DUBLIN--(BUSINESS WIRE)--The "Medical Equipment Maintenance Market by Device, Type, Service Provider & End User - Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
Rising focus on preventive medical equipment maintenance is expected to drive the overall growth of the medical equipment maintenance market
The medical equipment maintenance market is projected 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.
The growth of this market is majorly driven by the growth in associated equipment markets, rising focus on preventive medical equipment maintenance, adoption of innovative funding mechanisms, and the increasing purchase of refurbished medical systems. On the other hand, factors such as high initial costs and significant maintenance expenditure may hinder the growth of this market in the coming years.
Imaging equipment segment in expected to grow at the highest CAGR during the forecast period
Based on device type, the medical equipment maintenance market is segmented into imaging equipment, electromedical devices, endoscopic devices, surgical instruments, and other medical equipment. In 2018, the imaging equipment segment is expected to account for the largest share of the medical equipment maintenance market. This segment is also expected to grow at the highest CAGR during the forecast period majorly due to the high demand for the maintenance services of imaging equipment as a result of their high replacement cost and the need for ensuring maximum equipment uptime.
Preventive maintenance segment is expected to account for the largest share of the medical equipment maintenance market, by service type, during the forecast period
Based on service type, the medical equipment maintenance market is segmented into preventive maintenance, corrective maintenance, and operational maintenance. In 2018, the preventive maintenance segment is expected to account for the largest share of the medical equipment maintenance market. The large share of this segment is attributed to the various benefits associated with preventive maintenance services, such as improved device lifespan and reduced service costs (as the maintenance can be managed cost-effectively on a scheduled basis by eliminating emergency repair costs).
North America to dominate the market during the forecast period
In 2018, North America is expected to account for the largest share of the medical equipment maintenance market. This market is also expected to grow at the highest CAGR during the forecast period. Factors such as the rising geriatric population, growing incidence of lifestyle-related diseases, access to quality healthcare, presence of well-established healthcare infrastructure, high adoption of advanced technologies, and the presence of prominent players are supporting the growth of the medical equipment maintenance market in North America.
Market Dynamics
Drivers
- Growth in the Associated Equipment Markets
- Rising Focus on Preventive Medical Equipment Maintenance
- Adoption of Innovative Funding Mechanisms
- Increasing Purchase of Refurbished Medical Systems
Restraints
- High Initial Cost and Significant Maintenance Expenditure
Opportunities
- Innovation in Service Offerings and Use of IoT
- Emergence of ISOs
Challenges
- Survival of Players in A Highly Fragmented and Competitive Market
Trends
- Preference for Multi-Vendor Contracts
- Equipment Maintenance Insurance (EMI) Tools for Imaging Centers
Companies Profiled in the Report
- GE Healthcare (US)
- Siemens Healthineers (Germany)
- Koninklijke Philips N.V. (Netherlands)
- Canon, Inc. (Japan)
- FUJIFILM Holdings Corporation (Japan)
- Aramark Services, Inc. (US)
- Althea Group (Italy)
- KARL STORZ (Germany)
- Agfa-Gevaert Group (Belgium)
- B. Braun Melsungen AG (Germany)
- Drgerwerk AG & Co. KGaA (Germany)
- Hitachi Medical Corporation (Japan)
- Carestream Health, Inc. (US)
- Olympus Corporation (Japan)
- BC Technical, Inc. (US)
For more information about this report visit https://www.researchandmarkets.com/research/fdfqlc/global_medical?w=4
