Key Players in the European Medical Equipment Maintenance Market

Growth Boosting Factors:

Growth in this market is primarily driven by the rising focus on preventive medical equipment maintenance, growth in associated equipment markets, adoption of innovative funding mechanisms, growing government initiatives to improve healthcare infrastructure of hospitals and the increasing purchase of refurbished medical equipment. However, the high initial costs and significant maintenance expenditure may hinder the growth of this market during the forecast period.

Projected Surge in Revenue Generation:

The European medical equipment maintenance market is projected to reach USD 19.0 billion by 2026 from USD 12.2 billion in 2021, at a CAGR of 9.3% during the forecast period.

Global Leading Companies:

In 2020, the European medical equipment maintenance market was dominated by GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and FUJIFILM Holdings Corporation (Japan).

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GE Healthcare (US) held the leading position in the European medical equipment maintenance market in 2020. The company’s service portfolio includes a wide range of medical equipment services through which it caters to the demand of various end users, including hospitals, ambulatory surgical centers, dialysis centers, and dental clinics. The company also offers multi-vendor services associated with diagnostic imaging systems.

In order to ensure its future growth, the company adopted strategies such as partnerships, agreements, and mergers and acquisitions to strengthen its service portfolio and customer base and expand its presence across various regions. GE Healthcare has a strong product portfolio, supporting around medical OEMs, hospitals and specialty clinics worldwide. The company is focused on innovations and improving the quality of its services with increasing investment in its biomedical engineering training.

Siemens Healthineers (Germany) held the second position in the European medical equipment maintenance market in 2020 due to its significant presence 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 businesses for resource allocation. Siemens Healthineers also focuses on strengthening its business through partnerships and agreements.

Different Growth Strategies Adopted by Key Players:

The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2017–2020 to expand their global presence and increase their market shares in the European medical equipment maintenance market. The key growth strategies adopted by the top players in the market include agreements, expansions, and acquisitions. Acquisitions were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market.

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European Medical Equipment Maintenance Market worth $19.0 billion by 2026

 Global Growth Boosting Factors:

The growth of this market is mainly driven by the growing number of medical vendors across European region, increasing adoption of patient-specific medical devices.

Moreover, Growth in this market is primarily driven by the 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. However, the high initial costs and significant maintenance expenditure may hinder the growth of this market during the forecast period.

Expected Revenue Surge:

The European Medical Equipment Maintenance market is projected to reach USD 19.0 billion by 2026 from USD 12.2 billion in 2021, at a CAGR of 9.3% during the forecast period.

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COVID-19 Impact on the  European medical equipment maintenance market

As a result of the pandemic, during March 2020 and throughout the second quarter of 2020, access to customers to deliver the European medical equipment maintenance diminished as hospitals became primarily focused on the critical care devices used in COVID-19 pandemic. The pandemic has led to a significant increase in the demand for critical care devices such as ventilators. Due to restrictions on the transportation of components, companies that are not serving critical care devices are going to face challenges in order to procure supplies such as accessories for the maintenance of non-critical medical equipment.

This is expected to increase the supply-demand gap for the maintenance services of non-critical devices. For critical care devices such as ventilators and respiratory care devices, whose demand is extremely high currently, the shortage of biomedical engineers can act as a limiting factor in their aftersales services.

The diagnostic imaging equipment of device type segment to hold major market share by 2026

Based on device type, the European medical equipment maintenance market is segmented into diagnostic imaging equipment, patient monitoring & life support devices, endoscopic devices, surgical equipment, ophthalmology equipment, medical lasers, electrosurgical equipment, radiotherapy devices, dental equipment, laboratory equipment, and durable medical equipment. Among the device type, the diagnostic imaging equipment segment held a major share of the market in 2020.

This segment includes services such as preventive maintenance, operational maintenance, corrective maintenance, software services, and expert services for training programs for biomedical technician teams of healthcare facilities.  The increasing demand for maintenance services for diagnostic imaging equipment is attributed to their substantial replacement cost and the need to ensure maximum equipment uptime is a key factor encouraging the growth of this segment during the forecast period.

Based on application, the preventive maintenance segment is expected to account for the largest share of the European Medical Equipment Maintenance market in 2020

On the basis of service type, the European medical equipment maintenance market is segmented into corrective, preventive, and operational maintenance. .  Among these, the preventive maintenance segment dominated the market in 2020. Technological advancements in medical devices and the consequent need for their preventive maintenance are expected to drive the growth of this market segment

The multi-vendor OEMs segment is expected to register the highest growth rate during the forecast period

Based on technology, the European medical equipment maintenance market has been segmented into multi-vendor OEMs, single-vendor OEMs, ISOs, and in-house maintenance. Significant market growth and a large share of the multi-vendor OEMs segment can primarily be attributed as large number of healthcare providers opt for maintenance services offered by OEMs owing to their service quality, wide geographic presence, strong technical expertise, and easy access to spare parts (resulting in reduced downtime). Also, multi-vendor service contracts eliminate the complexity of dealing with multiple OEMs and external suppliers.

Germany is expected to dominate the European Medical Equipment Maintenance  market in 2020

Growth in the German medical equipment maintenance market is primarily driven by the increasing prevalence of COVID-19 cases and the need for early diagnosis. As per OECD, Germany has 50% higher utilization rates of diagnostic imaging systems than the average across EU countries. As the number of scans continues to grow, there will be a subsequent demand for maintenance services to ensure optimal device uptime. Increasing number of vendors providing multi vendor maintenance services and a growing number of ISO approvals among service providers are the major factors driving market growth in European market.

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Key Players:

GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and FUJIFILM Holdings Corporation (Japan), Canon, Inc. (Toshiba Medical System Corporation, Japan), Agfa-Gevaert Group (Belgium), Carestream Health, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Hitachi Medical Corporation (Japan), Althea Group (Italy), Olympus Corporation (Japan), B. Braun Melsungen AG (Germany), KARL STORZ GmbH & Co. KG (Germany), and Aramark Services, Inc. (US) among others are some of the major players operating in the European Medical Equipment Maintenance market.

European Medical Equipment Maintenance Market worth $19.0 billion by 2026

 Expected Revenue Growth:

The European Medical Equipment Maintenance market is projected to reach USD 19.0 billion by 2026 from USD 12.2 billion in 2021, at a CAGR of 9.3% during the forecast period.

Major Growth Influencing Factors:

The growth of this market is mainly driven by the growing number of medical vendors across European region, increasing adoption of patient-specific medical devices. Moreover, Growth in this market is primarily driven by the 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. However, the high initial costs and significant maintenance expenditure may hinder the growth of this market during the forecast period.

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The diagnostic imaging equipment of device type segment to hold major market share by 2026

Based on device type, the European medical equipment maintenance market is segmented into diagnostic imaging equipment, patient monitoring & life support devices, endoscopic devices, surgical equipment, ophthalmology equipment, medical lasers, electrosurgical equipment, radiotherapy devices, dental equipment, laboratory equipment, and durable medical equipment. Among the device type, the diagnostic imaging equipment segment held a major share of the market in 2020.

This segment includes services such as preventive maintenance, operational maintenance, corrective maintenance, software services, and expert services for training programs for biomedical technician teams of healthcare facilities.  The increasing demand for maintenance services for diagnostic imaging equipment is attributed to their substantial replacement cost and the need to ensure maximum equipment uptime is a key factor encouraging the growth of this segment during the forecast period.

Based on application, the preventive maintenance segment is expected to account for the largest share of the European Medical Equipment Maintenance market in 2020

On the basis of service type, the European medical equipment maintenance market is segmented into corrective, preventive, and operational maintenance. .  Among these, the preventive maintenance segment dominated the market in 2020. Technological advancements in medical devices and the consequent need for their preventive maintenance are expected to drive the growth of this market segment

The multi-vendor OEMs segment is expected to register the highest growth rate during the forecast period

Based on technology, the European medical equipment maintenance market has been segmented into multi-vendor OEMs, single-vendor OEMs, ISOs, and in-house maintenance. Significant market growth and a large share of the multi-vendor OEMs segment can primarily be attributed as large number of healthcare providers opt for maintenance services offered by OEMs owing to their service quality, wide geographic presence, strong technical expertise, and easy access to spare parts (resulting in reduced downtime). Also, multi-vendor service contracts eliminate the complexity of dealing with multiple OEMs and external suppliers.

Germany is expected to dominate the European Medical Equipment Maintenance  market in 2020

Growth in the German medical equipment maintenance market is primarily driven by the increasing prevalence of COVID-19 cases and the need for early diagnosis. As per OECD, Germany has 50% higher utilization rates of diagnostic imaging systems than the average across EU countries. As the number of scans continues to grow, there will be a subsequent demand for maintenance services to ensure optimal device uptime. Increasing number of vendors providing multi vendor maintenance services and a growing number of ISO approvals among service providers are the major factors driving market growth in European market.

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Key Players:

GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and FUJIFILM Holdings Corporation (Japan), Canon, Inc. (Toshiba Medical System Corporation, Japan), Agfa-Gevaert Group (Belgium), Carestream Health, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Hitachi Medical Corporation (Japan), Althea Group (Italy), Olympus Corporation (Japan), B. Braun Melsungen AG (Germany), KARL STORZ GmbH & Co. KG (Germany), and Aramark Services, Inc. (US) among others are some of the major players operating in the European Medical Equipment Maintenance market.

European Medical Equipment Maintenance Market worth $19.0 billion by 2026

 Overview:

This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, fundamental market dynamics, and key player strategies.

Expected Revenue Surge:

The European medical equipment maintenance market is projected to reach USD 19.0 billion by 2026 from USD 12.2 billion in 2021, at a CAGR of 9.3% during the forecast period.

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Major Growth Influencing Factors:

The growth of this market is mainly driven by the growing number of medical vendors across European region, increasing adoption of patient-specific medical devices. Moreover, Growth in this market is primarily driven by the 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. However, the high initial costs and significant maintenance expenditure may hinder the growth of this market during the forecast period.

The  diagnostic imaging equipment of device type segment to hold major market share by 2026

Based on device type, the European medical equipment maintenance market is segmented into diagnostic imaging equipment, patient monitoring & life support devices, endoscopic devices, surgical equipment, ophthalmology equipment, medical lasers, electrosurgical equipment, radiotherapy devices, dental equipment, laboratory equipment, and durable medical equipment. Among the device type, the diagnostic imaging equipment segment held a major share of the market in 2020.

This segment includes services such as preventive maintenance, operational maintenance, corrective maintenance, software services, and expert services for training programs for biomedical technician teams of healthcare facilities.  The increasing demand for maintenance services for diagnostic imaging equipment is attributed to their substantial replacement cost and the need to ensure maximum equipment uptime is a key factor encouraging the growth of this segment during the forecast period.

Based on application, the preventive maintenance segment is expected to account for the largest share of the European Medical Equipment Maintenance market in 2020

On the basis of service type, the European medical equipment maintenance market is segmented into corrective, preventive, and operational maintenance. .  Among these, the preventive maintenance segment dominated the market in 2020. Technological advancements in medical devices and the consequent need for their preventive maintenance are expected to drive the growth of this market segment

The multi-vendor OEMs segment is expected to register the highest growth rate during the forecast period

Based on technology, the European medical equipment maintenance market has been segmented into multi-vendor OEMs, single-vendor OEMs, ISOs, and in-house maintenance. Significant market growth and a large share of the multi-vendor OEMs segment can primarily be attributed as large number of healthcare providers opt for maintenance services offered by OEMs owing to their service quality, wide geographic presence, strong technical expertise, and easy access to spare parts (resulting in reduced downtime). Also, multi-vendor service contracts eliminate the complexity of dealing with multiple OEMs and external suppliers.

Germany is expected to dominate the European Medical Equipment Maintenance  market in 2020

Growth in the German medical equipment maintenance market is primarily driven by the increasing prevalence of COVID-19 cases and the need for early diagnosis. As per OECD, Germany has 50% higher utilization rates of diagnostic imaging systems than the average across EU countries. As the number of scans continues to grow, there will be a subsequent demand for maintenance services to ensure optimal device uptime. Increasing number of vendors providing multi vendor maintenance services and a growing number of ISO approvals among service providers are the major factors driving market growth in European market.

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Global Leading Players:

GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and FUJIFILM Holdings Corporation (Japan), Canon, Inc. (Toshiba Medical System Corporation, Japan), Agfa-Gevaert Group (Belgium), Carestream Health, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Hitachi Medical Corporation (Japan), Althea Group (Italy), Olympus Corporation (Japan), B. Braun Melsungen AG (Germany), KARL STORZ GmbH & Co. KG (Germany), and Aramark Services, Inc. (US) among others are some of the major players operating in the European Medical Equipment Maintenance market.

European Medical Equipment Maintenance Market - Emerging Trends to Boost Global Revenue

 The European medical equipment maintenance market is expected to reach USD 8.93 Billion by 2022 from USD 6.29 in 2016, at a CAGR of 6.1% during the forecast period.  The base year considered for the study is 2016 and the forecast period is from 2017 to 2022.

Global Growth Boosting Factors:

The growth of the market is attributed to rising focus on preventive maintenance. Preventive maintenance is gaining prominence as planned inspections and medical device maintenance help avoid adverse incidents and medical-device related accidents. Regular maintenance services provided by OEMs, ISOs, or in-house service technicians ensure safe, efficient, and long-lasting use of medical devices. The growing focus on implementing preventive maintenance strategies among healthcare organizations is expected to offer growth opportunities for service providers in the coming years.

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Multi-year maintenance contract to dominate the market in 2017

Based on the type of contract, the European medical equipment market is segmented into multi-year maintenance contracts, and annual maintenance contracts. Among these, multi-year maintenance segment is expected to account for the largest share of the European medical equipment maintenance market. Hospitals with large budgets prefer long-term contracts to match the lifecycle of medical equipment and to avoid renegotiating of service contracts. Moreover, service providers are likely to provide some discount on the final amount for multiple-year contracts thus; multi-year contracts can offer potential cost benefits to providers.

On the basis of end user, private-sector organizations are to grow at the highest CAGR within the forecast period

By end user, the European medical equipment maintenance market is segmented into public sector organizations and private-sector organizations. In 2017, 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 in Europe.

Germany to dominate the market followed by Italy

By region, the European medical equipment maintenance market is segmented into Germany, Italy, UK, France, Spain, and RoE. In 2017, Germany accounted for the largest share of the market; this regional segment is also expected to grow at highest CAGR during the forecast period, followed by Italy. The high growth of the German market is attributed to the factors such as the significant presence of OEMs, growing medical technology market, well-established healthcare infrastructure and large installation base of medical equipment. Italy is the second largest growing market, factors such as focus on value-based healthcare system, and strategic expansion of market players, are expected to fuel the market growth in this country.

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Key Players:

The medical equipment maintenance market is highly competitive with the presence of both OEMs and ISOs. GE Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Toshiba Medical Systems Europe (Germany), and Drägerwerk AG & Co. KGaA (Germany) are some of the leading OEMs; whereas, TBS Group S.p.A. (Italy), Alliance Medical Group (U.K.), Pantheon Group (Italy), Technologie Sanitarie S.p.A. (Italy), Avensys UK Ltd. (U.K.), and Grupo Empresarial Electromédico (Spain) are some of the leading ISOs operating in the European medical equipment maintenance market.

European Medical Equipment Maintenance Market - Major Revenue Surge is Expected in Near Future

Research Methodology Followed for This Research:

The study estimates the European medical equipment maintenance market size for 2017 and projects its demand till 2022. In the primary research process, various sources from both demand side and supply side were interviewed to obtain qualitative and quantitative information of the report. Primary Sources from the demand side include various industry CEOs, vice presidents, marketing directors, technology and innovation directors, and related key executives from the various original equipment manufacturers (OEMs) and independent service organizations (ISOs) in the medical equipment maintenance and services market.

Primary sources from the demand include hospital purchase managers, radiologists, and physicians from reputed hospitals. For market estimation process both top-down and bottom-up approaches were used to estimate and validate the market size of the European medical equipment maintenance market as well as to estimate the market size of various other dependent submarkets. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Expected Surge in Revenue:

The European medical equipment maintenance market is expected to reach USD 8.93 Billion by 2022 from USD 6.29 in 2016, at a CAGR of 6.1% during the forecast period.  The base year considered for the study is 2016 and the forecast period is from 2017 to 2022.

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End Users:

On the basis of end user, private-sector organizations are to grow at the highest CAGR within the forecast period

By end user, the European medical equipment maintenance market is segmented into public sector organizations and private-sector organizations. In 2017, 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 in Europe.

Geographical Growth Scenario:

Germany to dominate the market followed by Italy

By region, the European medical equipment maintenance market is segmented into Germany, Italy, UK, France, Spain, and RoE. In 2017, Germany accounted for the largest share of the market; this regional segment is also expected to grow at highest CAGR during the forecast period, followed by Italy. The high growth of the German market is attributed to the factors such as the significant presence of OEMs, growing medical technology market, well-established healthcare infrastructure and large installation base of medical equipment. Italy is the second largest growing market, factors such as focus on value-based healthcare system, and strategic expansion of market players, are expected to fuel the market growth in this country.

Global Leaders:

The medical equipment maintenance market is highly competitive with the presence of both OEMs and ISOs. GE Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Toshiba Medical Systems Europe (Germany), and Drägerwerk AG & Co. KGaA (Germany) are some of the leading OEMs; whereas, TBS Group S.p.A. (Italy), Alliance Medical Group (U.K.), Pantheon Group (Italy), Technologie Sanitarie S.p.A. (Italy), Avensys UK Ltd. (U.K.), and Grupo Empresarial Electromédico (Spain) are some of the leading ISOs operating in the European medical equipment maintenance market.

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European Medical Equipment Maintenance Market - Reasons Behind Major Industry Growth

The objectives of this study are as follows:

# To define, describe, and forecast the European medical equipment maintenance market by device, service, service provider, contract type, end user, and country.

# To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges).

# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the market.

# To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.

# To forecast the size of the market segments with respect to European countries, namely, Germany, Italy, U.K., France, Spain, and Rest of Europe (RoE).

# To profile key players and comprehensively analyze their product portfolios, market positions, and core competencies.

# To track and analyze competitive developments such as agreements, partnerships, collaborations, mergers & acquisitions, and expansions in the European medical equipment maintenance market.

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This market is expected to reach USD 8.93 Billion by 2022 from USD 6.64 Billion in 2017, at a CAGR of 6.1% during the forecast period.

The growth of the market is attributed to rising focus on preventive maintenance. Preventive maintenance is gaining prominence as planned inspections and medical device maintenance help avoid adverse incidents and medical-device related accidents.

Regular maintenance services provided by OEMs, ISOs, or in-house service technicians ensure safe, efficient, and long-lasting use of medical devices. The growing focus on implementing preventive maintenance strategies among healthcare organizations is expected to offer growth opportunities for service providers in the coming years. 

Target Audience for this Report:

# Medical equipment manufacturers and suppliers

# Independent services organizations (ISOs)

# Healthcare institutions (hospitals and outpatient clinics)

# Academic institutes and universities

# Distributors and suppliers of electromedical equipment and services

# Research and consulting firms

On the basis of end user, private-sector organizations are to grow at the highest CAGR within the forecast period

By end user, the European medical equipment maintenance market is segmented into public sector organizations and private-sector organizations. In 2017, 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 in Europe.

Germany to dominate the market followed by Italy

By region, the European medical equipment maintenance market is segmented into Germany, Italy, UK, France, Spain, and RoE. In 2017, Germany accounted for the largest share of the market; this regional segment is also expected to grow at highest CAGR during the forecast period, followed by Italy. The high growth of the German market is attributed to the factors such as the significant presence of OEMs, growing medical technology market, well-established healthcare infrastructure and large installation base of medical equipment. Italy is the second largest growing market, factors such as focus on value-based healthcare system, and strategic expansion of market players, are expected to fuel the market growth in this country.

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Partnerships, collaborations and agreements were the key growth strategies adopted by the market players to maintain and improve their position in the European medical equipment maintenance market.

Mergers & acquisitions accounted for the second largest share of the overall growth strategy mapped from 2014-2017. Some of the leading players who adopted this strategy include Hitachi, Ltd. (Japan), Medtronic plc (Ireland), and Pantheon Healthcare Group (Italy).

The medical equipment maintenance market is highly competitive with several big and small players. The market, however, is dominated by the OEMs. Prominent OEMS in the medical equipment maintenance market include GE Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Toshiba Medical Systems Europe (Germany), and Drägerwerk AG & Co. KGaA (Germany); whereas, TBS Group S.p.A. (Italy), Pantheon Group (Italy), Technologie Sanitarie S.p.A. (Italy), Avensys UK Ltd. (U.K.), and Grupo Empresarial Electromédico (Spain) are some leading ISOs operating in the market.

European Medical Equipment Maintenance Market - Global Industry Dynamics

The objectives of this study are as follows:

# To define, describe, and forecast the European medical equipment maintenance market by device, service, service provider, contract type, end user, and country.

# To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges).

# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the market.

# To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.

# To forecast the size of the market segments with respect to European countries, namely, Germany, Italy, U.K., France, Spain, and Rest of Europe (RoE).

# To profile key players and comprehensively analyze their product portfolios, market positions, and core competencies.

# To track and analyze competitive developments such as agreements, partnerships, collaborations, mergers & acquisitions, and expansions in the European medical equipment maintenance market

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On the basis of end user, private-sector organizations are to grow at the highest CAGR within the forecast period

By end user, the European medical equipment maintenance market is segmented into public sector organizations and private-sector organizations. In 2017, 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 in Europe.

Germany to dominate the market followed by Italy

By region, the European medical equipment maintenance market is segmented into Germany, Italy, UK, France, Spain, and RoE. In 2017, Germany accounted for the largest share of the market; this regional segment is also expected to grow at highest CAGR during the forecast period, followed by Italy. The high growth of the German market is attributed to the factors such as the significant presence of OEMs, growing medical technology market, well-established healthcare infrastructure and large installation base of medical equipment. Italy is the second largest growing market, factors such as focus on value-based healthcare system, and strategic expansion of market players, are expected to fuel the market growth in this country.

Partnerships, collaborations and agreements were the key growth strategies adopted by the market players to maintain and improve their position in the European medical equipment maintenance market.

Mergers & acquisitions accounted for the second largest share of the overall growth strategy mapped from 2014-2017. Some of the leading players who adopted this strategy include Hitachi, Ltd. (Japan), Medtronic plc (Ireland), and Pantheon Healthcare Group (Italy).

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The medical equipment maintenance market is highly competitive with several big and small players. The market, however, is dominated by the OEMs. Prominent OEMS in the medical equipment maintenance market include GE Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Toshiba Medical Systems Europe (Germany), and Drägerwerk AG & Co. KGaA (Germany); whereas, TBS Group S.p.A. (Italy), Pantheon Group (Italy), Technologie Sanitarie S.p.A. (Italy), Avensys UK Ltd. (U.K.), and Grupo Empresarial Electromédico (Spain) are some leading ISOs operating in the market.

European Medical Equipment Maintenance Industry is Eyeing Surge In Revenue in Near Future

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# Covid Impact on European Medical Equipment Maintenance Market, growth/decline in product type/use cases of European Medical Equipment Maintenance Market due to cascaded impact of Covid on Extended Ecosystem..

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This market is expected to reach USD 8.93 Billion by 2022 from USD 6.64 Billion in 2017, at a CAGR of 6.1% during the forecast period. The growth of the market is attributed to rising focus on preventive maintenance. Preventive maintenance is gaining prominence as planned inspections and medical device maintenance help avoid adverse incidents and medical-device related accidents. Regular maintenance services provided by OEMs, ISOs, or in-house service technicians ensure safe, efficient, and long-lasting use of medical devices. The growing focus on implementing preventive maintenance strategies among healthcare organizations is expected to offer growth opportunities for service providers in the coming years.

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Multi-year maintenance contract to dominate the market in 2017

Based on the type of contract, the European medical equipment market is segmented into multi-year maintenance contracts, and annual maintenance contracts. Among these, multi-year maintenance segment is expected to account for the largest share of the European medical equipment maintenance market. Hospitals with large budgets prefer long-term contracts to match the lifecycle of medical equipment and to avoid renegotiating of service contracts. Moreover, service providers are likely to provide some discount on the final amount for multiple-year contracts thus; multi-year contracts can offer potential cost benefits to providers.

The objectives of this study are as follows:

# To define, describe, and forecast the European medical equipment maintenance market by device, service, service provider, contract type, end user, and country

# To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)

# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the market

# To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders

# To forecast the size of the market segments with respect to European countries, namely, Germany, Italy, U.K., France, Spain, and Rest of Europe (RoE)

# To profile key players and comprehensively analyze their product portfolios, market positions, and core competencies

# To track and analyze competitive developments such as agreements, partnerships, collaborations, mergers & acquisitions, and expansions in the European medical equipment maintenance market

On the basis of end user, private-sector organizations are to grow at the highest CAGR within the forecast period

By end user, the European medical equipment maintenance market is segmented into public sector organizations and private-sector organizations. In 2017, 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 in Europe.

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Germany to dominate the market followed by Italy

By region, the European medical equipment maintenance market is segmented into Germany, Italy, UK, France, Spain, and RoE. In 2017, Germany accounted for the largest share of the market; this regional segment is also expected to grow at highest CAGR during the forecast period, followed by Italy. The high growth of the German market is attributed to the factors such as the significant presence of OEMs, growing medical technology market, well-established healthcare infrastructure and large installation base of medical equipment. Italy is the second largest growing market, factors such as focus on value-based healthcare system, and strategic expansion of market players, are expected to fuel the market growth in this country.

Target Audience for this Report:

# Medical equipment manufacturers and suppliers

# Independent services organizations (ISOs)

# Healthcare institutions (hospitals and outpatient clinics)

# Academic institutes and universities

# Distributors and suppliers of electromedical equipment and services

# Research and consulting firms

The medical equipment maintenance market is highly competitive with the presence of both OEMs and ISOs. GE Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Toshiba Medical Systems Europe (Germany), and Drägerwerk AG & Co. KGaA (Germany) are some of the leading OEMs; whereas, TBS Group S.p.A. (Italy), Alliance Medical Group (U.K.), Pantheon Group (Italy), Technologie Sanitarie S.p.A. (Italy), Avensys UK Ltd. (U.K.), and Grupo Empresarial Electromédico (Spain) are some of the leading ISOs operating in the European medical equipment maintenance market.

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Rising Focus on Preventive Medical Equipment Maintenance - A Major Milestone for the European Healthcare Industry

Key questions addressed in this Study:

# To define, describe, and forecast the European Medical Equipment Maintenance Industry by device, service, service provider, contract type, end user, and country.

# To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges).

# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the market.

# To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.

# To forecast the size of the market segments with respect to European countries, namely, Germany, Italy, U.K., France, Spain, and Rest of Europe (RoE).

# To profile key players and comprehensively analyze their product portfolios, market positions, and core competencies.

# To track and analyze competitive developments such as agreements, partnerships, collaborations, mergers & acquisitions, and expansions in the European medical equipment maintenance market.

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Factors Influencing Global Industry Growth:-

The growth of the market is attributed to rising focus on preventive maintenance. Preventive maintenance is gaining prominence as planned inspections and medical device maintenance help avoid adverse incidents and medical-device related accidents.

Regular maintenance services provided by OEMs, ISOs, or in-house service technicians ensure safe, efficient, and long-lasting use of medical devices. The growing focus on implementing preventive maintenance strategies among healthcare organizations is expected to offer growth opportunities for service providers in the coming years.

Market Opportunities:

# Innovation in Service Offerings & Use of IoT

# Emergence of ISOS

Challenge:

                        # Survival of Players in a Highly Fragmented and 
                           Competitive Market

Upcoming Industry Trends:

# Market Consolidation

# Preference for Multi-Vendor Contracts

# Equipment Maintenance Insurance Tools for Imaging Centers

Industry’s Revenue Growth Expectations:

The European medical equipment maintenance market is expected to reach USD 8.93 billion by 2022 from USD 6.64 billion in 2017, at a CAGR of 6.1% during the forecast period.

Geographical Growth Scenario:

By region, the European medical equipment maintenance market is segmented into Germany, Italy, UK, France, Spain, and RoE. In 2017, Germany accounted for the largest share of the market; this regional segment is also expected to grow at highest CAGR during the forecast period, followed by Italy.

The high growth of the German market is attributed to the factors such as the significant presence of OEMs, growing medical technology market, well-established healthcare infrastructure and large installation base of medical equipment. Italy is the second largest growing market, factors such as focus on value-based healthcare system, and strategic expansion of market players, are expected to fuel the market growth in this country.

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Leading Market Players:

# GE Healthcare (U.S.)

# Koninklijke Philips N.V. (Netherlands)

# Siemens Healthineers (Germany)

# Toshiba Medical Systems Europe (Germany)

# Drägerwerk AG & Co. KGaA (Germany)

# TBS Group S.p.A. (Italy) and many more…

Partnerships, collaborations and agreements were the key growth strategies adopted by the market players to maintain and improve their position in the European medical equipment maintenance market. Mergers & acquisitions accounted for the second largest share of the overall growth strategy mapped from 2014-2017. Some of the leading players who adopted this strategy include Hitachi, Ltd. (Japan), Medtronic plc (Ireland), and Pantheon Healthcare Group (Italy).

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