Medical Equipment Maintenance: Global Revenue Growth Predictions

Study Overview:

This research extensively utilized both primary and secondary sources to examine various industry factors. The goal was to identify market segmentation types, industry trends, key players, competitive landscape, major market dynamics, and strategies of key players.

Major Growth Influencing Factors:

Market growth is driven by the increasing number of diagnostic imaging procedures, a heightened focus on early diagnosis, an expanding patient population, strategic agreements and collaborations between service providers and end users, and the presence of numerous OEMs.

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Primary Research:

During the primary research phase, interviews were conducted with various sources from both supply and demand sides to gather qualitative and quantitative data. Supply side sources included industry experts such as CEOs, vice presidents, marketing and sales directors, technology and innovation directors, and other key executives from major companies in the medical equipment maintenance market. Demand side sources included medical OEMs, medical device ISOs, and service providers. Primary research aimed to validate market segmentation, identify key market players, and gather insights on industry trends and market dynamics.

Secondary Research:

The secondary research phase involved extensive use of sources such as directories, databases (including Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company documents, investor presentations, and SEC filings. This phase was crucial for gathering technical, market-oriented, and commercial information about the global medical equipment maintenance market. It also provided essential information on key players, market classification, segmentation, and significant industry and technological developments. A database of key industry leaders was also compiled using secondary research.

Projected Surge in Global Revenue:

The global medical equipment maintenance market was valued at $48.8 billion in 2023 and is projected to reach $80.7 billion by 2028, growing at a CAGR of 10.6% from 2023 to 2028.

Data Triangulation:

To finalize the overall market size, the market was divided into segments and subsegments. Data triangulation and market breakdown procedures were used to ensure accurate statistics for all segments. This involved analyzing various factors and trends from both demand and supply sides, and validating the market using both top-down and bottom-up approaches.

Geographical Growth Dynamics:

Germany is expected to register the highest CAGR in the European medical equipment maintenance market during the forecast period. The growth is attributed to the expansion of service providers (both OEMs and ISOs, as well as in-house maintenance), evolving healthcare infrastructure post-COVID-19, and a favorable investment climate in the country. Europe includes Germany, France, the UK, Italy, Spain, and the rest of Europe.

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Key Players:

As of 2022, prominent players in medical equipment maintenance are GE Healthcare Technologies Inc. (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and FUJIFILM Holdings Corporation (Japan) among others.

Medical Equipment Maintenance Market - Revenue Growth Expectations by 2028

Overview of This Study:

This research employed a large number of primary and secondary sources. In order to determine the segmentation types, industry trends, major players, competitive landscape, important market dynamics, and major player strategies, the research process involved analyzing a variety of industry-affecting factors.

Market Size Estimation:

The size for medical equipment maintenance market worldwide was estimated for this report using a revenue share analysis of the top competitors. In order to achieve this, major market participants were identified, and their medical equipment maintenance revenues were calculated using a variety of insights obtained during the primary and secondary research stages. Examining the annual and financial reports of the leading market participants was one aspect of secondary research. On the other hand, in-depth interviews with significant opinion leaders, including directors, CEOs, and important marketing executives, were a part of the primary research.

Segmental revenues were computed using the revenue mapping of the main solution/service providers in order to determine the global market value. The following steps were involved in this process:

# Generating a list of major global players operating in the medical equipment maintenance market
# Mapping annual revenues generated by major global players from the medical equipment maintenance segment (or nearest reported business unit/service category)
# Revenue mapping of key players to cover a major share of the global market as of 2022
# Extrapolating the global value of the medical equipment maintenance industry

Projected Surge in Revenue Generation:

According to revenue estimates, the global market for medical equipment maintenance will be valued $48.8 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 10.6% to reach $80.7 billion by 2028.

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Major Growth Influencing Factors:

High growth prospects for the medical equipment maintenance market during the forecast period include factors like the expansion of related equipment markets, an increased emphasis on preventive medical equipment maintenance, an increase in the purchase of refurbished medical systems, and the adoption of novel funding mechanisms. In addition, a growing number of medical vendors worldwide and the growing use of patient-specific medical devices are driving the market. However, during the projected period, the market's growth may be hampered by the high initial costs and significant maintenance expenses.

Geographical Growth Dynamics:

Germany registered the highest CAGR in the market during the forecast period.

In 2023, Germany is expected to register the highest CAGR in the European market for medical equipment maintenance during the forecast period. Europe comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. Factors such as the growth of service providers (both OEMs and the ISOs and also in-house maintenance) in the region, evolving healthcare infrastructure post-COVID-19 pandemic, and favorable investment scenario in the country are driving the growth of the German medical equipment maintenance market during the forecast period.

Global Leading Companies Operating in This Industry:

As of 2022, prominent players in medical equipment maintenance are GE Healthcare Technologies Inc. (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and FUJIFILM Holdings Corporation (Japan) among others.

Recent Developments:

# In May 2023, Siemens Healthineers (Germany) established its new Education and Development Center (EDC) in Erlangen, which would offer medical device training courses for customers and in-house specialists.

# In March 2023, GE Healthcare Technologies Inc. (US) partnered with Advantus Health Partners (US) in a 10-year agreement to provide the company’s Healthcare Technology Management (HTM) services to the clients of Advantus Health Partners.

# In March 2021, the acquisition of the Diagnostic Imaging-related Business of Hitachi, Ltd. (Japan) was completed by FUJIFILM Corporation (Japan) to support R&D, manufacturing, marketing, and maintenance services for diagnostic imaging systems (CT, MRI, X-ray, ultrasound systems, and others), electronic medical records, and other medical-related products and services.

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Key Market Stakeholders

# Original equipment manufacturers
# Independent service providers
# Independent service organizations
# Product distributors and channel partners
# Hospitals and surgical centers
# Dental hospitals, laboratories, and clinics
# Dental academic and research institutes
# Ambulatory care centers and physician-operated laboratories
# Contract manufacturers and third-party suppliers
# Research laboratories and academic institutes
# Clinical research organizations
# Contract manufacturing organizations
# Government and non-governmental regulatory authorities
# Venture capitalists and investors
# Trade associations and industry bodies
# Insurance companies
# Market research and consulting firms

Medical Equipment Maintenance: Role of Leading Companies in Future Growth

Introduction:

Medical equipment maintenance is the practice of maintaining medical equipment in a safe and operational condition. This includes cleaning, inspecting, calibrating, and repairing medical equipment to ensure it meets manufacturer specifications and industry standards.

It also involves preventive maintenance and troubleshooting to detect and correct any potential problems before they become serious. Medical equipment maintenance is a vital part of patient safety and it is essential for hospitals and other healthcare facilities to maintain their medical equipment.

Leading Companies Operating in This Industry:

GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and FUJIFILM Holdings Corporation (Japan), among others; are dominating the global medical equipment maintenance industry.

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GE Healthcare (US) held the leading position in the 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.

# In December 2019 GE Healthcare (US) signed a six-year service contract for imaging technologies across Affidea’s network in the Netherlands.

Siemens Healthineers (Germany) held the second position in the 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.

# In February 2021, Siemens Healthineers (Germany) entered into an eight-year technological partnership with Kantonsspital Baden (KSB, Switzerland)for procurement and maintenance of medical imaging systems, technology management, and the expansion of telemedicine solutions.

Different Growth Strategies Adopted by Key Players:

The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2021 to 2026 to expand their global presence and increase their market shares in the 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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Recent Developments:

1. Automation: Automation of medical equipment maintenance is becoming increasingly popular in order to reduce human labour and increase efficiency. Automated systems can monitor equipment performance, provide automated diagnostics and order maintenance supplies.

2. Cloud Computing: Cloud computing is being used to manage medical equipment maintenance more efficiently. This allows medical equipment technicians to access and manage data remotely, without the need for onsite visits.

3. Predictive Maintenance: Predictive maintenance uses machine learning and analytics to predict when medical equipment maintenance is needed. This allows medical equipment technicians to proactively identify and address maintenance needs before they become major problems.

4. Remote Monitoring: Remote monitoring technology allows medical equipment technicians to monitor and diagnose equipment from remote locations. This helps reduce the need for onsite visits and allows technicians to be more efficient.

5. Wearable Technology: Wearable technology is being used to monitor medical equipment performance in real-time. This allows technicians to detect and address issues quickly and efficiently.

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Growing Importance of Medical Equipment Maintenance: A Comprehensive Market Overview

What is Medical Equipment Maintenance?

Medical equipment maintenance refers to the process of inspecting, testing, repairing, and replacing medical devices and equipment. This includes routine preventive maintenance, as well as responding to problems or malfunctions as they arise. Proper maintenance of medical equipment is essential to ensure its safe and effective use and to prevent breakdowns and the spread of infection.

Building Blocks of Global Growth:

Rise in demand and adoption of medical equipment: The demand for medical equipment has been rising due to the increasing burden of diseases and various chronic conditions. This has led to an increased adoption of medical equipment in healthcare facilities, leading to an increased need for medical equipment maintenance.

Increase in usage of medical equipment in remote areas: With the advancement of technology, medical equipment has become more accessible to remote areas. This has led to an increased usage of medical equipment in these areas, further increasing the need for medical equipment maintenance.

Increase in government initiatives: Governments of various countries have been providing financial support to healthcare facilities to purchase and maintain medical equipment. This has encouraged the use of medical equipment and also created a need for its maintenance.

Technological advancements: Technological advancements in medical equipment have enabled medical professionals to diagnose and treat various conditions more effectively. This has further increased the demand for medical equipment and its maintenance.

Increase in awareness about preventive healthcare: With the increased awareness about preventive healthcare, the demand for medical equipment has increased significantly. This has further increased the need for medical equipment maintenance.

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Projected Surge in Revenue Generation:

The global Medical Equipment Maintenance Market in terms of revenue was estimated to be worth $45.2 billion in 2021 and is poised to reach $74.2 billion by 2026, growing at a CAGR of 10.4% from 2021 to 2026.

Future Growth Opportunities:

The global medical equipment maintenance market is expected to experience significant growth over the forecast period. This growth can be attributed to factors such as the increasing demand for medical equipment, the rising awareness about preventive maintenance of medical equipment, the growing number of hospitals and healthcare facilities, developments in medical equipment maintenance services, and the increasing demand for sophisticated medical equipment.

The growing demand for medical equipment and technology, such as hospital beds, ventilators, imaging systems, etc., is expected to drive the growth of the medical equipment maintenance market. The increasing demand for preventive maintenance of medical equipment is expected to further fuel the market growth. Furthermore, the increasing adoption of advanced maintenance solutions, such as remote monitoring and predictive maintenance, is expected to offer lucrative opportunities to the market players.

Additionally, the increasing number of hospitals and healthcare facilities is expected to drive the demand for medical equipment maintenance services. The development of healthcare IT solutions, such as Electronic Health Records (EHRs), is expected to create significant opportunities for the medical equipment maintenance market. Moreover, the increasing investments in research and development activities related to medical equipment maintenance is expected to provide further impetus to the market growth.

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Recent Developments

In March 2021, FUJIFILM Corporation (Japan) acquired the Diagnostic Imaging-related Business of Hitachi, Ltd. (Japan) to support R&D, manufacturing, marketing, and maintenance services for diagnostic imaging systems (CT, MRI, X-ray, ultrasound systems, and others), electronic medical records, and other medical-related products and services.

In February 2021, Siemens Healthineers (Germany) entered into an eight-year technological partnership with Kantonsspital Baden (KSB, Switzerland) for procurement and maintenance of medical imaging systems, technology management, and the expansion of telemedicine solutions.

In December 2019 GE Healthcare (US) signed a six-year service contract for imaging technologies across Affidea’s network in the Netherlands

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Medical Equipment Maintenance Market - Global Growth Opportunities for the Key Players

 Research Methodologies Followed:

Primary Research:

Primary research was conducted after acquiring extensive knowledge about the Medical Equipment Maintenance Market scenario through secondary research. Primary interviews were conducted with market experts from both the demand-side (such as hospitals, surgical centers, orthopedic clinics, dental clinics, CROs, CMOs, academic institutions, and medical device companies among others) and supply-side respondents (such as presidents, CEOs, vice presidents, directors, general managers, service manage, biomedical engineers, heads of business units, and senior managers) across five major geographies, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East, and Africa.

Secondary Research:

The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the Medical Equipment Maintenance market. A database of the key industry leaders was also prepared using secondary research.

Major Growth Driving Factors:

The expanding patient population, rising focus on early diagnosis, growing number of diagnostic imaging procedures, presence of a large number of OEMs, increased agreements & collaborations between service providers and end users are the major factors driving the growth of the market. Moreover, However, the high initial costs and significant maintenance expenditure may hinder the growth of this market during the forecast period.

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Global Key Players:

The major players in the medical equipment maintenance market are 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.

Growth Strategies Adopted by Them:

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 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. In 2020, the 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)

GE Healthcare (US) held the leading position in the 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 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.

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Recent Developments:

# In March 2021, FUJIFILM Corporation (Japan) acquired the Diagnostic Imaging-related Business of Hitachi, Ltd. (Japan) to support R&D, manufacturing, marketing, and maintenance services for diagnostic imaging systems (CT, MRI, X-ray, ultrasound systems, and others), electronic medical records, and other medical-related products and services.

# In February 2021, Siemens Healthineers (Germany) entered into an eight-year technological partnership  with Kantonsspital Baden (KSB, Switzerland)for procurement and maintenance of medical imaging systems, technology management, and the expansion of telemedicine solutions.

# In December 2019 GE Healthcare (US) GE Healthcare signed a six-year service contract for imaging technologies across Affidea’s network in the Netherlands.

Medical Equipment Maintenance Market - Global Growth in Revenue & Industry Segmentation

 Major Growth Driving Factors:

The global growth for Medical Equipment Maintenance Market can be attributed to the increasing demand for Maintenance programs include processes for the preventive, corrective, and operational maintenance of medical devices, ensuring that the equipment is safe for both patients and operators.

Service provider also provide training programs along with maintenance services attributed to growing preference for long term service contracts. Factors such as the COVID-19 pandemic, rapidly growing global geriatric population, changing epidemiology, and the cost-effectiveness of maintenance services have driven the medical equipment maintenance market for healthcare sector.

Projected Surge in Revenue Generation:

The medical equipment maintenance market is expected to witness sustained and positive demand growth during the forecast period. The medical equipment maintenance market is projected to reach USD 74.2 billion by 2026 from USD 45.2 billion in 2021 at a CAGR of 10.4% during the forecast period.

Global Market Segmentation:

Based on a service provider, the medical equipment maintenance market has been segmented into multi-vendor OEMs, single-vendor OEMs, ISOs, and in-house maintenance.   Among these, the multi-vendor OEMs segment accounted for the largest share of the market in 2020. Many 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.

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Based on service type, the medical equipment maintenance market is segmented into corrective, preventive, and operational maintenance. The preventive maintenance segment is estimated to dominate the medical equipment maintenance market in 2020. The growing focus on implementing preventive maintenance strategies among healthcare organizations is expected to offer growth opportunities for service providers in the coming years.

Based on device type, the 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. In 2020, the diagnostic imaging equipment segment accounted for the largest share of the medical equipment maintenance market. This segment is also expected to record the highest CAGR during the forecast period. 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.

End Users:

Based on end user, the medical equipment maintenance market is segmented into hospitals, diagnostic imaging centers, dialysis centers, ambulatory surgical centers, dental clinics & specialty clinics, and other end users. In 2020, hospitals accounted for the largest share of this market. The rising patient influx is encouraging hospitals to form alliances and partnerships with medical device maintenance service vendors for the establishment of state-of-the-art in-house maintenance facilities or outsourcing maintenance services.

Geographical Growth Dynamics:

The medical equipment maintenance market covers five key geographies—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2020, Asia Pacific region is expected to offer significant opportunities for the growth of the medical equipment maintenance market. This is because of the region’s large population and its mix of growing and developed economies, such as Japan, China, and India.

In addition, markets in developed countries are becoming increasingly saturated, thereby having manufacturers and suppliers shift their focus to Asian markets. In 2020, Asia Pacific region is expected to offer significant opportunities for the growth of the medical equipment maintenance market.  Presence of a large number of OEMs, and strategic agreements and collaborations between service providers and end users are the major factors driving the growth of the medical equipment maintenance market.

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Leading Companies:

The major players in the medical equipment maintenance market are 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.

Medical Equipment Maintenance Market - Role of the Leading Companies in Industry's Global Growth

 Overview of This Study:

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.

Recent Developments in the Global Medical Equipment Maintenance Market:

# In March 2021, FUJIFILM Corporation (Japan) acquired the Diagnostic Imaging-related Business of Hitachi, Ltd. (Japan) to support R&D, manufacturing, marketing, and maintenance services for diagnostic imaging systems (CT, MRI, X-ray, ultrasound systems, and others), electronic medical records, and other medical-related products and services.

# In February 2021, Siemens Healthineers (Germany) entered into an eight-year technological partnership  with Kantonsspital Baden (KSB, Switzerland)for procurement and maintenance of medical imaging systems, technology management, and the expansion of telemedicine solutions.

# In December 2019 GE Healthcare (US) GE Healthcare signed a six-year service contract for imaging technologies across Affidea’s network in the Netherlands.

Major Growth Driving Factors:

The expanding patient population, rising focus on early diagnosis, growing number of diagnostic imaging procedures, presence of a large number of OEMs, increased agreements & collaborations between service providers and end users are the major factors driving the growth of the market. Moreover, However, the high initial costs and significant maintenance expenditure may hinder the growth of this market during the forecast period.

Opportunity: Emergence of ISOs

The medical equipment maintenance and services sector was initially dominated by OEMs. However, OEMs typically charge more than third-party vendors, and often take longer for maintenance, resulting in higher associated costs as well as downtime. This situation, especially given the backdrop of continuing austerity measures and the need for cost-curtailment in healthcare systems, has led to the emergence of ISOs dedicated to solely providing maintenance services.

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With a strong team of experts, these organizations can cater to customers in situations where OEMs fail to offer satisfactory and time-efficient solutions. Moreover, ISOs offer services for multiple brands of medical devices, providing end users with a central, independent management platform for uniform service delivery across all asset groups, while reducing maintenance costs.

Global Key Players:

In 2020, the 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).

Growth Strategies Adopted by Them:

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 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.

Challenge: Survival of players in a highly fragmented and competitive market

The medical equipment maintenance market is highly fragmented and competitive and comprises a broad range of players, including multinational companies and small local players. The high capital required in retaining biomedical engineers, logistics of medical devices, and regulatory approval make it difficult for several companies (especially start-ups and small organizations) to sustain their presence in the industry.

As a result, companies are focusing on the development of better and improved technologies to gain a competitive edge. A few companies have also emphasized acquisitions and partnerships to maintain and improve their market sustainability, expertise, and technological capabilities. This provides a highly competitive and dynamic environment, which makes it difficult for smaller companies to survive.

GE Healthcare (US) held the leading position in the 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.

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Siemens Healthineers (Germany) held the second position in the 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.

End Users:

By End User, the hospitals segment accounted for the largest share of the medical equipment maintenance market in 2020

Based on End User, the market has been segmented into the hospitals, diagnostic imaging centers, dialysis centers, ambulatory surgical centers, dental clinics & specialty clinics, and other end users.  Among these, the hospitals segment accounted for the largest share of the market in 2020. . The rising patient influx is encouraging hospitals to form alliances and partnerships with medical device maintenance service vendors for the establishment of state-of-the-art in-house maintenance facilities or outsourcing maintenance services.

Medical Equipment Maintenance Market - Reasons Behind the Constant Need of Technological Innovations

 Driver: Rising focus on preventive medical equipment maintenance

The focus on the preventive maintenance of medical equipment has grown in recent years, as healthcare institutions seek to enhance patient safety and care quality. This involves a carefully designed program where maintenance tasks are performed in a scheduled manner to avoid larger and costly repairs down the line. It also helps in reducing equipment downtime, which enhances day-to-day operations and improves device reliability.

The preventive maintenance approach is gaining prominence as planned inspections, and medical device maintenance help avoid adverse incidents and medical device-related accidents. Regular maintenance services ensure the 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.

Restraint: High initial cost and significant maintenance expenditure

Maintenance programs for medical devices enable healthcare providers to track and monitor their condition, and thereby ensure efficient utilization and maximum uptime. This is also essential, given the current focus on preventive maintenance and cost pressures, to control total expenditure against a background of austerity measures. Such programs include the deployment of asset management solutions, which use advanced technologies.

However, the deployment of these solutions incurs high initial installation costs and significant maintenance expenditure, while the installation of advanced medical equipment incurs a service contract cost (~12% of the cost of medical equipment) to be paid per year. The service cost thus paid during the lifespan of the equipment is usually more than the cost of the equipment. The high cost associated with the purchase and maintenance of advanced medical equipment is restraining end users from adopting them.

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COVID-19 Impact on the 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 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.

Opportunity: Emergence of ISOs

The medical equipment maintenance and services sector was initially dominated by OEMs. However, OEMs typically charge more than third-party vendors, and often take longer for maintenance, resulting in higher associated costs as well as downtime. This situation, especially given the backdrop of continuing austerity measures and the need for cost-curtailment in healthcare systems, has led to the emergence of ISOs dedicated to solely providing maintenance services.

With a strong team of experts, these organizations can cater to customers in situations where OEMs fail to offer satisfactory and time-efficient solutions. Moreover, ISOs offer services for multiple brands of medical devices, providing end users with a central, independent management platform for uniform service delivery across all asset groups, while reducing maintenance costs.

End Users:

By End User, the hospitals segment accounted for the largest share of the medical equipment maintenance market in 2020

Based on End User, the market has been segmented into the hospitals, diagnostic imaging centers, dialysis centers, ambulatory surgical centers, dental clinics & specialty clinics, and other end users.  Among these, the hospitals segment accounted for the largest share of the market in 2020. . The rising patient influx is encouraging hospitals to form alliances and partnerships with medical device maintenance service vendors for the establishment of state-of-the-art in-house maintenance facilities or outsourcing maintenance services.

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Geographical Growth Dynamics:

North America is expected to command the largest share of the medical equipment maintenance market in 2020

The report covers the market across five major geographies, namely, Europe, North America, Asia Pacific, Latin America, and MEA. North America commanded the largest share of the medical equipment maintenance industry in 2020. Market growth is mainly attributed to the strong base of healthcare facilities, especially hospitals and diagnostic imaging centers, and the growing installation base for advanced medical technologies in healthcare facilities. US commanded the largest share of the market in 2020. Market growth is mainly attributed to the strong base of independent service provider and in house maintenance, and the growing installation base for medical devices in healthcare facilities.

Recent Developments:

# In March 2021, FUJIFILM Corporation (Japan) acquired the Diagnostic Imaging-related Business of Hitachi, Ltd. (Japan) to support R&D, manufacturing, marketing, and maintenance services for diagnostic imaging systems (CT, MRI, X-ray, ultrasound systems, and others), electronic medical records, and other medical-related products and services.

# In February 2021, Siemens Healthineers (Germany) entered into an eight-year technological partnership  with Kantonsspital Baden (KSB, Switzerland)for procurement and maintenance of medical imaging systems, technology management, and the expansion of telemedicine solutions.

# In December 2019 GE Healthcare (US) GE Healthcare signed a six-year service contract for imaging technologies across Affidea’s network in the Netherlands.

Expected Revenue Growth:

The medical equipment maintenance market is projected to reach USD 74.2 billion by 2026 from USD 45.2 billion in 2021, at a CAGR of 10.4% during the forecast period.

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Medical Equipment Maintenance Market - Major Revenue Surge is Expected by 2026

 Global Medical Equipment Maintenance Market Dynamics:

Driver: Rising focus on preventive medical equipment maintenance

The focus on the preventive maintenance of medical equipment has grown in recent years, as healthcare institutions seek to enhance patient safety and care quality. This involves a carefully designed program where maintenance tasks are performed in a scheduled manner to avoid larger and costly repairs down the line. It also helps in reducing equipment downtime, which enhances day-to-day operations and improves device reliability.

The preventive maintenance approach is gaining prominence as planned inspections, and medical device maintenance help avoid adverse incidents and medical device-related accidents. Regular maintenance services ensure the 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.

Restraint: High initial cost and significant maintenance expenditure

Maintenance programs for medical devices enable healthcare providers to track and monitor their condition, and thereby ensure efficient utilization and maximum uptime. This is also essential, given the current focus on preventive maintenance and cost pressures, to control total expenditure against a background of austerity measures. Such programs include the deployment of asset management solutions, which use advanced technologies.

However, the deployment of these solutions incurs high initial installation costs and significant maintenance expenditure, while the installation of advanced medical equipment incurs a service contract cost (~12% of the cost of medical equipment) to be paid per year. The service cost thus paid during the lifespan of the equipment is usually more than the cost of the equipment. The high cost associated with the purchase and maintenance of advanced medical equipment is restraining end users from adopting them.

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Expected Revenue Gains:

The medical equipment maintenance market is projected to reach USD 74.2 billion by 2026 from USD 45.2 billion in 2021, at a CAGR of 10.4% during the forecast period.

Recent Developments:

# In March 2021, FUJIFILM Corporation (Japan) acquired the Diagnostic Imaging-related Business of Hitachi, Ltd. (Japan) to support R&D, manufacturing, marketing, and maintenance services for diagnostic imaging systems (CT, MRI, X-ray, ultrasound systems, and others), electronic medical records, and other medical-related products and services.

# In February 2021, Siemens Healthineers (Germany) entered into an eight-year technological partnership  with Kantonsspital Baden (KSB, Switzerland)for procurement and maintenance of medical imaging systems, technology management, and the expansion of telemedicine solutions.

# In December 2019 GE Healthcare (US) GE Healthcare signed a six-year service contract for imaging technologies across Affidea’s network in the Netherlands.

Opportunity: Emergence of ISOs

The medical equipment maintenance and services sector was initially dominated by OEMs. However, OEMs typically charge more than third-party vendors, and often take longer for maintenance, resulting in higher associated costs as well as downtime. This situation, especially given the backdrop of continuing austerity measures and the need for cost-curtailment in healthcare systems, has led to the emergence of ISOs dedicated to solely providing maintenance services.

Challenge: Survival of players in a highly fragmented and competitive market

The medical equipment maintenance market is highly fragmented and competitive and comprises a broad range of players, including multinational companies and small local players. The high capital required in retaining biomedical engineers, logistics of medical devices, and regulatory approval make it difficult for several companies (especially start-ups and small organizations) to sustain their presence in the industry.

As a result, companies are focusing on the development of better and improved technologies to gain a competitive edge. A few companies have also emphasized acquisitions and partnerships to maintain and improve their market sustainability, expertise, and technological capabilities. This provides a highly competitive and dynamic environment, which makes it difficult for smaller companies to survive.

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By End User, the hospitals segment accounted for the largest share of the medical equipment maintenance market in 2020

Based on End User, the market has been segmented into the hospitals, diagnostic imaging centers, dialysis centers, ambulatory surgical centers, dental clinics & specialty clinics, and other end users.  Among these, the hospitals segment accounted for the largest share of the market in 2020. . The rising patient influx is encouraging hospitals to form alliances and partnerships with medical device maintenance service vendors for the establishment of state-of-the-art in-house maintenance facilities or outsourcing maintenance services.