Medical Equipment Maintenance Market - Global Growth Opportunities for the Key Players
Research Methodologies Followed:
Primary Research:
Primary research was conducted after acquiring extensive knowledge about the Medical Equipment Maintenance Market scenario through secondary research. Primary interviews were conducted with market experts from both the demand-side (such as hospitals, surgical centers, orthopedic clinics, dental clinics, CROs, CMOs, academic institutions, and medical device companies among others) and supply-side respondents (such as presidents, CEOs, vice presidents, directors, general managers, service manage, biomedical engineers, heads of business units, and senior managers) across five major geographies, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East, and Africa.
Secondary Research:
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the Medical Equipment Maintenance market. A database of the key industry leaders was also prepared using secondary research.
Major Growth Driving Factors:
The expanding patient population, rising focus on early diagnosis, growing number of diagnostic imaging procedures, presence of a large number of OEMs, increased agreements & collaborations between service providers and end users are the major factors driving the growth of the market. Moreover, However, the high initial costs and significant maintenance expenditure may hinder the growth of this market during the forecast period.
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Global Key Players:
The major players in the medical equipment maintenance market are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and FUJIFILM Holdings Corporation (Japan), Canon, Inc. (Toshiba Medical System Corporation, Japan), Agfa-Gevaert Group (Belgium), Carestream Health, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Hitachi Medical Corporation (Japan), Althea Group (Italy), Olympus Corporation (Japan), B. Braun Melsungen AG (Germany), KARL STORZ GmbH & Co. KG (Germany), and Aramark Services, Inc. (US) among others.
Growth Strategies Adopted by Them:
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 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. In 2020, the 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)
GE Healthcare (US) held the leading position in the 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 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.
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Recent Developments:
# In March 2021, FUJIFILM Corporation (Japan) acquired the Diagnostic Imaging-related Business of Hitachi, Ltd. (Japan) to support R&D, manufacturing, marketing, and maintenance services for diagnostic imaging systems (CT, MRI, X-ray, ultrasound systems, and others), electronic medical records, and other medical-related products and services.
# In February 2021, Siemens Healthineers (Germany) entered into an eight-year technological partnership with Kantonsspital Baden (KSB, Switzerland)for procurement and maintenance of medical imaging systems, technology management, and the expansion of telemedicine solutions.
# In December 2019 GE Healthcare (US) GE Healthcare signed a six-year service contract for imaging technologies across Affidea’s network in the Netherlands.