The medical equipment maintenance market is projected to grow from $15.3 billion to $24.83 billion in the next five years. Gains in this market are mainly driven by growth in associated equipment markets, a heightened focus on preventive maintenance, the adoption of innovative funding mechanisms, and the increasing procurement of refurbished medical systems.
On the other hand, high initial costs and significant maintenance expenditures may hinder growth in the market in the coming years, according to the ReportBuyer report.
Moreover, the imaging segment is expected to account for the largest share of the medical equipment maintenance market, as well as the highest compound annual growth rate (CAGR), during the forecast period. Such growth is attributed to strong demand for maintaining imaging equipment, due to imaging systems’ high replacement cost and the need for ensuring maximum equipment uptime.
Further, North America is expected to account for the largest share of the medical equipment maintenance market in 2017. This market is also expected to grow at the highest CAGR during the forecast period.
Factors such as a rapidly aging population and the incidence of lifestyle-related diseases, the access to quality healthcare, a well-established healthcare infrastructure, the adoption of advanced technologies, and the presence of prominent players are supporting growth of the medical equipment maintenance market in this region.