The market growth is propelled by the improvements in medical devices, rise in the awareness regarding preventive maintenance, and stringent regulatory ecosystem. At present, end users are entering into multi-vendor contracts to reduce the complexities and additional expenses related to different services offered under individual agreements with the producers of medical equipment.

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One of the key growth drivers for the medical equipment maintenance market is the advancements in the medical device industry. Manufacturers of medical equipment are developing an array of high-quality products by using innovative technologies, on account of the heavy investments in research and development (R&D) activities. Medical devices have a certain life expectancy and need maintenance or replacement after a certain time. Thus, the expansion of the medical device industry will boost the market growth during the forecast period.

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The service provider segment of the medical equipment maintenance market is categorized into original equipment manufacturers (OEMs), independent service organizations (ISOs), and in-house. In 2019, the OEMs category generated the highest revenue due to the advanced and swift maintenance services offered by them. The OEMs category is bifurcated into multi-vendor OEMs and single-vendor OEMs. During the forecast period, the multi-vendor category will generate the higher revenue owing to the wider range of services offered by these vendors.