The advantage of companies who enter first
The current services and maintenance market is primarily dominated by large OEMs and established third-party maintenance service providers (TPMs). However, other vendors are expected to gradually enter this space, bringing new competition. To improve market share opportunities, companies need to consider offering extended warranties, flexible and cost-effective contracts, providing multimodality support, and utilizing advanced predictive technologies. By leveraging these technologies, vendors can proactively address maintenance needs and acquire long-term recurring contracts.

In some cost-sensitive markets, however, the penetration of TPM providers is expected to increase 3-5 years after installation. In the initial years, TPM providers face challenges due to a lack of expertise and limited access to spare parts. Additionally, the complexity of medical systems and the restricted access often imposed by OEMs make it difficult for TPMs to effectively enter the market. Despite these hurdles, over time, as equipment ages and maintenance needs evolve, TPM providers are likely to gain a foothold, offering more cost-effective alternatives to traditional OEM services.
Future of the services and maintenance market
Though the services and maintenance market has high growth potential, it faces significant challenges, including cost pressures, regulatory hurdles, regional differences in digital infrastructure, and a lack of concrete evidence on the effectiveness of certain services. To navigate these obstacles, companies need to invest in innovative solutions, ensure compliance with varying regulations, and adapt to regional infrastructure capabilities. Additionally, they must focus on building a strong evidence base to demonstrate the value and effectiveness of their services, ultimately gaining the trust of healthcare providers and ensuring long-term growth in the market.

About the author: Poornima Anil joined Signify Research’s Medical Imaging Team in 2023. She brings over 14 years of experience in healthcare market research, analysis and business intelligence. She has a master’s degree in bioinformatics and a degree in agriculture and plant science.

Signify Research’s Medical Imaging team formulates expert market intelligence for some of the leading Ultrasound, CT, MR, and X-ray vendors. Combining primary data collection and in-depth discussions with industry stakeholders, our thorough research approach yields credible quantitative and qualitative analysis, helping our customers make critical business decisions with confidence. Furthermore, our commitment to seeking a plurality of perspectives across the markets we cover guarantees that our insights remain independent and balanced.

Signify Research provides health tech market intelligence powered by data that you can trust. We blend insights collected from in-depth interviews with technology vendors and healthcare professionals with sales data reported to us by leading vendors to provide a complete and balanced view of the market trends. Our coverage areas are Medical Imaging, Clinical Care, Digital Health, Diagnostic and Lifesciences and Healthcare IT.
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