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Medical Equipment Maintenance Market Analysis, Business Revenue Forecast, and Leading Competitors

02-12-2020 11:19 AM CET | Health & Medicine

Press release from: MarketsandMarkets.com

Medical Equipment Maintenance Market Analysis, Business

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. The objective of the report is to define, describe, and forecast the medical equipment repair market size based on device type (imaging equipment, Electromedical Equipment, Endoscopic Devices, Surgical Instruments, and Other Medical Equipment), service type, service provider, end user, and region.

MarketsandMarkets forecasts the medical equipment repair 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.

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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.

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.

Geographical Region Covered

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.

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Leading Companies

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.

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