Tuesday, February 12, 2019

Medical Equipment Maintenance - the Growth Story of the Major Industry Leaders

The study involved four major activities to estimate the current size of the Medical Equipment Maintenance Market. Exhaustive secondary research was done to collect information on the market, its peer markets, and its parent market. 

The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Major industry leaders have adopted various strategies, such as partnerships, agreements, collaborations, and product launches to further expand their presence in the global medical equipment maintenance market. Partnerships, collaborations, and agreements have been the key growth strategies adopted during 2016 to 2018, by players such as Hitachi, Ltd. (Japan), Medtronic plc (Ireland), and Althea Group (Italy).

The medical equipment maintenance market is highly fragmented in nature, with several big as well as emerging players vying for market shares. Prominent players in this market include GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Toshiba Medical System Corporation (Japan), FUJIFILM Holdings Corporation (Japan), Carestream Health, Inc. (US), Agfa-Gevaert Group (Belgium), Drägerwerk AG & Co. KGaA (Germany), Hitachi Medical Corporation (Japan), Aramark Services, Inc. (US), Althea Group (Italy), Olympus Corporation (Japan), B. Braun Melsungen AG (Germany), and BC Technical, Inc. (US).

Siemens Healthineers is among the key players in the medical equipment maintenance market, due to its trend-setting role in the medical imaging, laboratory diagnostics, medical information technology, and hearing aid sectors. The company focuses on putting maximum efforts into its selected growth fields and prioritizes business for resource allocation. 

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It also focuses on entering into service agreements with end users to ensure a continuous demand for its diverse services offerings, including MES, consulting, and HCIT services. One example of this is its 2017 agreement with the Kingston Hospital NHS Foundation Trust, to provide MES services for all medical imaging systems.

Koninklijke Philips N.V. is one of the leading OEMs in the medical equipment maintenance market. The company provides vendor-neutral service offerings for various medical equipment such as imaging equipment, surgical equipment, and endoscopic devices (flexible/rigid/fiberoptic). To expand its geographic presence and service offerings, the company is entering into service agreements with various healthcare providers. 

In 2018, Koninklijke Philips N.V. signed an agreement with Governments of Ethiopia and the Netherlands to construct Ethiopia’s first specialized Cardiac Care Center, where Philips will offer full turnkey design, construction, equipping, and commissioning of the hospital location, staff education, and equipment maintenance for five years after completion.

Recent Developments:

# In 2018, Koninklijke Philips N.V. (Netherlands) partnered with Kliniken der Stadt Köln (Germany) to provide continuous modernization and maintenance of imaging systems.
# In 2017, Siemens Healthineers signed an agreement with Kingston Hospital NHS Foundation Trust to provide MES for all medical imaging systems for 10 years.
# In 2016, Canon, Inc. (Japan) acquired Toshiba Medical Systems Corporation (Japan).

Key Questions addressed by the report:

# Where will all these developments take the industry in the mid to long term?
# What types of annual and multi-year contracts are medical equipment maintenance companies exploring?
# What are the recent trends affecting original equipment manufacturers and independent service organizations?
# Which are the key players in the market and how intense is the competition?
# Which are the recent contracts and agreements key players have signed?

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