Medical Equipment Maintenance Market Worth $47.4 Billion by 2023 - Exclusive Report by MarketsandMarkets™

Medical Equipment Maintenance Market Worth $47.4 Billion by 2023 - Exclusive Report by MarketsandMarkets™

PR Newswire

CHICAGO, November 9, 2018

CHICAGO, November 9, 2018 /PRNewswire/ --

According to the new market research "Medical Equipment Maintenance Market by Device (Imaging (MRI, CT, X-ray, Ultrasound), Endoscopy, Life Support Devices), Type (Preventive, Operation), Service Provider (OEM (Multi-Vendors), ISO, In-house Maintenance) & End User (Public, Private) - Forecast to 2023", published by MarketsandMarkets™, The medical equipment maintenance market is expected to reach USD 47.4 billion by 2023 from USD 28.9 billion in 2018, at a CAGR of 10.4% during the forecast period.

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The growth of this market is mainly driven by the growth in associated equipment markets, rising focus on preventive medical equipment maintenance, adoption of innovative funding mechanism, and the growing purchase of refurbished medical equipment.

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Independent Service Organizations (ISOs) segment is expected to grow at the highest CAGR in the medical equipment maintenance market during the forecast period. 

Based on the type of service provider, the medical equipment maintenance market is segmented into original equipment manufacturers (OEMs), independent service organizations (ISOs), and in-house maintenance. In 2017, the ISOs segment is expected to grow at the highest CAGR during the forecast period market, primarily due to their advantages, such as better expertise in handling different brands of equipment as opposed to OEMs and the lower cost of services.

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The market for private-sector organizations is expected to grow at the highest CAGR in the medical equipment maintenance market during the forecast period. 

On the basis of end user, the medical equipment maintenance market is segmented into public-sector organizations and private-sector organizations. In 2018, private-sector organizations are expected to register the highest CAGR during the forecast period. The increasing number of public-private partnerships is expected to boost the demand for medical equipment maintenance services.

North America is expected to lead the medical equipment maintenance market in 2023 

On the basis of the region, the medical equipment maintenance market is segmented into North America, Europe, Asia, and the RoW. In 2018, North America is expected to account for the largest share of the market, followed by Europe, The largest share of the North American market is attributed to the factors such as the rise in aging population and incidence of lifestyle-related diseases, access to quality healthcare, well-established healthcare infrastructure, high adoption of advanced technology, and the presence of prominent players.

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The 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), FUJIFILM Holdings Corporation (Japan), Carestream Health, Inc. (U.S.), Agfa-Gevaert Group (Belgium), and Drägerwerk AG & Co. KGaA (Germany) are some of the leading OEMs.

Aramark Services, Inc. (US), BC Technical, Inc. (US), Alliance Medical Group (UK), Althea Group (Italy), Avensys UK Ltd. (UK), and Grupo Empresarial Electromédico (Spain) are some of the leading ISOs operating in the medical equipment maintenance market.

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