Medical Equipment Maintenance Market – Emerging Technological Innovations to Boost Global Industry Growth

PUNE, India, 2021-Jun-02 — /EPR Network/ —

Global Industry Dynamics:

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 global 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. This also helps reduce operating expenses and capital spending.

Challenge: Interoperability Issues 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. With a number of service providers offering similar services, the cost is a major factor that influences end users selecting a vendor. However, it is usually a challenge for service providers to offer the best-in-class services to customers at a lower cost. Also, the emergence of ISOs is increasing the pressure on OEMs to reduce the price of their service contracts. In this situation, it becomes difficult for players to remain competitive in the market; as a result, a number of larger companies look for consolidation. However, smaller companies do not have the same option, which affects their long-term survival in the medical equipment maintenance market.

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Expected Growth in Revenue:

The Medical Equipment Maintenance Market is expected to grow from USD 28.97 billion in 2018 to USD 47.49 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period. 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.

The market for private-sector organizations is expected to grow at the highest CAGR in the medical equipment maintenance market during the forecast period.

On the basis of end user, the medical equipment maintenance market is segmented into public-sector organizations and private-sector organizations. In 2018, private-sector organizations are expected to register the highest CAGR during the forecast period. The increasing number of public-private partnerships is expected to boost the demand for medical equipment maintenance services.

Recent Developments:

• In 2018, Koninklijke Philips N.V. (Netherlands) signed a partnership agreement with Kliniken der Stadt Köln (Germany) to provide continuous modernization and maintenance of imaging systems
• In 2018, Koninklijke Philips N.V. (Netherlands) signed a partnership agreement with Städtische Klinikum München (Germany) to provide medical imaging solutions which include healthcare consultancy services
• In 2016, Biomedical Srl sugned an agreement with ASST Orobica (Spain) for provision of integrated services for the management and maintenance of healthcare devices and equipment

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. 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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