The global medical equipment maintenance market is projected to reach USD 80.7 billion by 2028 from USD 48.8 billion in 2023, growing at a CAGR of 10.6% during the forecast period. Growing government initiatives to improve the healthcare infrastructure of hospitals, the increasing purchase of refurbished medical equipment, rising focus on preventive medical equipment maintenance, growth in associated equipment markets, and adoption of innovative funding mechanisms. However, high initial costs and significant maintenance expenditure impede the market growth.
The medical equipment maintenance business is very competitive, with both established companies and newcomers competing for the same market share. As of 2022, the key players operating in the global medical equipment maintenance market are Siemens Healthineers (Germany), GE Healthcare Technologies Inc. (US), Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), and FUJIFILM Holdings Corporation (Japan) among others.
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GE Healthcare Technologies Inc. (US)
In 2022, GE Healthcare Technologies Inc. held the leading position in the medical equipment maintenance market. The company is a prominent player in the medical equipment maintenance market owing to its wide geographical presence and strong technical expertise. The company’s large connected installed base, distributed workforce, and global parts and repair network have provided a solid foundation to continuously develop cost-effective medical equipment maintenance services. The company aims to provide better access to healthcare to its customers, making it one of its key strengths. The company includes a wide range of medical equipment services portfolio through which it serves various end users, including hospitals, dental clinics, and ambulatory surgical centers (ASC). In order to strengthen its service portfolio and customer base and expand its presence across various regions, the company adopted inorganic strategies such as collaborations, partnerships and acquisitions to ensure its future growth.
Siemens Healthineers (Germany)
In 2022, Siemens Healthineers held the second position in the medical equipment maintenance market due to its significant presence in the medical imaging, laboratory diagnostics, medical information technology, and hearing aid sectors. The leading position of the company can be attributed to its strong brand recognition, wide geographical presence, and extensive service portfolio in the market. The company offers maintenance services for imaging modalities that have a considerable share of the market. To ensure its future growth the company focuses on partnerships and agreements to strengthen its business.
Medical Equipment Maintenance Market by Product (Imaging (MRI, CT, PET-CT, ultrasound, X-ray), Endoscopes, Lasers, ventilators, dialysis, Monitors), Provider (OEM, ISO, In-house), Service, End-User, Region - Global Forecast to 2028
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