Partnerships, Collaborations and Agreements were the Key Growth Strategies Adopted by the Market Players to Maintain and Improve their Position in the European Medical Equipment Maintenance Market.
The European medical equipment maintenance market is expected to reach USD 8.93 billion by 2022 from USD 6.64 billion in 2017, at a CAGR of 6.1% during the forecast period. The market is primarily driven by the growth in associated equipment markets, rising focus on preventive medical equipment maintenance, adoption of innovative funding mechanism, and growing purchase of refurbished medical equipment.
Partnerships, collaborations and agreements were the key growth strategies adopted by the market players to maintain and improve their position in the European medical equipment maintenance market. Mergers & acquisitions accounted for the second largest share of the overall growth strategy mapped from 2014-2017. Some of the leading players who adopted this strategy include Hitachi, Ltd. (Japan), Medtronic plc (Ireland), and Pantheon Healthcare Group (Italy).
The medical equipment maintenance market is highly competitive with several big and small players. The market, however, is dominated by the OEMs. Prominent OEMS in the medical equipment maintenance market include GE Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Toshiba Medical Systems Europe (Germany), and Drägerwerk AG & Co. KGaA (Germany); 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 leading ISOs operating in the market.
Koninklijke Philips N.V. was one the leading OEMs in the European medical equipment maintenance market in 2016. The company provides vendor-neutral service offerings for various medical equipment such as imaging equipment, surgical equipment, and endoscopic devices (flexible/rigid/fiberoptic). To expand its geographic presence and service offerings, the company entered into service agreements with various healthcare providers. For instance, in 2015, Koninklijke Philips N.V. renewed their existing ten-year agreement to supply, install, maintain, and upgrade radiology equipment with the Sint Maartenskliniek Hospital (the Netherlands) for five more years.
Pantheon Healthcare Group was one of the leading ISO players in the European medical equipment maintenance market. The company focuses on acquiring maintenance service suppliers to expand its footprint across different geographic areas. Some of its recent acquisitions include Higea SpA, Ingegneria Biomedica Santa Lucia S.p.A. (IBSL), Sigil, Spintech, and MVS Sp Z o.o. Moreover, to sustain its leading position in the market, the company focuses on other inorganic growth strategies such as agreements, collaborations, and partnerships.
Related Reports:
European Medical Equipment Maintenance Market by Device (Imaging (MR, CT, PET-CT, C-Arms, general X-ray), Endoscopy, Surgical instruments, Electromedical), Service Provider (OEM, ISO, In-house) & End User (Public-sector, Private-sector)-Forecasts to 2022
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