Medical Equipment Maintenance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Medical Equipment Maintenance Market is Segmented by Products and Services (Products and Services), Service Providers (Independent Service Organizations and Original Equipment Manufacturers), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (USD million) for the above segments.

Medical Equipment Maintenance Market Snapshot

Medical Equipment Maintenance Market Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 9.1 %
Medical Equipment Maintenance Market Major Players

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Market Overview

The medical equipment maintenance market is expected to register a CAGR of 9.1% during the forecast period, 2021-2026.

The need for critical medical equipment for life-threatening disorders will boost the demand for maintenance services in the short term. The broad range of medical devices used in the diagnostic and treatment of COVID-19 supports the market growth. Owing to the unprecedented burden on healthcare infrastructure and the need for functional medical devices due to the pandemic, the market is likely to be profoundly impacted. Hospitals are having trouble getting service information to fix medical equipment during COVID-19. Thus, market players are adopting strategic initiatives to sustain themselves in an uncertain environment. For instance, in March 2021, iFixit launched a massive repair database for ventilators and other medical devices to help hospitals maintain and fix crucial equipment during COVID-19. Such product launches will help the market grow at a faster pace in the upcoming years.

The market is primarily driven by an increase in the adoption of preventive maintenance to enhance the lifetime of medical equipment in healthcare settings. Furthermore, rapid technological advancements in medical equipment and increased need for continuous training and maintenance are stimulating the market growth. Also, increasing purchases of refurbished medical equipment to reduce capital costs in hospitals and other healthcare settings are anticipated to fuel the growth of the market. Moreover, innovations in the service sector such as providing services through IoT devices and remote guidance are increasing the demand for medical equipment maintenance.

According to a report published by the Population Reference Bureau in 2019, around 52 million people in the United States are aged 65 years or above. This number is estimated to reach 61 million by 2027. The elderly population presents a greater exposure to chronic conditions, such as cancer, diabetes, and other lifestyle-related chronic disorders. Thus, healthcare delivering facilities and hospitals are also significantly contributing to medical equipment maintenance revenue.

However, the high cost of medical equipment maintenance and lack of skilled professionals are expected to hamper the market growth. Besides, the stringent regulatory policies in many countries around the globe have mandated medical equipment maintenance as a compulsory requirement for end users.

Scope of the Report

The maintenance of medical equipment has become more complex nowadays due to the increased sophistication and integration of different technologies. These issues need to be addressed by maintaining proper equipment maintenance. The report covers the services provided by various market players in terms of medical equipment maintenance. The medical equipment maintenance market is segmented by products and services (products and services), service providers (independent service organizations and original equipment manufacturers), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (USD million) for the above segments.

By Products and Services
Imaging Equipment
Endoscopic Devices
Surgical Equipment
Other Products
Preventive Maintenance
Corrective Maintenance
Operational Maintenance
By Service Providers
Independent Service Organizations
Original Equipment Manufacturers
North America
United States
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
Middle-East and Africa
South Africa
Rest of Middle-East and Africa
South America
Rest of South America

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Key Market Trends

The Imaging Equipment Sub-segment is Expected to Have a Significant Share Over the Forecast Period

Imaging is preferred by most healthcare professionals as it provides a primary diagnosis in a short time among the majorly used COVID-19 screening options. All the imaging modalities, including computed tomography and nuclear imaging, have been used extensively to study COVID-19 and its effect on different patients in each demography. Thus, this is likely to boost the demand for imaging equipment maintenance during the pandemic.

Imaging equipment have evolved in a rapid phase with technological advancements and increasing investments by healthcare providers for the betterment of patient health. The significant number of diagnostic tests performed at healthcare facilities and the growing prevalence of chronic diseases are projected to boost the imaging equipment sub-segment. Furthermore, various initiatives are taken by the government and non-government organizations for the preventive maintenance of medical equipment. This is likely to boost the growth of the preventive medical equipment sub-segment over the forecast period.

Furthermore, an increasing number of hospitals worldwide to match the growing prevalence of chronic diseases and the increasing adoption of annual maintenance policies by healthcare providers are anticipated to boost the overall medical equipment maintenance market.

Increase in cardiovascular diseases and cancer prevalence is the major factor contributing to the increased use of sophisticated equipment that need continuous maintenance.

Medical Equipment Maintenance Market Key Trends

North America is Expected to have a Significant Market Share Over the Forecast Period

North America is anticipated to dominate the medical equipment maintenance market over the forecast period. The factors attributed to the high growth of the market in the region are the increasing chronic disorders and the growing demand for medical devices.

According to a survey conducted in the United States by the National Centre for Health Statistics, approximately 3.5 million laparoscopic procedures were performed in the United States in 2019. This indicates that endoscopic procedures are performed widely in the region. Thus, the demand for maintenance of these devices may also increase in the upcoming future.

The key companies operating in this region are adopting partnership as a key strategy to sustain in the highly competitive environment and gain higher market share. For instance, in July 2018, Philips signed partnership agreements for two long-term delivery, upgrade, replacements, and maintenance with Kliniken der Stadt Köln, a hospital group in Germany.

Additionally, in 2019, the Extremadura Health Service collaborated with Siemens Healthineers for the provision of technological updates, medical devices, and comprehensive medical equipment maintenance. Such strategic initiatives implemented by key market players are likely to boost the regional growth in the future.

Amid the pandemic, as North American countries were among the severely affected by COVID-19, hospital biomedical repair technicians tasked with keeping ventilators and other life-saving medical equipment up and running faced unnecessary and time-wasting hurdles. A survey released by the United States Public Interest Research Group in 2020 reported that almost half of workers reported being denied access to critical repair information, parts, or service keys. This is likely to have a negative impact on the market studied.

Furthermore, well-established reimbursement policies that encourage healthcare providers to maintain quality infrastructure are expected to fuel the market growth. Moreover, advancements in medical device technologies may boost their adoption, which is expected to drive the regional market share.

Medical Equipment Maintenance Market Growth Rate

Competitive Landscape

The medical equipment maintenance market is fragmented with the presence of original equipment manufacturers and third-party service providers. Market players are focusing on simplifying the service access and regional expansions to increase their market shares. The key market players operating in the market include Siemens AG, Koninklijke Philips NV, Stryker Corporation, Canon Inc., and GE Healthcare.

Recent Developments

In December 2020, Sodexo India launched the initiative "Sodexo Healthcare Technology Management (HTM)", a mobile-app-based service that will provide maintenance services for biomedical equipment and their life cycle management, in partnership with the Association of Healthcare Providers (AHPI).

In October 2020, PartsSource launched medical equipment repair services. The new On-Site Service makes available a network of more than 1,000 technology service professionals to complement the sale of medical equipment sold on the marketplace.

Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Focus on Preventive Maintenance of Medical Equipment

      2. 4.2.2 Rising Investments of Healthcare Providers and Governments in Infrastructure

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of Medical Equipment Maintenance

      2. 4.3.2 Lack of Skilled Professionals

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry


    1. 5.1 By Products and Services

      1. 5.1.1 Products

        1. Imaging Equipment

        2. Endoscopic Devices

        3. Surgical Equipment

        4. Other Products

      2. 5.1.2 Services

        1. Preventive Maintenance

        2. Corrective Maintenance

        3. Operational Maintenance

    2. 5.2 By Service Providers

      1. 5.2.1 Independent Service Organizations

      2. 5.2.2 Original Equipment Manufacturers

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Mexico

      2. 5.3.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Spain

        6. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Australia

        5. South Korea

        6. Rest of Asia-Pacific

      4. 5.3.4 Middle-East and Africa

        1. GCC

        2. South Africa

        3. Rest of Middle-East and Africa

      5. 5.3.5 South America

        1. Brazil

        2. Argentina

        3. Rest of South America


    1. 6.1 Company Profiles

      1. 6.1.1 Alliance Medical Group

      2. 6.1.2 Alpha Source Inc.

      3. 6.1.3 Althea Group

      4. 6.1.4 Aramark

      5. 6.1.5 BC Technical Inc.

      6. 6.1.6 Canon Inc.

      7. 6.1.7 GE Healthcare

      8. 6.1.8 Hoya Corporation

      9. 6.1.9 Koninklijke Philips NV

      10. 6.1.10 Shimadzu Corporation

      11. 6.1.11 Siemens AG

      12. 6.1.12 Stryker Corporation

    2. *List Not Exhaustive


**Competitive Landscape covers- Business Overview, Financials, Products and Strategies, and Recent Developments

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Frequently Asked Questions

The Medical Equipment Maintenance Market market is studied from 2018 - 2026.

The Medical Equipment Maintenance Market is growing at a CAGR of 9.1% over the next 5 years.

The Medical Equipment Maintenance Market is valued at 123 Million USD in 2018.

The Medical Equipment Maintenance Market is valued at 123 Million USD in 2026.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Siemens AG, Koninklijke Philips N.V., Stryker Corporation, Canon Inc., GE Healthcare are the major companies operating in Medical Equipment Maintenance Market.

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