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European Medical Equipment Maintenance Market worth 8.93 Billion USD by 2022

 



(PharmaNewsWire.Com, December 02, 2019 ) The European medical equipment maintenance market is expected to reach USD 8.93 Billion by 2022 from USD 6.29 in 2016, at a CAGR of 6.1% during the forecast period.



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



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Multi-year maintenance contract to dominate the market in 2017



Based on the type of contract, the European medical equipment market is segmented into multi-year maintenance contracts, and annual maintenance contracts. Among these, multi-year maintenance segment is expected to account for the largest share of the European medical equipment maintenance market. Hospitals with large budgets prefer long-term contracts to match the lifecycle of medical equipment and to avoid renegotiating of service contracts. Moreover, service providers are likely to provide some discount on the final amount for multiple-year contracts thus; multi-year contracts can offer potential cost benefits to providers.



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 Italy



By region, the European medical equipment maintenance market is segmented into Germany, Italy, UK, France, 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 Italy. 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. Italy is the second largest growing market, factors such as focus on value-based healthcare system, and strategic expansion of market players, are expected to fuel the market growth in this country.



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The European 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), 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. Despite the positive outlook for the market growth in the Europe, budgetary constraints pose a significant challenge for the market growth in coming years.



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