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European medical equipment maintenance market to rake in $7.98 billion by 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.

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The growth of the market is attributed to rising focus on preventive maintenance. Preventive maintenance is gaining prominence as planned inspections and medical device maintenance help avoid adverse incidents and medical-device related accidents.

Regular maintenance services provided by OEMs, ISOs, or in-house service technicians ensure safe, efficient, and long-lasting use of medical devices.

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The growing focus on implementing preventive maintenance strategies among healthcare organizations is expected to offer growth opportunities for service providers in the coming years.

Annual maintenance contract to dominate the market in 2017

Based on the type of contract, the European medical equipment market is segmented into annual maintenance contracts and multi-year maintenance contracts.

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Among these, the annual maintenance contracts segment is expected to account for the largest share of the European medical equipment maintenance market. Small hospitals generally prefer annual contracts as they look for cost-effective options due to budgetary constraints; short-term contracts would also allow them the flexibility to switch between service providers if required later.

On the basis of end user, private-sector organizations are to grow at the highest CAGR within the forecast period

By end user, the European medical equipment maintenance market is segmented into public sector organizations and private-sector organizations. In 2017, 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 in Europe.

Germany to dominate the market followed by France

By region, the European medical equipment maintenance market is segmented into Germany, France, U.K., Italy, Spain and RoE. In 2017, Germany accounted for the largest share of the market; this regional segment is also expected to grow at highest CAGR during the forecast period, followed by France.

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The high growth of the German market is attributed to the factors such as the significant presence of OEMs, growing medical technology market, well-established healthcare infrastructure and large installation base of medical equipment.

France is the second largest growing market, factors such as strategic expansion of the market players, well-established medical device manufacturing services and preference towards in-house maintenance services are expected to fuel the market growth in this country.

The medical equipment maintenance market is highly competitive with the presence of both OEMs and ISOs. GE Healthcare (U.S.), 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; whereas, TBS Group S.p.A.

(Italy), Alliance Medical Group (U.K.), Pantheon Group (Italy), Technologie Sanitarie S.p.A. (Italy), Avensys UK Ltd. (U.K.), and Grupo Empresarial Electromédico (Spain) are some of the leading ISOs operating in the European medical equipment maintenance market.

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