Medical Equipment Maintenance Market worth 24.83 Billion USD by 2022

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% 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 growing purchase of refurbished medical equipment.

Original Equipment Manufacturers (OEMs) to dominate the market in 2017

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 OEMs segment is expected to dominate this market, primarily due to their service quality, wide geographic presence, strong technical expertise, and easy access to spare parts.

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Private-sector organizations to grow at highest CAGR from 2017-2022

On the basis of end user, the medical equipment maintenance market is segmented into public sector organizations and private-sector organizations. In 2017, 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 to dominate the market followed by Europe

On the basis of the region, the medical equipment maintenance market is segmented into North America, Europe, Asia, and RoW. In 2017, North America is expected 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 increasing 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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In 2017, Europe is expected to hold the second largest share. Factors such as expanding patient population; rising focus on early diagnosis; growing number of diagnostic imaging procedures; and strategic agreements, partnerships, and collaborations between service providers and end users are expected to fuel the market growth in this region.

The medical equipment maintenance market is highly competitive with the presence of both OEMs and ISOs. GE Healthcare (U.S.), 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; whereas, Aramark Services, Inc. (U.S.), TBS Group S.p.A. (Italy), BC Technical, Inc. (U.S.), Alliance Medical Group (U.K.), Pantheon Group (Italy), Avensys UK Ltd. (U.K.), and Grupo Empresarial Electromédico (Spain) are some of the leading ISOs operating in the medical equipment maintenance market.

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