Medical Equipment Maintenance Market | Ongoing Trends and Recent Developments | Major Key Players like GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany)

The study involved four major activities to estimate the current size of the Medical Equipment Maintenance Market. Exhaustive secondary research was done to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.

Recent Developments in the Industry:

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

Expected Revenue Growth in the Global Industry:

The medical equipment maintenance market is expected to reach USD 47.4 billion by 2023 from USD 28.9 billion in 2018, at a CAGR of 10.4% during the forecast period.

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Factors Responsible for the Global Growth of This Industry:

Factors such as the rising focus on preventive medical equipment maintenance, adoption of innovative funding mechanism, growth in associated equipment markets, and the purchase of refurbished medical equipment are expected to drive the growth of the market.

Major Growth Restraint:
• High Initial Cost and Significant Maintenance Expenditure

Opportunities in Medical Equipment Maintenance Market:
• Innovation in Service Offerings and Use of IoT
• Emergence of ISOs

Challenges:
• Survival of Players in a Highly Fragmented and Competitive Market

Emerging Trends:
• Preference for Multi-Vendor Contracts
• Equipment Maintenance Insurance (EMI) Tools for Imaging Centers

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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.

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Leading Market Players and Growth Strategies Adopted by Them:

Prominent players in this market include GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Toshiba Medical System Corporation (Japan), FUJIFILM Holdings Corporation (Japan), Carestream Health, Inc. (US), Agfa-Gevaert Group (Belgium), Drägerwerk AG & Co. KGaA (Germany), Hitachi Medical Corporation (Japan), Aramark Services, Inc. (US), Althea Group (Italy), Olympus Corporation (Japan), B. Braun Melsungen AG (Germany), and BC Technical, Inc. (US).

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