The medical equipment maintenance market is projected to grow from its current $28.9 billion valuation to $47.4 billion by 2023, surging at a compound annual growth rate (CAGR) of 10.4%. The growth of this market is majorly driven by the growth in associated equipment markets, the 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 expenditures may hinder market growth in the future, according to market research firm Reportlinker.
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 market. This segment is also expected to grow at the highest CAGR during the forecast period—mainly due to the need to ensure maximum equipment uptime and the high cost of replacing imaging systems.
Moreover, 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 market, Reportlinker officials say.
Finally, on a regional basis, North America is expected to dominate the sector during the forecast period—an expectation that is in line with the region’s current status as the world’s top market for medical equipment maintenance. Factors such as the rising geriatric population, access to quality healthcare, the presence of a well-established healthcare infrastructure, and high adoption of advanced technologies are supporting the growth of the medical equipment maintenance market in North America.