Based on a MarketsandMarkets report, the medical equipment maintenance market is expected to reach $47.4 billion by 2023 from $28.9 billion in 2018, at a CAGR of 10.4% during the forecast period. 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.
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.
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.
North America is expected to lead the medical equipment maintenance market in 2023.
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