Global Medical Equipment Maintenance Industry is Evolving Day-by-Day..! This is How It’s Future Looks Like

The study involved four major activities to estimate the current size of the Global Medical Equipment Maintenance Industry. 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. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.

Key questions addressed in this Study:

# To define, describe, and forecast the global market on the basis of device type, service type, service provider, end user, and region.

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

# To forecast the size of market segments with respect to four regions, namely, North America, Europe, Asia, and the Rest of the World.

# 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 global market.

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Factors Influencing Global Industry Growth:-

The growth of this market is mainly driven by the growth in associated equipment markets, rising focus on preventive medical equipment maintenance, adoption of innovative funding mechanism, and the growing purchase of refurbished medical equipment.

# High Initial Cost and Significant Maintenance Expenditure

# Innovation in Service Offerings and Use of IoT
# Emergence of ISOs

# Survival of Players in a Highly Fragmented and Competitive Market

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

Industry’s Revenue Growth Expectations:

The Medical Equipment Maintenance Market is expected to reach USD 74.1 billion by 2027 from USD 28.9 billion in 2018, at a CAGR of 10.4% during the forecast period.

Geographical Growth Scenario:

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.

Factors such as expanding patient population, rising focus on early diagnosis, growing number of diagnostic imaging procedures, and strategic agreements, partnerships, and collaborations between service providers and end users are expected to fuel market growth in this region.

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Leading Market Players:
# GE Healthcare (US)
# Koninklijke Philips N.V. (Netherlands)
# Siemens Healthineers (Germany)
# Toshiba Medical Systems Europe (Germany)
# FUJIFILM Holdings Corporation (Japan)
# Carestream Health, Inc. (U.S.) 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).

These players have adopted various strategies, such as partnerships, agreements, collaborations, and product launches to further expand their presence in the global medical equipment maintenance market. Partnerships, collaborations, and agreements have been the key growth strategies adopted during 2016 to 2018, by players such as Hitachi, Ltd. (Japan), Medtronic plc (Ireland), and Althea Group (Italy).