Life Care Solution Services Market (Product Type: Diagnostic Cardiology Devices, Patient Monitoring Devices, Anesthesia/Respiratory Devices, Maternal & Infant Care Devices, and Consumables)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Life Care Solution Services market was valued at USD 1.9 billion in 2021 and it is expected to hit around USD 4.7 billion by 2030 with a CAGR of 7.3% during the forecast period 2022 to 2030.

The global life care solution services market is projected to grow due to technological advancements in health care solutions & services, surge in R&D funding, increase in demand for surgeries, and rise in prevalence of chronic diseases. Prominent companies are inventing technologically advanced devices in order to cater to the increasing patient demand. For instance, in February 2022, Mindray Medical International Co., Ltd. expanded its A-Series Advantage – Anesthesia Machine platform. The platform improves clinical care and enhances user satisfaction with multiple choices in ventilation modes.

Report Scope of the Life Care Solution Services Market

Increase in Focus on Preventive Maintenance of Medical Equipment

Focus on the maintenance of medical equipment has increased in the past few years. This primarily involves a designed program, where maintenance tasks are performed in a scheduled manner in order to avoid expensive and larger repairs down the line. It also helps reduce equipment downtime. The preventive maintenance approach is gaining traction, as planned inspections and medical equipment maintenance services help avoid medical device-related adverse accidents. Regular maintenance services confirm the efficient, safe, and long-lasting utilization of life care solutions. Thorough maintenance combined with proper use of life care medical solutions ensures increased availability and maximum efficiency of equipment at reasonable costs and under satisfactory conditions of safety, quality, and environmental protection.

Manufacturers of ventilators and other medical equipment are maintaining tight control on hospitals to service and repair their products. Modern ventilators are generally serviced after every six months of use and can last for 10 years if maintained well.

Growth Potential of Emerging Economies to Drive Global Life Care Solution Service Market

Emerging economies, including China, India, South Korea, Brazil, Russia, South Africa, and Turkey, provide significant opportunities for life care solution services companies. Large population base, specifically in China and India, offers a lucrative market for life care solution services. More than half of the global population lives in India and China; hence, these countries have a significant patient base. Among the 18.6 million CVD deaths across the globe in 2019, 58% occurred in countries in Asia.

Companies operating in developing countries engage in business expansion to strengthen their footprint across the globe. For instance, in March 2019, Nihon Kohden Corporation, a Japan-based prominent manufacturer, developer, and distributor of medical electronic equipment, announced the official launch of ‘Performance Care’, a comprehensive service and support program. ‘Performance Care’ provides two levels of care, with additional services including award-winning customer support, free software upgrades and updates, and a five-year warranty. Rise in number of research institutions is augmenting the life sciences research industry in emerging countries. This, in turn, is increasing the demand for multiple innovative medical imaging modalities in Asia Pacific.

Investment in Expansion of Service Offerings by Key Companies to Propel OEMs Segment

In terms of service provider, the global life care solution services market has been bifurcated into original equipment manufacturers (OEMs) and independent service providers (ISOs). The OEMs segment held major share of the global market in 2021. The segment is expected to grow at a moderate pace during the forecast period. Prominent manufacturers, such as Becton, Dickinson and Company, Getinge AB, and Atom Medical, are investing substantially in the expansion of their service offerings. Moreover, technological innovations leading to rapid processing and shorter test time are expected to augment the segment during the forecast period.

Increase in Prevalence of Airway and Other Lung Diseases to Boost Demand for Anesthesia/Respiratory Devices

In terms of application, life care solution services are classified into diagnostic cardiology devices, patient monitoring devices, anesthesia/respiratory devices, maternal & infant care devices, and consumables. The anesthesia/respiratory devices segment is projected to grow at a CAGR of 7.2% during the forecast period. Surge in number of surgeries, technological advancements in anesthesia monitoring, and rise in prevalence of airway and other lung diseases across the world are likely to drive the segment during the forecast period. Additionally, strategic collaborations between key companies are projected to propel the segment. For instance, in January 2022, Senzime, a Sweden-based medical device company that manufactures and markets FDA- and CE-approved monitoring systems for anesthesia patients, announced a service partnership with Mercury Medical, a dedicated firm that delivers clinically differentiated critical care technology. Mercury Medical is an exclusive provider of biomedical repair and maintenance services in the U.S. Mercury Medical and Senzime will extend sales distribution in the U.S. through the service partnership.

Higher Adoption of Equipment Maintenance Services to Augment Hospitals Segment

In terms of end-user, the global life care solution services market has been divided into hospitals, clinics, and others. The hospitals segment dominated the global life care solution services market in 2021. According to the American Hospital Association (AHA), the U.S. has 6,093 hospitals presently. Increase in number of hospitals across the globe and comparatively higher performance & adoption of equipment maintenance services in these settings augment the hospitals segment.

Regional Outlook of Global Life Care Solution Services Market

North America accounted for the largest share of around 60% of the global market in terms of volume in 2021. The market in the region is driven by factors such as increase in investment in research & innovations and rise in number of patients with chronic diseases, specifically across Canada and the U.S. Additionally, a strong base of healthcare facilities, especially specialty clinics and hospitals, and presence of several prominent medical equipment manufacturers is enabling North America dominate the global market. For instance, in September 2021, Teladoc Health, the U.S.-based multinational telemedicine and virtual healthcare company, announced that it will provide remote patient monitoring solutions across multiple provinces, serving nearly 60% of Canada’s population.

EMEA and Intercontinental countries are also large users of life care solution services, and held the second and third largest share of the global market, respectively, in 2021. The life care solution services market in Intercontinental countries is highly influenced by the growth of the medical tourism industry. Favorable regulatory policies and presence of leading players such as GE Healthcare, Koninklijke Philips N.V., and Medtronic plc are also projected to drive the market in the region.

Key Developments in Global Life Care Solution Services Market

• On April 28, 2022, GE Healthcare and Medtronic plc announced a collaboration that will focus on fulfilling the unique need of care at office-based labs (OBLs) and ambulatory surgery centers (ASCs). Under this new strategic collaboration, clients can access product portfolios such as monitoring, ultrasound, imaging, and other exceptional services.
• In April 2022, Natus Medical Incorporated announced that it had entered into a definitive agreement to be acquired by an affiliate of ArchiMed, a France-based investment firm that offers strategic and financial partnerships to Europe- and North America-based companies operating in areas such as life care services, medical devices & technologies, life science tools, healthtech, diagnostics, and consumer health. The acquisition is expected to provide Natus’s shareholders with immediate and substantial cash value, as well as a compelling premium.
• In October 2021, Drägerwerk AG & Co. KGaA launched the Savina 300 NIV, the latest ventilator in its Savina 300 family of ventilators, which offers safe, effective, and reliable non-invasive ventilation for acute and alternative care environments. The ventilator features automatic leakage compensation to deliver consistent prescribed settings when faced with patient interface leaks. This product launch enabled the company to expand its ventilator product range.

Some of the prominent players in the Life Care Solution Services Market include:

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

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Life Care Solution Services market

• Product
• Patient Monitoring Devices
• Diagnostic Cardiology Devices
• Maternal & Infant Care Devices
• Anesthesia/Respiratory Devices
• Consumables
• Service Provider
• Original Equipment Manufacturers
• Independent Service Providers
• End-user
• Hospitals
• Clinics
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Life Care Solution Services industry analysis from 2022 to 2030 to identify the prevailing Life Care Solution Services industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Life Care Solution Services industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Life Care Solution Services industry trends, key players, market segments, application areas, and market growth strategies.