08222017Headline:

European Medical Equipment Maintenance Market by Device, Service Provider & End User – Forecasts to 2022

The European medical equipment maintenance market is expected to reach USD 7.98 billion by 2022 from USD 5.05 billion in 2017, at a CAGR of 9.6% during the forecast period.

The market is witnessing growth due to factors such as growth in associated equipment markets, focus on preventive medical equipment maintenance, adoption of innovative funding mechanism, and growing purchase of refurbished medical equipment.

Innovating and offering customers value-added services will help medical equipment manufacturers establish an advantage in the highly competitive services market. To achieve this, medical equipment manufacturers are implementing Internet of Things (IoT) solutions into their sales, customer services, and product support strategies. Such innovations in service offerings & use of IoT are expected to provide an array of opportunities for market growth.

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Based on the device type, the market is segmented into imaging equipment, endoscopic devices, surgical instruments, and electromedical equipment. In 2017, imaging equipment is expected to grow at highest CAGR during the forecast period. The high growth of this market segment is attributed to the high replacement cost of imaging equipment and the need for ensuring maximum equipment uptime.

By service type, the market is segmented into preventive, operational and corrective maintenance. The preventive maintenance segment is projected to grow at the highest rate during the forecast period. Technological advancements in medical devices and the consequent need for their preventive maintenance are expected to fuel market growth in this segment.

On the basis of service providers, the European medical equipment maintenance market is segmented into Original Equipment Manufacturers (OEMs), Independent Service Organizations (ISOs) and in-house maintenance. Currently, OEMs accounted for the largest share of the European medical equipment maintenance market. This segment is also expected to grow at the highest growth rate during the forecast period. Strong technical expertise and strong geographic presence are the factors contributing to the growth of this segment.

On the basis of end users, the medical equipment maintenance market is segmented into public-sector organizations and private-sector organization. Among these, the private sector organizations-healthcare organizations are expected to witness high growth during the forecast period. The increasing number private healthcare groups are expected to boost the demand for medical equipment maintenance services in Europe.

Among the six regional segment covered in the European medical equipment maintenance market, namely, Germany, France, U.K., Italy, Spain and Rest of Europe (RoE)- Germany is expected to grow at the highest CAGR during the forecast period. The high growth in this regional segment is attributed to large installation base of medical equipment, significant presence of OEMs, well-established healthcare infrastructure, and growing medical technology market.

To ensure sustainability and growth in this highly competitive market, several established players focus on acquiring small players to strengthen their service offerings and expand their footprints across different geographies.

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