(PharmaNewsWire.Com, December 16, 2020 ) Factors Fueling the Global Revenue Growth:
The growth of Medical Equipment Maintenance Market is mainly driven by the growth in associated equipment markets, rising focus on preventive medical equipment maintenance, adoption of innovative funding mechanism, and the growing purchase of refurbished medical equipment.
Global Industry Segmentation:
By device type, the imaging equipment segment to witness the highest growth during the forecast period (2018–2023).
Based on device type, the Medical Equipment Maintenance 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.
By service provider, the original equipment manufacturers (OEMs) segment to dominate during the forecast period
The original equipment manufacturers (OEMs) segment is expected to dominate the Medical Equipment Maintenance Market. The large share of the OEMs segment can primarily be attributed to the wide geographic presence and strong technical expertise of OEMs.
North America to account for the largest market size during the forecast period.
North America is expected to hold the largest market size in Medical Equipment Maintenance 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 Maintenance 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.
Global Leaders:
The 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), 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.
Aramark Services, Inc. (US), BC Technical, Inc. (US), Alliance Medical Group (UK), Althea Group (Italy), Avensys UK Ltd. (UK), and Grupo Empresarial Electromédico (Spain) are some of the leading ISOs operating in the medical equipment maintenance market.
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