The European Medical Equipment Maintenance Industry is Expected to Reach $19 Billion by 2026 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Aug 25, 2021--
The “European Medical Equipment Maintenance Market by Device (Imaging (MRI, CT, X-ray, mammography), Endoscopy, Monitoring, Dental, Lab Devices), Provider (OEM, ISO), Service (Preventive, Corrective), End User (Hospital, ASCs, Clinic) - Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The European medical equipment maintenance market is projected to reach USD 19.0 billion by 2026 from USD 12.2 billion in 2021, at a CAGR of 9.3% during the forecast period.
The growth of this market is mainly driven by the growth in the associated equipment markets, rising focus on preventive medical equipment maintenance, adoption of innovative funding mechanisms, and the increasing purchase of refurbished medical systems.
In terms of service provider, segment to register significant growth during the forecast period
Based on the service provider, the European medical equipment maintenance market is segmented into multi-vendor OEMs, single-vendor OEMs, ISOs, and in-house maintenance. OEMs provide a wide range of services, such as corrective maintenance, operational maintenance, planned maintenance, and extended warranty, along with insurance maintenance programs. Thus rising demand for multi-vendor OEMs services has led to the growth of the multi-vendor OEMs segment.
In terms service type, preventive maintenance segment to register significant growth during the forecast period
Based on the service type, the European medical equipment maintenance market is segmented into corrective, preventive, and operational maintenance. The Preventive maintenance segment accounted for a larger share of in the market in 2020.
Preventive maintenance is carried out for life support devices, equipment used for diagnosis and treatment, and devices that significantly impact the safety of patients (such as defibrillators, ECG machines, pulse oximeters, infusion pumps, and electrosurgical units).
Preventive maintenance is critical for equipment present in radiology departments due to mandatory certifications and regulations, as well as the high cost of equipment. Benefits of preventive maintenance to support the growth of this segment
Diagnostic imaging equipment segment is expected to account for the largest share of the European medical equipment maintenance market, by the device type
On the basis of device type, the European medical equipment maintenance market has been segmented into diagnostic imaging equipment, patient monitoring & life support devices, endoscopic devices, surgical equipment, ophthalmology equipment, medical lasers, electrosurgical equipment, radiotherapy devices, dental equipment, laboratory equipment, and durable medical equipment.
Based on modality, this market segment is divided into CT scanners, MRI systems, X-ray systems, ultrasound systems, angiography systems, nuclear imaging equipment (PET/SPECT), mammography systems, and fluoroscopy systems. There is a significant demand for related maintenance services to avoid any possibility of equipment breakdown/downtime.
This market is primarily driven by the increasing number of diagnostic imaging procedures across the globe. A rise in the prevalence of chronic diseases is also expected to propel the use of advanced imaging equipment and subsequently drive the demand for associated maintenance services.
German market is expected to grow at the highest CAGR during the forecast period
The German market is estimated to grow at the highest CAGR during the forecast period majorly due to growth of service providers and favourable investments scenario and evolving healthcare infrastructure in the country.
- Growth in the associated equipment markets
- Rising focus on preventive medical equipment maintenance
- Adoption of innovative funding mechanisms
- Increasing purchase of refurbished medical systems
- High initial cost and significant maintenance expenditure
- Fiscal unsustainability due to wasteful spending
- Innovation in service offerings and use of IoT
- Emergence of ISOs
- Emerging markets across Central and Eastern Europe
- Survival of players in a highly fragmented and competitive market
- Compliance issues with new MDR regulations and the Golden Rule
- Dearth of skilled technicians and biomedical engineers
- Preference for multi-vendor contracts
- Consolidation of dialysis centers and hospitals
- Managed equipment service providers and group purchasing
- Equipment maintenance insurance tools for imaging centers
- Agenor Mantenimientos
- Agfa-Gevaert N.V.
- Alliance Medical
- Althea Group
- Aramark Services, Inc.
- Avensys UK Ltd.
- B. Braun Melsungen AG
- BCAS Bio-Medical Services Ltd.
- Canon Inc.
- Carestream Health
- Dragerwerk AG & Co. KgaA
- Fujifilm Holdings Corporation
- GE Healthcare (GEneral Electric Company)
- Grupo Empresarial Electromedico
- Hitachi, Ltd.
- Karl Storz GmbH & Co. Kg
- Koninklijke Philips N.V.
- Medtronic Plc
- Olympus Corporation
- Siemens Healthineers (A Subsidiary of Siemens Group)
For more information about this report visit https://www.researchandmarkets.com/r/1mv62p
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INDUSTRY KEYWORD: MEDICAL DEVICES HEALTH
SOURCE: Research and Markets
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PUB: 08/25/2021 10:41 AM/DISC: 08/25/2021 10:41 AM