Recent Developments in the Global Industry:
# In 2018, Koninklijke Philips N.V. (Netherlands) signed a partnership agreement with Kliniken der Stadt Köln (Germany) to provide continuous modernization and maintenance of imaging systems
# In 2018, Koninklijke Philips N.V. (Netherlands) signed a partnership agreement with Städtische Klinikum München (Germany) to provide medical imaging solutions which include healthcare consultancy services
# In 2016, Biomedical Srl sugned an agreement with ASST Orobica (Spain) for provision of integrated services for the management and maintenance of healthcare devices and equipment
Critical questions the report answers:
# Where will all these developments take the industry in the long term?
# What are the upcoming trends for the medical equipment repair market?
# Which segment provides the most opportunity for growth?
# Who are the leading vendors operating in this market?
# What are the opportunities for new market entrants?
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Factors Influencing Global Growth:-
The major factors that are expected to be driving the medical equipment repair market are rising focus on preventive medical equipment maintenance, growth in associated equipment markets, adoption of innovative funding mechanisms, and the increasing purchase of refurbished medical equipment.
Restraints:
# High Initial Cost and Significant Maintenance Expenditure
Opportunities:
# Innovation in Service Offerings and Use of IoT
# Emergence of ISOs
Challenges:
# Survival of Players in a Highly Fragmented and Competitive Market
The objective of This Study:
# To define, describe, and forecast the medical equipment repair market size based on device type (imaging equipment, Electromedical Equipment, Endoscopic Devices, Surgical Instruments, and Other Medical Equipment), service type, service provider, end user, and region.
Monetary Growth Expectations, Globally:
According to the Research Study conducted by MarketsandMarkets™: The Medical Equipment Maintenance Market is expected to reach USD 74.1 billion by 2027 from USD 28.9 billion in 2018, at a CAGR of 10.4% during the forecast period.
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Geographical Growth Scenario:
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.
Leading Market Players:
# 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.) and many more…
The medical equipment maintenance market is highly fragmented in nature, with several big as well as emerging players vying for market shares.
These players 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).
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