Medical Equipment Maintenance Market Insights Reveal Higher Demand for Spare Parts

The global medical equipment maintenance market was valued at USD 41.90 billion in 2023 and is projected to expand at a CAGR of 10.0% from 2024 to 2030. The market’s growth is driven by the rising global demand for medical devices, the increasing prevalence of life-threatening conditions requiring diagnostic procedures, and the growing need for refurbished medical equipment.

Given the critical role of medical equipment in healthcare delivery, the effectiveness of treatments largely depends on the precision and performance of these devices. A wide range of equipment—such as electrocardiographs, syringe pumps, centrifuges, X-ray machines, autoclaves, and ultrasound devices—are used across healthcare settings for diagnosis and treatment. Due to continuous use, these devices require regular maintenance to address wear, malfunctions, and potential defects.

In 2023, imaging equipment led the market, accounting for 36.1% of total market share. Imaging devices are essential for visualizing internal body structures and facilitating accurate diagnosis. The rising incidence of chronic conditions, particularly cardiovascular diseases, is fueling demand in this segment. According to the Centers for Disease Control and Prevention, approximately 129 million people in the U.S. suffer from at least one major chronic disease. Common imaging modalities include X-rays, magnetic resonance imaging (MRI), computed tomography (CT) scans, and ultrasound.

Service Insights

The corrective maintenance segment held the largest revenue share in 2023. This segment focuses on repairing equipment following malfunctions or failures, restoring systems to their original working condition through replacement or restoration efforts. The increasing frequency of equipment breakdowns—stemming from constant use in modern healthcare facilities—is expected to drive rapid growth in this area.

Service Provider Insights

In 2023, the Original Equipment Manufacturer (OEM) segment captured the highest revenue share. OEMs provide highly specialized maintenance services tailored to their products, leveraging their deep understanding of the equipment’s design, components, and functionality. By offering post-warranty maintenance and repair services, OEMs not only generate additional revenue but also strengthen long-term relationships and foster customer loyalty.

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End-Use Insights

The hospital segment accounted for the largest revenue share in 2023. An aging global population is contributing to a rise in chronic diseases such as diabetes, heart disease, and cancer, driving the need for advanced diagnostic and therapeutic equipment. Private hospitals are investing in state-of-the-art devices to enhance patient care and attract more patients. Additionally, increased government spending on healthcare infrastructure continues to bolster the demand for sophisticated medical equipment.

Regional Insights

In 2023, North America dominated the global medical equipment maintenance market. Factors such as advancements in medical infrastructure, a growing burden of chronic illnesses, increased healthcare spending, and the presence of ambulatory surgical centers are fueling market growth in the region. North America’s strong healthcare sector and its growing role in medical tourism have sustained demand for reliable, fully operational medical equipment.