The medical equipment maintenance market is expected to reach USD 24.83 Billion by 2022 from USD 15.30 Billion in 2017, at a CAGR of 10.2 percent during the forecast period. Factors such as rising focus on preventive medical equipment maintenance, adoption of innovative funding mechanism, growth in associated equipment markets, and growing purchase of refurbished medical equipment are expected to drive the growth of the market. On the other hand, high initial cost and significant maintenance expenditure are expected to restrain the growth of this market in the coming years.
This report segments the market into device type, service type, service provider, end user, and region.
On the basis of device type, the medical equipment maintenance market is segmented into imaging equipment, endoscopic devices, surgical instruments, electromedical equipment, and other medical equipment. In 2017, the imaging equipment segment is expected to account for the largest share of the market. This segment is also expected to grow at the highest CAGR during the forecast period. This growth is attributed to the high demand of maintenance services for imaging equipment, due to the high replacement cost and the need for ensuring maximum equipment uptime.
The medical equipment maintenance market, by service type is segmented into corrective, preventive, and operational maintenance. In 2017, preventive maintenance is expected to account for the largest share of the market. Technological advancements in medical devices and the consequent need for their preventive maintenance are expected to fuel market growth in this segment.
Based on the service provider, the medical equipment maintenance market is segmented into original equipment manufacturers (OEMs), independent service organizations (ISOs), and in-house maintenance. In 2017, OEMs are expected to account for the largest share of the market. The large share of the OEMs segment can primarily be attributed to their service quality, wide geographic presence, and strong technical expertise.
On the basis of end user, the medical equipment maintenance market is segmented into public-sector organizations and private-sector organizations. In 2017, the public-sector organizations segment is expected to account for the largest share market. The dominance of public healthcare in most of the counties, as well as the increase in value-based procurement of medical equipment are the major factors driving the growth of this end-user segment.
The market is dominated by North America, followed by Europe, Asia, and RoW. However, the market in the Asia is expected to witness the highest growth during the forecast period. The high growth in the Asia market can be attributed to the 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 and provision of quality care, and growing medical tourism in Asian countries. – Markets and Markets