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(Health-NewsWire.Net, August 25, 2022 ) Market Estimation Methodology:
A detailed market estimation approach was followed to estimate and validate the size of the European Medical Equipment Maintenance market and other dependent submarkets.
# The key players in the European Medical Equipment Maintenance market were identified through secondary research, and their European market shares were determined through primary and secondary research.
# The research methodology includes the study of the annual and quarterly financial reports of the top market players as well as interviews with industry experts for key insights on the European Medical Equipment Maintenance market.
# All percentage shares, splits, and breakdowns were determined by using secondary sources and verified through primary sources.
# All the possible parameters that affect the market segments covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
The above-mentioned data was consolidated and added with detailed inputs and analysis from MarketsandMarkets and presented in this report.
Major Growth Boosting Factors:
The expanding patient population, rising focus on early diagnosis, growing number of diagnostic imaging procedures, presence of a large number of OEMs, and strategic agreements and collaborations between service providers and end users are the major factors driving the growth of the European medical equipment maintenance market.
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Expected Revenue Growth:
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.
COVID-19 Impact on the European medical equipment maintenance market
As a result of the pandemic, during March 2020 and throughout the second quarter of 2020, access to customers to deliver the European medical equipment maintenance diminished as hospitals became primarily focused on the critical care devices used in COVID-19 pandemic. The pandemic has led to a significant increase in the demand for critical care devices such as ventilators.
Due to restrictions on the transportation of components, companies that are not serving critical care devices are going to face challenges in order to procure supplies such as accessories for the maintenance of non-critical medical equipment. This is expected to increase the supply-demand gap for the maintenance services of non-critical devices. For critical care devices such as ventilators and respiratory care devices, whose demand is extremely high currently, the shortage of biomedical engineers can act as a limiting factor in their aftersales services.
Restraint: High initial cost and significant maintenance expenditure
Maintenance programs for medical devices enable healthcare providers to track and monitor their condition, and thereby ensure efficient utilization and maximum uptime. This is also essential, given the current focus on preventive maintenance and cost pressures, to control total expenditure against a background of austerity measures. Such programs include the deployment of asset management solutions, which use advanced technologies.
However, the deployment of these solutions incurs high initial installation costs and significant maintenance expenditure, while the installation of advanced medical equipment incurs a service contract cost (~12% of the cost of medical equipment) to be paid per year. The service cost thus paid during the lifespan of the equipment is usually more than the cost of the equipment. The high cost associated with the purchase and maintenance of advanced medical equipment is restraining end users from adopting them.
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Germany is expected to dominate the European Medical Equipment Maintenance market in 2020
Growth in the German medical equipment maintenance market is primarily driven by the increasing prevalence of COVID-19 cases and the need for early diagnosis. As per OECD, Germany has 50% higher utilization rates of diagnostic imaging systems than the average across EU countries. As the number of scans continues to grow, there will be a subsequent demand for maintenance services to ensure optimal device uptime. Increasing number of vendors providing multi vendor maintenance services and a growing number of ISO approvals among service providers are the major factors driving market growth in European market.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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