and adoption of innovative funding mechanisms are high growth prospects for the medical equipment maintenance market during the forecast period. Moreover, the market is also driven by the increasing adoption of patient-specific medical devices and a growing number of medical vendors across the globe. However, the significant maintenance expenditure and high initial costs may hinder the growth of this market during the forecast period.
The diagnostic imaging equipment segment will see a significant growth rate over the forecast period of 2023-2028.The key factor encouraging the growth of this segment during the forecast period is the need to ensure maximum equipment uptime, and their substantial replacement cost is increasing demand for maintenance services for diagnostic imaging equipment.
The preventive maintenance segment is estimated to hold the largest market share of the medical equipment maintenance market during the forecast period. The consequent need for preventive maintenance of medical devices and the technological advancements in medical devices lead to a large share of this segment.
The multi-vendor OEMs segment is expected to hold the largest market share of the medical equipment maintenance market during the forecast period. The large share of this segment can be attributed to service quality, strong technical expertise, wide geographic presence, and easy access to spare parts (resulting in reduced downtime), according to the report. Also, multi-vendor service contracts can reduce the complexity of dealing with multiple external suppliers and OEMs.
In 2023, Germany is expected to register the highest compound annual growth rate (CAGR) in the European market for medical equipment maintenance during the forecast period. Factors such as the growth of service providers (both OEMs and the ISOs and also in-house maintenance) in the region, evolving healthcare infrastructure post-COVID-19 pandemic, and favorable investment scenario in the country are driving the growth of the German medical equipment maintenance market during the forecast period.