Medical Equipment Maintenance Market - Revenue Growth Expectations by 2028

Overview of This Study:

This research employed a large number of primary and secondary sources. In order to determine the segmentation types, industry trends, major players, competitive landscape, important market dynamics, and major player strategies, the research process involved analyzing a variety of industry-affecting factors.

Market Size Estimation:

The size for medical equipment maintenance market worldwide was estimated for this report using a revenue share analysis of the top competitors. In order to achieve this, major market participants were identified, and their medical equipment maintenance revenues were calculated using a variety of insights obtained during the primary and secondary research stages. Examining the annual and financial reports of the leading market participants was one aspect of secondary research. On the other hand, in-depth interviews with significant opinion leaders, including directors, CEOs, and important marketing executives, were a part of the primary research.

Segmental revenues were computed using the revenue mapping of the main solution/service providers in order to determine the global market value. The following steps were involved in this process:

# Generating a list of major global players operating in the medical equipment maintenance market
# Mapping annual revenues generated by major global players from the medical equipment maintenance segment (or nearest reported business unit/service category)
# Revenue mapping of key players to cover a major share of the global market as of 2022
# Extrapolating the global value of the medical equipment maintenance industry

Projected Surge in Revenue Generation:

According to revenue estimates, the global market for medical equipment maintenance will be valued $48.8 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 10.6% to reach $80.7 billion by 2028.

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Major Growth Influencing Factors:

High growth prospects for the medical equipment maintenance market during the forecast period include factors like the expansion of related equipment markets, an increased emphasis on preventive medical equipment maintenance, an increase in the purchase of refurbished medical systems, and the adoption of novel funding mechanisms. In addition, a growing number of medical vendors worldwide and the growing use of patient-specific medical devices are driving the market. However, during the projected period, the market's growth may be hampered by the high initial costs and significant maintenance expenses.

Geographical Growth Dynamics:

Germany registered the highest CAGR in the market during the forecast period.

In 2023, Germany is expected to register the highest CAGR in the European market for medical equipment maintenance during the forecast period. Europe comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. 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.

Global Leading Companies Operating in This Industry:

As of 2022, prominent players in medical equipment maintenance are GE Healthcare Technologies Inc. (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and FUJIFILM Holdings Corporation (Japan) among others.

Recent Developments:

# In May 2023, Siemens Healthineers (Germany) established its new Education and Development Center (EDC) in Erlangen, which would offer medical device training courses for customers and in-house specialists.

# In March 2023, GE Healthcare Technologies Inc. (US) partnered with Advantus Health Partners (US) in a 10-year agreement to provide the company’s Healthcare Technology Management (HTM) services to the clients of Advantus Health Partners.

# In March 2021, the acquisition of the Diagnostic Imaging-related Business of Hitachi, Ltd. (Japan) was completed by FUJIFILM Corporation (Japan) to support R&D, manufacturing, marketing, and maintenance services for diagnostic imaging systems (CT, MRI, X-ray, ultrasound systems, and others), electronic medical records, and other medical-related products and services.

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Key Market Stakeholders

# Original equipment manufacturers
# Independent service providers
# Independent service organizations
# Product distributors and channel partners
# Hospitals and surgical centers
# Dental hospitals, laboratories, and clinics
# Dental academic and research institutes
# Ambulatory care centers and physician-operated laboratories
# Contract manufacturers and third-party suppliers
# Research laboratories and academic institutes
# Clinical research organizations
# Contract manufacturing organizations
# Government and non-governmental regulatory authorities
# Venture capitalists and investors
# Trade associations and industry bodies
# Insurance companies
# Market research and consulting firms