The size of the European medical equipment maintenance market is estimated to be growing at a CAGR of 7.41% from 2023 to 2028 and worth USD 16.24 billion by 2028 from USD 11.36 billion in 2023.
The growth of the medical equipment maintenance market in the European region is expected to be driven by factors such as the prevalence of chronic diseases, advancement in medical technology, growing number of diagnostic imaging procedures, and the increasing need for high-quality healthcare services, which is estimated to drive the European medical equipment maintenance market during the forecast period. The maintenance process is also known to reduce center equipment by improving daily operations and device reliability. In addition, it allows healthcare providers to track and monitor their condition, ensuring efficient use and maximum uptime. The market has increased in growth with increased medical equipment such as CT scanners, MRI systems, ultrasound systems, nuclear imaging equipment, and mammography systems. As a result, there is a significant demand for associated maintenance services to avoid any possibility of equipment failure or shutdown.
The healthcare sector is increasingly facing strong cost pressures and economic fluctuations. As a result, the market also sees a growing demand for refurbished medical devices to reduce costs. According to COCIR, around 96% of medical companies in Europe are small and medium-sized, employing less than 255 people. In 2016, refurbished imaging equipment represented 76% of the global demand for refurbished medical devices. Hospitals are the primary end-users of medical equipment. The maintenance process helps many organizations manage their assets to keep expenses under control while ensuring the quality of healthcare delivery. As a result, companies focus on developing better and improved technologies to gain a competitive advantage with acquisitions and partnerships to maintain and enhance market sustainability, experience, and technological capabilities. Based on the above factors, the European medical equipment maintenance market is predicted to grow positively during the forecast period.
The growing prevalence of the chronic disease has increased diagnostic tests involving ultrasound imaging, CT scans, MRI scans, etc. European countries have seen steady growth in healthcare expenditure with more hospital visits. Government and private organizations aim to prevent various diseases by detecting them at an early stage by educating people and conducting healthcare camps.
However, factors such as strict regulatory policies, competitive market, and reimbursement policies are likely to hamper the market's growth during the forecast period. In addition, the cost of service is generally higher than the cost of the equipment, which makes purchasing and maintaining advanced medical equipment complicated, especially in small-mid-sized hospitals, especially in developing economies and rural areas.
This research report on the European medical equipment maintenance market has been segmented and sub-segmented into the following categories.
By Equipment:
By Service:
By Country:
Germany dominated the European medical equipment maintenance market in 2022 and is forecasted to be growing at an impressive CAGR of 8% from 2023 to 2028. This regional market is anticipated to grow with a similar trend over the analysis period due to several factors, such as the increasing number of hospitals in the region, improved customer experience with medical equipment services, and key market players focusing on enhancing operation performance and satisfaction. In addition to this, the increasing adoption of new technologies has increased sales of medical equipment, which in turn is boosting its demand for maintenance.
The regional market in the United Kingdom is anticipated to account for a promising share in the European market during the projected period due to the boom in the medical device industry and the large patient population in the region. Furthermore, besides the prevalence of chronic diseases, well-established healthcare is expected to significantly increase market revenues in the forecast period. Likewise, the current emphasis on maintenance and cost pressures to control total spending and adaptation of cutting-edge technologies will give better market growth opportunities. Hence, considering the above factors, the German medical equipment maintenance market is expected to account for a significant share in Europe during the forecast period.
KEY MARKET PLAYERS:
Companies playing a pivotal role in the European medical equipment maintenance market and profiled in this report are GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Drägerwerk AG & Co. KGaA, Medtronic, B. Braun Melsungen AG, Aramark, BC Technical, Inc., Alliance Medical Group, and Althea Group.
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