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.
The market is witnessing growth due to factors such as growth in associated equipment markets, rising focus on preventive medical equipment maintenance, adoption of innovative funding mechanism, and increasing purchase of refurbished medical equipment, On the other hand, high initial cost and significant maintenance expenditure may hinder the growth of this market in the coming years. Innovation and offering customers value-added services will help medical equipment manufacturers establish an advantage in the highly competitive services market. To achieve this, medical equipment manufacturers are implementing Internet of Things (IoT) solutions into their sales, customer services, and product support strategies.
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Based on the device type, the market is segmented into imaging equipment, endoscopic devices, surgical instruments, electromedical equipment, and other medical equipment. In 2017, imaging equipment is expected to grow at highest CAGR during the forecast period. The high growth of this market segment is attributed to the high demand of maintenance services for imaging equipment, due to the high replacement cost and the need for ensuring maximum equipment uptime.
Based on the service type, the market is segmented into preventive, operational, and corrective maintenance. Among these, the preventive maintenance segment is expected to witness high growth during the forecast period. Technological advancements in medical devices and the consequent need for their preventive maintenance are expected to fuel the market growth of this segment.
On the basis 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, OEMs are 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. Strong technical expertise and strong geographic presence are the factors contributing to the growth of this segment.
On the basis of end user, the medical equipment maintenance market is segmented into public-sector organizations and private-sector organization. In 2017, the private-sector organizations segment is expected to account for the largest share of the market. The large share of this segment is primarily due to an increasing focus on reducing healthcare expenditure by ensuring the efficient procurement of medical devices and maintenance services.
On the basis of region, the market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). Asia is expected to grow at the highest CAGR during the forecast period. Factors such as the large installation base of medical equipment, significant presence of OEMs, and the growing medical technology market are supporting the growth of the medical equipment maintenance market in Asia.