European Medical Equipment Maintenance Market worth $19.0 billion by 2026 - Leading Key Players are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands)

According to the new market research report "European Medical Equipment Maintenance Market by Device [imaging(MRI, CT, X-ray, mammography), Endoscopy, Monitoring, Dental, Lab Devices], Provider(OEM, ISO), Service (Preventive, Corrective), End User (Hospital, ASCs, Clinic) - Global Forecast to 2026", published by MarketsandMarkets™, the 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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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 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.

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

The 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.

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.

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