Opportunity: Emergence of ISOs

The medical equipment maintenance market 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.

Challenge: Interoperability Issues Survival of players in a highly fragmented and competitive market

The Medical Devices 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 Revenue Growth:

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.

Recent Developments in the Global Medical Devices Maintenance Market:

# 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

Geographical Growth Scenario:

North America to account for the largest market size during the forecast period.

North America is expected to hold the largest market size in medical equipment maintenance market during the forecast period, followed by the European region. Factors such as the growing aging population and rising incidence of lifestyle-related diseases, access to quality healthcare, well-established healthcare infrastructure, high adoption of advanced technology, and the presence of prominent players are driving the North American medical devices industry in this region. This will significantly boost the growth of the market for associated maintenance services in the region. Additionally, the availability of funding to purchase advanced medical technologies—through investments and similar initiatives—for hospitals and healthcare providers is also expected to aid market growth.

Asia is the third-largest market for Medical Devices Maintenance Market and is slated to register the highest CAGR of during the forecast period. Factors contributing to this growth include increasing patient population, rising awareness on the benefits of early disease diagnosis, increasing public and private funding for the development of healthcare facilities, government initiatives for the modernization of healthcare infrastructure & provision of quality care, and the growing medical tourism in Asian countries.

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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Key Market Players:

The global 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), and Drägerwerk AG & Co. KGaA (Germany) are some of the leading OEMs in this market. Aramark (US), BC Technical, Inc. (US), Alliance Medical Group (UK), and Althea Group (Italy) are some of the leading ISOs operating in the global medical equipment maintenance market.

Siemens Healthineers (Germany) held the second-largest market share in 2017, due to its trend-setting role in the medical imaging, laboratory diagnostics, medical information technology, and hearing aid sectors. The company focuses on putting maximum efforts into its selected growth fields and prioritizes business for resource allocation. Siemens Healthineers also focuses on strengthening its business through partnerships and agreements.

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