Medical Equipment Maintenance Market - Emerging Technological Innovations
Posted by Makarand Vaidya on February 25th, 2020
Recent Developments in the Global Industry:
# 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
Critical questions the report answers:
# Where will all these developments take the industry in the long term?
# What are the upcoming trends for the medical equipment repair market?
# Which segment provides the most opportunity for growth?
# Who are the leading vendors operating in this market?
# What are the opportunities for new market entrants?
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Market Dynamics:
Driver: Rising focus on preventive medical equipment maintenance
The focus on preventive maintenance of medical equipment has grown in recent years, as healthcare institutions seek to enhance patient safety and care quality. This involves a carefully designed program where maintenance tasks are performed in a scheduled manner to avoid larger and costly repairs down the line. It also helps in reducing equipment downtime, which enhances day-to-day operations and improves device reliability.
Restraint: High initial cost and significant maintenance expenditure
Maintenance programs for medical devices enable healthcare providers to track and monitor their condition, and thereby ensure efficient utilization and maximum uptime. This is also essential, given the current focus on preventive maintenance and cost pressures, to control total expenditure against a background of austerity measures. Such programs include the deployment of asset management solutions which use advanced technologies.
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.
MarketsandMarkets forecasts the medical equipment repair market 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 major factors that are expected to be driving the medical equipment repair market are 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.
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.
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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.
The medical equipment maintenance market is highly competitive, with the presence of both OEMs and ISOs. 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.), Agfa-Gevaert Group (Belgium), and Drägerwerk AG & Co. KGaA (Germany) are some of the leading OEMs.
Aramark Services, Inc. (US), BC Technical, Inc. (US), Alliance Medical Group (UK), Althea Group (Italy), Avensys UK Ltd. (UK), and Grupo Empresarial Electromédico (Spain) are some of the leading ISOs operating in the medical equipment maintenance market.
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