Medical Device Service Market Overview
The Medical Device Service Market was valued at USD 47.90 Billion in 2024. The Medical Device Service Market industry is projected to grow from USD 53.35 Billion in 2025 to USD 131.83 Billion by 2035, exhibiting a compound annual growth rate (CAGR) of 9.08% during the forecast period (2025-2035).
The increasing incidences of various Diseases across the Globe and Rising Strategic Initiatives by Market Players are driving the growth of the Medical Device Service Market.
As per the Analyst at MRFR, the increasing incidence of various diseases is significantly driving growth in the global medical device service market. As the prevalence of chronic and acute health conditions rises, there is a corresponding surge in the use of medical devices such as diagnostic imaging equipment, ventilators, and life support systems and these devices require regular maintenance and prompt repairs to ensure they operate efficiently and reliably.
FIGURE 1: MEDICAL DEVICE SERVICE MARKET VALUE (2019-2035) USD BILLION
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Medical Device Service Market Opportunity
Increasing Investment by Private and Public Organization
The global medical device services market is experiencing substantial growth due to increasing investments from both private and public organizations. These investments are driven by the rising demand for advanced medical technologies and the need to ensure their optimal performance and longevity. Private sector investments are fueling innovations in maintenance solutions and service models, while public funding supports regulatory improvements and infrastructure development. For instance,
September 2022: Olympus expanded its global footprint with a major investment of USD 35.30 million in new medical equipment repair facilities in Coimbra, Portugal. This state-of-the-art facility, constructed over four years, is set to become Olympus' highest volume repair center in Europe. The investment enhanced service efficiency and sustainability but also created 300 new jobs in the region by the end of 2024. The facility is designed to meet the highest industrial standards, including improved service lead times and the use of renewable energy sources. This strategic move underscored Olympus' commitment to advancing its global presence and becoming a leading player in the MedTech industry.
March 2022: Telangana State Medical Services and Infrastructure Development Corporation (TSMSIDC) had been tasked with improving the maintenance of medical equipment in State-run hospitals through the creation of a Medical Equipment Maintenance Information System (MEMIS). This initiative aims to streamline the repair and upkeep of equipment across various health facilities, including Primary Health Centres (PHC), Community Health Centres (CHC), Area and District Hospitals (AH, DH), and teaching and specialty hospitals. Further, the government had allocated USD 2.08 million as a one-time payment to support this project. The TSMSIDC will recruit outsourced staff for equipment maintenance and will form a committee to determine maintenance costs for different types of equipment, using rates from both government and private hospitals for comparison. The committee will include key officials such as the Technical Advisor to the Director of Medical Health and Family Welfare, the Vice-Chancellor of KNRUHS, and the Commissioner of the Telangana Vaidya Vidhana Parishad (TVVP).
These collaborative efforts enhance the capabilities of medical devices, reduce downtime, and improve patient outcomes, contributing to the burgeoning expansion of the market. As a result, the sector is witnessing accelerated growth, driven by the commitment of various stakeholders to advance healthcare technology and service quality.
Medical Device Service Market Segment Insights
Medical Device Service System by Device Type Insights
Based on Device Type, this segment includes Diagnostics Imaging Equipment (X-Ray (Image-guided surgery (IGS), Bone mineral density (BMD, Mammography, Radiographic/fluoroscopy (R/F), Others), Ultrasound (Diagnostic Ultrasound Systems (2D Imaging Systems, 3D/4D Imaging Systems, Doppler Imaging), Therapeutic Ultrasound Systems (High-Intensity Focused Ultrasound, Extracorporeal Shockwave Lithotripsy)), MRI (Low-field Systems, High-field Systems , Medium-field Systems), CT (High Slice, Mid Slice, Low Slice, Cone Beam Computed Tomography (CBCT)), Nuclear Imaging (PET/SPECT) (PET (Full Ring PET Scanners, Partial Ring PET Scanners), SPECT (Standalone, Hybrid))), Others), Patient Care Products (Ventilators, Anesthesia Monitoring Equipment, Maternal Infant Care (Infant and Neonatal Ventilator, Neonatal Resuscitation System, Other Maternal Infant Care Devices), Other Patient Care Products), Others.
The Diagnostics Imaging Equipment segment dominated the global market in 2024, while it is projected to be the fastest–growing segment during the forecast period. The need for regular maintenance, calibration, and software updates for complex imaging equipment, such as MRI, CT scanners, and ultrasound machines, is a key driver. Rising chronic disease cases and an aging population further boost the demand for diagnostic services, requiring well-maintained equipment. According to the Science and Medicine Group, the share of service-related expenditures with third-party service providers has risen from 36% in 2019 to 50% by 2022. The modalities with the highest service-related costs are CT, X-ray, MRI, ultrasound, and mammography.
Medical Device Service System by Service Type Insights
Based on Service Type, this segment includes Preventive Service, Corrective Service, Operational Service. The Corrective Service segment dominated the global market in 2024, while the Preventive Service segment is projected to be the fastest–growing segment during the forecast period. Corrective services, which address device malfunctions and repairs, are crucial to minimizing downtime and ensuring patient safety. As healthcare facilities adopt more sophisticated devices, the demand for corrective maintenance rises, particularly in North America and rapidly expanding Asia-Pacific markets.
FIGURE 2: MEDICAL DEVICE SERVICE MARKET SHARE BY SERVICE TYPE 2024 AND 2035 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Medical Device Service System by End-User Insights
Based on End-User, this segment includes Hospitals, Ambulatory Surgical Centers, Diagnostic Imaging Centers, Others. The Hospitals segment dominated the global market in 2024, while the Diagnostic Imaging Centers segment is projected to be the fastest–growing segment during the forecast period. Hospitals rely on comprehensive service and maintenance solutions to ensure that devices, such as imaging systems, ventilators, and surgical instruments, operate optimally and comply with safety standards. The market growth is fueled by advancements in medical technology, rising demand for preventive and corrective maintenance, and stringent regulatory requirements which will drive the demand for the global medical device service market.
Medical Device Service System Regional Insights
Based on the Region, the global Medical Device Service is segmented into North America, Europe, Asia-Pacific and Rest of the World. Major demand factors driving the North America market are the increasing incidences of various Diseases across the Globe and Rising Strategic Initiatives by Market Players. The US accounts for a relatively high share and is likely to continue contributing sizably to the North America market in the coming years. An aging population in North America contributes to the rising demand for medical devices, including diagnostic machines, surgical instruments, and home healthcare devices.
Older adults are more likely to require continuous medical monitoring and intervention, escalating the need for effective maintenance services to ensure device uptime and reliability. According to the World Bank, in 2023, people aged over 65 years old across the US accounted for 17.6% of the total population, which had increased from 11.8% in 1985. Similarly, as per the U.S. Census Bureau, the population aged 65 and older is projected to reach 77 million by 2034, surpassing the number of children for the first time in U.S. history, which increases the maintenance requirements in hospitals and care homes.
FIGURE 3: MEDICAL DEVICE SERVICE MARKET VALUE BY REGION 2024 AND 2035 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Further, the countries considered in the scope of the Application Tracking System Market are the US, Canada, Germany, France, the UK, Spain, Italy, China, India, Japan, South Korea, Australia, Middle East, Africa, Latin America and others.
Global Medical Device Service Key Market Players & Competitive Insights
Many global, regional, and local vendors characterize the Medical Device Service Market. The market is highly competitive, with all the players competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth. The vendors compete based on cost, product quality, reliability, and government regulations. Vendors must provide cost-efficient, high-quality products to survive and succeed in an intensely competitive market.
The major competitors in the market are GE HealthCare, Medtronic, Koninklijke Philips N.V., Agiliti Health, Inc., Carestream Health, Drägerwerk AG & Co. KGaA, Canon Medical Systems Corporation, Stryker, Siemens Healthineers AG, LTE Scientific Ltd., are among others. The Medical Device Service Market is a consolidated market due to increasing competition, acquisitions, mergers and other strategic market developments and decisions to improve operational effectiveness.
Key Companies in the Medical Device Service Market include
- GE HealthCare
- Medtronic
- Koninklijke Philips N.V.
- Agiliti Health, Inc.
- Carestream Health
- Drägerwerk AG & Co. KGaA
- Canon Medical Systems Corporation
- Stryker
- Siemens Healthineers AG
- LTE Scientific Ltd.
Medical Device Service Market Industry Developments
April 2024: GE HealthCare has launched its A1-Sure ultrasound refurbishing facility in Bangladesh, aiming to make advanced diagnostic and clinical technologies more accessible to rural populations in underserved Tier 2 and Tier 3 cities. By refurbishing medical equipment, the facility enhances access to quality healthcare for a broader demographic while supporting environmental sustainability goals.
June 2024: GE HealthCare has introduced a program granting select independent service organizations (ISOs) exclusive access to its equipment servicing resources. This initiative underscores GE HealthCare’s commitment to delivering high-quality service by offering these ISOs access to technical service tools, training, expertise, and GE HealthCare parts. The program aims to extend these resources to a wider range of in-house service providers and qualifying ISOs.
February 2023: GE HealthCare has launched the Online Service Shop in Saudi Arabia, a new platform designed to support the uptime of its medical devices by providing access to essential spare parts. Registered hospitals and healthcare facilities will benefit from 24/7 access to both spare parts and on-demand repair services through this innovative online portal, which is tailored to meet the needs of the healthcare sector.
March 2023: GE HealthCare and Advantus Health Partners have entered into a multi-year agreement valued at up to $760 million to enhance access to healthcare technology management services. Spanning over a decade, this partnership will see GE HealthCare's healthcare technology management (HTM) services made available to Advantus' clients. The collaboration aims to offer a comprehensive program that goes beyond traditional break-fix maintenance for medical devices, providing a more holistic approach to healthcare technology management.
Medical Device Service Market Segmentation
Medical Device Service by Device Type Outlook
- Diagnostics Imaging Equipment
- X-Ray
- Image-guided surgery (IGS)
- Bone mineral density (BMD)
- Mammography
- Radiographic/fluoroscopy (R/F)
- Others
- Ultrasound
- Diagnostic Ultrasound Systems
- 2D Imaging Systems
- 3D/4D Imaging Systems
- Doppler Imaging
- Therapeutic Ultrasound Systems
- High-Intensity Focused Ultrasound
- Extracorporeal Shockwave Lithotripsy
- MRI
- Low-field Systems
- High-field Systems
- Medium-field Systems
- CT
- High Slice
- Mid Slice
- Low Slice
- Cone Beam Computed Tomography (CBCT)
- Nuclear Imaging (PET/SPECT)
- PET
- Full Ring PET Scanners
- Partial Ring PET Scanners
- SPECT
- Others
- Patient Care Products
- Ventilators
- Anesthesia Monitoring Equipment
- Maternal Infant Care
- Infant and Neonatal Ventilator
- Neonatal Resuscitation System
- Other Maternal Infant Care Devices
- Other Patient Care Products
- Others
Medical Device Service by Service Type Outlook
- Preventive Service
- Corrective Service
- Operational Service
Medical Device Service by End-User Outlook
- Hospitals
- Ambulatory Surgical Centers
- Diagnostic Imaging Centers
- Others
Medical Device Service Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the world
- Middle East
- Africa
- Latin America
| Report Attribute/Metric |
Details |
| Market Size 2024 |
USD 47.90 Billion |
| Market Size 2025 |
USD 53.35 Billion |
| Market Size 2035 |
USD 131.83 Billion |
| Compound Annual Growth Rate (CAGR) |
9.08% (2025-2035) |
| Base Year |
2024 |
| Forecast Period |
2025-2035 |
| Historical Data |
2019-2023 |
| Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
By Device Type, By Service Type, By End-User |
| Geographies Covered |
North America, Europe, Asia Pacific, Rest of the World |
| Countries Covered |
The US, Canada, Germany, France, the UK, Spain, Italy, China, India, Japan, South Korea, Australia, Middle East, Africa, Latin America |
| Key Companies Profiled |
GE HealthCare, Medtronic, Koninklijke Philips N.V., Agiliti Health, Inc., Carestream Health, Drägerwerk AG & Co. KGaA, Canon Medical Systems Corporation, Stryker, Siemens Healthineers AG, LTE Scientific Ltd. |
| Key Market Opportunities |
· Increasing Investment by private and public organization |
| Key Market Dynamics |
· Increasing incidences of various Diseases across the Globe · Rising Strategic Initiatives by Market Players |
Frequently Asked Questions (FAQ) :
USD 47.90 Billion is the Medical Device Service Market in 2024
The Corrective Service segment by Service Type holds the largest market share and grows at a CAGR of 8.70 % during the forecast period.
North America holds the largest market share in the Global Medical Device Service Market.
GE HealthCare, Medtronic, Koninklijke Philips N.V., Agiliti Health, Inc., Carestream Health, Drägerwerk AG & Co. KGaA, Canon Medical Systems Corporation, Stryker, Siemens Healthineers AG, LTE Scientific Ltd., are prominent players in the Global Medical Device Service Market.
The Hospitals segment dominated the market in 2024.
