Growth of Life Care Solution Services Market Estimated at CAGR of 6.3% from 2022 to 2031, TMR Report

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Jul 05, 2022, 11:30 ET

Significance of preventive maintenance approach of medical equipment to avoid medical-device related accidents and prevent large repairs propels life care solution services market
Investments from prominent companies to develop technologically advanced devices to serve the growing patient demand creates lucrative opportunities

WILMINGTON, Del. , July 5, 2022 /PRNewswire/ -- The life care solution services market is anticipated to cross a value of US$ 2.7 Bn by 2031. Factors such as technological advancements in healthcare solutions and services, increasing number of surgical procedures, R&D funding, and rise in prevalence of chronic diseases are fuelling the growth of life care solution services market.

Role of service providers for rapid shift toward value-added service offerings is leading to significant changes in the patient base of life care solution services market. Life care solution services market demand analysis reveals automated artificial manual-breathing units are gaining traction due to cost-effective deployment, fast production, and easy access for a large patient pool.

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Life Care Solution Services Market – Key Findings of the Report

Increasing practice of adoption of regular maintenance approach to avoid expensive and large repairs of medical equipment to define future market outlook of life care solution services. Preventive maintenance approach that helps avoid medical device-related adverse accidents and reduce equipment downtime provides ample growth opportunities in life care solution services market
Role of manufacturers of ventilators and other medical equipment to closely follow hospitals to service and repair their products stimulates the life care solution services market
Large population base and statistics of large patient pool makes Asia Pacific significant region in the life care solution services market. Besides this, focus of companies to engage in business expansion to contribute toward increased market share of life care solution services market of the region.
OEMs held the leading share of life care solution services market in 2021. Investments by manufacturers to expand their service offerings and technological advancements leading to rapid processing and shorter test time fuel the growth of OEMs service provider segment.
The anesthesia/respiratory devices application segment is projected to expand at a CAGR of 7.2% during the forecast period. Technological advancements in anesthesia monitoring, increase in number of surgeries, and rising incidence of airway and other lung disorders fuel the growth of anesthesia/respiratory devices segment of life care solution services market.
Strategic collaborations between key players in the life care solution services market provides impetus to anesthesia/respiratory devices application segment
Hospitals end user segment led the life care solution services market in 2021. Substantial practice of adoption of equipment maintenance services fuels the growth of hospitals end user segment of life care solutions and services market.
North America held the leading nearly 60% share of life care solution services market in 2021 vis-à-vis volume. Investments in R&D for innovative solutions, large patient pool with chronic diseases, and presence of several prominent medical equipment manufacturers make North America dominant in the life care solution services market.

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Life Care Solution Services Market – Growth Drivers

Solid demand for technologically advanced and duly maintained medical equipment for improved patient experience fuels the growth of life care solution services market
Role of manufacturers of medical equipment to closely follow hospitals to service and repair products creates ample opportunities

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Life Care Solution Services Market – Key Players

Some of the key players operating in the life care solution services market are;

Abbott Laboratories
Becton, Dickinson and Company
Nihon Kohden Corporation
GE Healthcare
Hill-Rom Services Inc.
Masimo Corporation
Medtronic plc
Atom Medical Corporation
Dragerwerk AG & Co. KGaA
Edwards Lifesciences Corporation
Getinge AB
Koninklijke Philips N.V.
Natus Medical Incorporated
Shenzhen Mindriay Bio-Medical Electronics Co. Ltd.

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The life care solution services market is segmented as follows;

Life Care Solution Services Market, by Product Type

Patient Monitoring Devices
Maternal & Infant Care Devices
Consumables
Diagnostic Cardiology Devices
Anesthesia/Respiratory Devices

Life Care Solution Services Market, by Service Provider

Original Equipment Manufacturers
Independent Service Providers

Life Care Solution Services Market, by End-user

Hospitals
Diagnostic Centers
Others

Life Care Solution Services Market, by Region

North America
EMEA
China
Intercontinental

Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:

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Patient Monitoring and Ultrasound Devices Display Market: The global market for patient monitoring and ultrasound devices display is anticipated to expand at a revenue CAGR of 5.1% during 2017 – 2025. The global patient monitoring and ultrasound devices display market is expected to reach US$ 4,605.4 Mn by 2025.

Healthcare Informatics and Patient Monitoring Market: Rise in prevalence of chronic disorders and increasing adoption of state of the art technologies in the healthcare systems are some of the key factors driving the growth of the global healthcare informatics and patient monitoring market.

Anesthesia and Respiratory Devices Market: The global anesthesia and respiratory devices market is expected to reach the value of US$ 68.58 Bn by the end of 2028. It is estimated to expand at a CAGR of 8.6% from 2021 to 2028.

Neonatal Intensive Care Respiratory Devices Market: The global neonatal intensive care respiratory devices market was valued at US$ 1,500 Mn in 2017 and is projected to expand at a CAGR of 5% from 2018 to 2026 to reach US$ 2,500 Mn by 2026.

Respiratory Devices Market: The global respiratory devices market is set to chart a compound annual growth rate (CAGR) of 6.50% from 2018 to 2026. This will translate to a higher market share over the period – from USD 17 billion in 2017 to USD 31 billion by the end of the year 2026.

Depth of Anesthesia Monitoring Devices Market: The global depth of anesthesia monitoring devices market is anticipated to reach US$ 382.4 Mn by the end of 2031. It is projected to grow at a CAGR of 4.2% from 2022 to 2031.

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