Medical Equipment Maintenance Market is Expecting a Huge Revenue Growth by 2023

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The medical equipment maintenance market is expected to reach USD 47.4 billion by 2023 from USD 28.9 billion in 2018, at a CAGR of 10.4% during the forecast period.

(EMAILWIRE.COM, January 10, 2019 ) The growth of this 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.

Secondary Research:

Secondary research was mainly used to identify and collect information for the extensive, technical, market-oriented, and commercial study of the medical equipment maintenance market. These sources were also used to obtain key information about major players, market classification, and segmentation according to industry trends, regional/country-level markets, market developments, and technology perspectives.

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Primary Research:

In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify the critical qualitative and quantitative information as well as assess future prospects of the market. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:

Market Size Estimation:

Both top-down and bottom-up approaches were used to estimate and validate the total size of the medical equipment maintenance market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

# The key players in the industry and markets have been identified through extensive secondary research.

# Maintenance & repair revenue generated by leading players has been determined through primary and secondary research.

# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation:

After arriving at the overall market size from the market size estimation process, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

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Report Objectives:

# To define, describe, and forecast the global market on the basis of device type, service type, service provider, end user, and region.

# To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)

# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the market

# To analyze market opportunities for stakeholders and provide details of the competitive landscape for market leaders

# To forecast the size of market segments with respect to four regions, namely, North America, Europe, Asia, and the Rest of the World

# To profile key players and comprehensively analyze their product portfolios, market positions, and core competencies

# To track and analyze competitive developments, such as agreements, partnerships, collaborations, mergers & acquisitions, and expansions in the global market

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. 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 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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