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
“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 is 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.
The primary interviews conducted for this report can be categorized as follows:
• By Company Type - Tier 1: 18%, Tier 2: 39%, Tier 3: 43%
• By Designation - C-level: 25%, D-level: 20%, Others: 55%
• By Region - North America: 40%, Europe: 27%, Asia: 20%, RoW: 13%
List of 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)
• Drägerwerk AG & Co. KGaA (Germany)
• Hitachi Medical Corporation (Japan)
• Carestream Health, Inc. (US)
• Olympus Corporation (Japan)
• BC Technical, Inc. (US)
This report provides a picture of the global medical equipment maintenance market. It aims at estimating the size and future growth potential of the market across different segments, such as device type, service type, service provider, end user, and region. Furthermore, the report also includes an in-depth competitive analysis of key market players, along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them the closest approximations of the revenue numbers for the overall medical equipment maintenance market and its subsegments. Also, this report will help stakeholders to better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. It will also enable stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.