The medical equipment maintenance market to grow from USD 28.97 billion in 2018 to USD 47.49 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period.
Growth Boosting Factors:
The major factors that are expected to be driving the medical equipment repair market are rising focus on preventive medical equipment maintenance, growth in associated equipment markets, adoption of innovative funding mechanisms, and the increasing purchase of refurbished medical equipment.
By service provider, the original equipment manufacturers (OEMs) segment to dominate during the forecast period
The original equipment manufacturers (OEMs) segment is expected to dominate the market. The large share of the OEMs segment can primarily be attributed to the wide geographic presence and strong technical expertise of OEMs.
By device type, the imaging equipment segment to witness the highest growth during the forecast period (2018–2023).
Based on device type, the medical equipment repair market is further segmented into imaging equipment, endoscopic devices, surgical instruments, electromedical equipment, and other medical equipment. The imaging equipment segment is expected to grow at the highest CAGR during the forecast period. The high growth of this market segment is attributed to the high demand for maintenance services for imaging equipment, due to high replacement costs and the need for ensuring maximum equipment uptime.
North America to account for the largest market size during the forecast period.
North America is expected to hold the largest market size in medical equipment repair market during the forecast period, followed by the European region. Factors such as the growing aging population and rising incidence of lifestyle-related diseases, access to quality healthcare, well-established healthcare infrastructure, high adoption of advanced technology, and the presence of prominent players are driving the North American medical devices industry in this region. This will significantly boost the growth of the market for associated maintenance services in the region. Additionally, the availability of funding to purchase advanced medical technologies—through investments and similar initiatives—for hospitals and healthcare providers is also expected to aid market growth.
Asia is the third-largest market for medical equipment repair market and is slated to register the highest CAGR of during the forecast period. Factors contributing to this growth include increasing patient population, rising awareness on the benefits of early disease diagnosis, increasing public and private funding for the development of healthcare facilities, government initiatives for the modernization of healthcare infrastructure & provision of quality care, and the growing medical tourism in Asian countries.
Key Market Players:
The global medical equipment maintenance market is highly competitive with the presence of both OEMs and ISOs. GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Toshiba Medical Systems Europe (Germany), and Drägerwerk AG & Co. KGaA (Germany) are some of the leading OEMs in this market. Aramark (US), BC Technical, Inc. (US), Alliance Medical Group (UK), and Althea Group (Italy) are some of the leading ISOs operating in the global medical equipment maintenance market.
Siemens Healthineers (Germany) held the second-largest market share in 2017, due to its trend-setting role in the medical imaging, laboratory diagnostics, medical information technology, and hearing aid sectors. The company focuses on putting maximum efforts into its selected growth fields and prioritizes business for resource allocation. Siemens Healthineers also focuses on strengthening its business through partnerships and agreements.
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