Global medical equipment maintenance market is forecasted to achieve a value of $27.5 billion by 2023.
The market growth will be driven by various factors such as growing medical device industry and healthcare expenditure, rising awareness for preventive maintenance, and regulatory requirement for medical equipment maintenance.
Owing to the better service quality of OEMs, they are expected to garner a higher growth in the medical equipment maintenance market, during the forecast period, than ISOs, and in-house maintenance. Private-sector organizations are expected to register a faster growth during the forecast period than public-sector organizations, on account of growing private-sector healthcare industry and increasing expenditure on healthcare infrastructure including instalment and maintenance of medical equipment.
Geographically, North America is the largest medical equipment maintenance market, with the U.S. being the larger contributor to the regional market, as compared to Canada. The leading position of the North American market is mainly attributable to factors such as presence of many companies providing medical equipment maintenance services, large and growing medical devices industry, and high healthcare expenditure in the region. Presence of various regulatory authorities that have stipulated strict regulations to comply with for hospitals and other healthcare facilities also supports the growth in demand for these services in the North American medical equipment maintenance market.