(PharmaNewsWire.Com, November 03, 2020 ) 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 maintenance 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. The major factors that are expected to be driving the 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.
North America is expected to lead the medical equipment maintenance market in 2023
On the basis of the region, the medical equipment maintenance market is segmented into North America, Europe, Asia, and the RoW. In 2018, North America is expected to 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 the rise in 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.
In 2018, Europe is expected to hold the second-largest share in the global medical equipment repair market. 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 market growth in this region.
The market for private-sector organizations is expected to grow at the highest CAGR in the medical equipment maintenance market during the forecast period.
On the basis of end user, the medical equipment maintenance market is segmented into public-sector organizations and private-sector organizations. In 2018, 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.
Independent Service Organizations (ISOs) segment is expected to grow at the highest CAGR in the medical equipment maintenance market during the forecast period.
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 ISOs segment is expected to grow at the highest CAGR during the forecast period market, primarily due to their advantages, such as better expertise in handling different brands of equipment as opposed to OEMs and the lower cost of services.
Recent Developments:
# In 2018, Koninklijke Philips N.V. (Netherlands) signed a partnership agreement with Kliniken der Stadt Köln (Germany) to provide continuous modernization and maintenance of imaging systems.
# In 2018, Koninklijke Philips N.V. (Netherlands) signed a partnership agreement with Städtische Klinikum München (Germany) to provide medical imaging solutions which include healthcare consultancy services.
# In 2016, Biomedical Srl sugned an agreement with ASST Orobica (Spain) for provision of integrated services for the management and maintenance of healthcare devices and equipment.
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