Growth Boosting Factors:
Growth in this market is primarily driven by the rising focus on preventive medical equipment maintenance, growth in associated equipment markets, adoption of innovative funding mechanisms, growing government initiatives to improve healthcare infrastructure of hospitals and the increasing purchase of refurbished medical equipment. However, the high initial costs and significant maintenance expenditure may hinder the growth of this market during the forecast period.
Projected Surge in Revenue Generation:
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.
Global Leading Companies:
In 2020, the European medical equipment maintenance market was dominated by GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and FUJIFILM Holdings Corporation (Japan).
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GE Healthcare (US) held the leading position in the European medical equipment maintenance market in 2020. The company’s service portfolio includes a wide range of medical equipment services through which it caters to the demand of various end users, including hospitals, ambulatory surgical centers, dialysis centers, and dental clinics. The company also offers multi-vendor services associated with diagnostic imaging systems.
In order to ensure its future growth, the company adopted strategies such as partnerships, agreements, and mergers and acquisitions to strengthen its service portfolio and customer base and expand its presence across various regions. GE Healthcare has a strong product portfolio, supporting around medical OEMs, hospitals and specialty clinics worldwide. The company is focused on innovations and improving the quality of its services with increasing investment in its biomedical engineering training.
Siemens Healthineers (Germany) held the second position in the European medical equipment maintenance market in 2020 due to its significant presence 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 businesses for resource allocation. Siemens Healthineers also focuses on strengthening its business through partnerships and agreements.
Different Growth Strategies Adopted by Key Players:
The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2017–2020 to expand their global presence and increase their market shares in the European medical equipment maintenance market. The key growth strategies adopted by the top players in the market include agreements, expansions, and acquisitions. Acquisitions were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market.
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