Overview of This Study:

This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, fundamental market dynamics, and key player strategies.

Recent Developments in the Global Medical Equipment Maintenance Market:

# 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

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.

Opportunity: Emergence of ISOs

The medical equipment maintenance and services sector was initially dominated by OEMs. However, OEMs typically charge more than third-party vendors, and often take longer for maintenance, resulting in higher associated costs as well as downtime. This situation, especially given the backdrop of continuing austerity measures and the need for cost-curtailment in healthcare systems, has led to the emergence of ISOs dedicated to solely providing maintenance services.

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With a strong team of experts, these organizations can cater to customers in situations where OEMs fail to offer satisfactory and time-efficient solutions. Moreover, ISOs offer services for multiple brands of medical devices, providing end users with a central, independent management platform for uniform service delivery across all asset groups, while reducing maintenance costs.

Global Key Players:

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).

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.

Challenge: Survival of players in a highly fragmented and competitive market

The medical equipment maintenance market is highly fragmented and competitive and comprises a broad range of players, including multinational companies and small local players. The high capital required in retaining biomedical engineers, logistics of medical devices, and regulatory approval make it difficult for several companies (especially start-ups and small organizations) to sustain their presence in the industry.

As a result, companies are focusing on the development of better and improved technologies to gain a competitive edge. A few companies have also emphasized acquisitions and partnerships to maintain and improve their market sustainability, expertise, and technological capabilities. This provides a highly competitive and dynamic environment, which makes it difficult for smaller companies to survive.

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.

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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.

End Users:

By End User, the hospitals segment accounted for the largest share of the medical equipment maintenance market in 2020

Based on End User, the market has been segmented into the hospitals, diagnostic imaging centers, dialysis centers, ambulatory surgical centers, dental clinics & specialty clinics, and other end users. Among these, the hospitals segment accounted for the largest share of the market in 2020. . The rising patient influx is encouraging hospitals to form alliances and partnerships with medical device maintenance service vendors for the establishment of state-of-the-art in-house maintenance facilities or outsourcing maintenance services.