Life Care Solution Services Market Size, Share & Analysis Report, 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
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Report Coverage |
Details |
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Market Size |
USD 4.7 Billion by 2030 |
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Growth Rate |
CAGR of 7.3% from 2022 to 2030 |
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Largest Market |
North America |
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Fastest Growing Market |
Asia Pacific |
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Base Year |
2021 |
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Forecast Period |
2022 to 2030 |
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Segments Covered |
Product, Service Provider, End-user, and Region, |
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Companies Mentioned |
Abbott Laboratories, Atom Medical Corporation, Becton, Dickinson and Company (BD), Drägerwerk AG & Co. KGaA, Nihon Kohden Corporation, Edwards Lifesciences Corporation, GE Healthcare (General Electric Company), Getinge AB, Hill-Rom Services, Inc., Koninklijke Philips N.V., Masimo Corporation, Natus Medical Incorporated, Medtronic plc, and Shenzhen Mindray Bio-Medical Electronics Co., Ltd. |
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
Some of the prominent players in the Life Care Solution Services Market include:
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
By Geography
Key Benefits for Stakeholders
Chapter 1. Introduction
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: Global Life Care Solution Services Market
4. Market Overview
4.1. Overview
4.2. Market Dynamics
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities
5. Key Insights
5.1. Key Industry Events
5.2. Technological Advancements
5.3. COVID-19 Impact Analysis
6. Global Life Care Solution Services Market Analysis and Forecast, by Product Type
6.1. Introduction & Definition
6.2. Key Findings/Developments
6.3. Market Value Forecast, by Product Type, 2017–2030
6.3.1. Patient Monitoring Devices
6.3.2. Diagnostic Cardiology Devices
6.3.3. Maternal & Infant Care Devices
6.3.4. Anesthesia/Respiratory Devices
6.3.5. Consumables
6.4. Market Attractiveness Analysis, by Product Type
7. Global Life Care Solution Services Market Analysis and Forecast, by Service Provider
7.1. Introduction & Definition
7.2. Key Findings/Developments
7.3. Market Value Forecast, by Service Provider, 2017–2030
7.3.1. Original Equipment Manufacturers
7.3.2. Independent Service Providers
7.4. Market Attractiveness Analysis, by Service Provider
8. Global Life Care Solution Services Market Analysis and Forecast, by End-user
8.1. Introduction & Definition
8.2. Key Findings/Developments
8.3. Market Value Forecast, by End-user, 2017–2030
8.3.1. Hospitals
8.3.2. Diagnostic Centers
8.3.3. Others
8.4. Market Attractiveness Analysis, by End-user
9. Global Life Care Solution Services Market Analysis and Forecast, by Region
9.1. Key Findings
9.2. Market Value Forecast, by Region
9.2.1. North America
9.2.2. EMEA
9.2.3. China
9.2.4. Intercontinental
9.3. Market Attractiveness Analysis, by Country/Region
10. North America Life Care Solution Services Market Analysis and Forecast
10.1. Introduction
10.1.1. Key Findings
10.2. Market Value Forecast, by Product Type, 2017–2030
10.2.1. Patient Monitoring Devices
10.2.2. Diagnostic Cardiology Devices
10.2.3. Maternal & Infant Care Devices
10.2.4. Anesthesia/Respiratory Devices
10.2.5. Consumables
10.3. Market Value Forecast, by Service Provider, 2017–2030
10.3.1. Original Equipment Manufacturers
10.3.2. Independent Service Providers
10.4. Market Value Forecast, by End-user, 2017–2030
10.4.1. Hospitals
10.4.2. Diagnostic Centers
10.4.3. Others
10.5. Market Value Forecast, by Country, 2017–2030
10.5.1. U.S.
10.5.2. Canada
10.6. Market Attractiveness Analysis
10.6.1. By Product Type
10.6.2. By Service Provider
10.6.3. By End-user
10.6.4. By Country
11. EMEA Life Care Solution Services Market Analysis and Forecast
11.1. Introduction
11.1.1. Key Findings
11.2. Market Value Forecast, by Product Type, 2017–2030
11.2.1. Patient Monitoring Devices
11.2.2. Diagnostic Cardiology Devices
11.2.3. Maternal & Infant Care Devices
11.2.4. Anesthesia/Respiratory Devices
11.2.5. Consumables
11.3. Market Value Forecast, by Service Provider, 2017–2030
11.3.1. Original Equipment Manufacturers
11.3.2. Independent Service Providers
11.4. Market Value Forecast, by End-user, 2017–2030
11.4.1. Hospitals
11.4.2. Diagnostic Centers
11.4.3. Others
11.5. Market Value Forecast, by Country/Sub-region, 2017–2030
11.5.1. Europe
11.5.2. Middle East
11.5.3. Africa
11.5.4. Russia/CIS
11.6. Market Attractiveness Analysis
11.6.1. By Product Type
11.6.2. By Service Provider
11.6.3. By End-user
11.6.4. By Country/Sub-region
12. China Life Care Solution Services Market Analysis and Forecast
12.1. Introduction
12.1.1. Key Findings
12.2. Market Value Forecast, by Product Type, 2017–2030
12.2.1. Patient Monitoring Devices
12.2.2. Diagnostic Cardiology Devices
12.2.3. Maternal & Infant Care Devices
12.2.4. Anesthesia/Respiratory Devices
12.2.5. Consumables
12.3. Market Value Forecast, by Service Provider, 2017–2030
12.3.1. Original Equipment Manufacturers
12.3.2. Independent Service Providers
12.4. Market Value Forecast, by End-user, 2017–2030
12.4.1. Hospitals
12.4.2. Diagnostic Centers
12.4.3. Others
12.5. Market Attractiveness Analysis
12.5.1. By Product Type
12.5.2. By Service Provider
12.5.3. By End-user
13. Intercontinental Life Care Solution Services Market Analysis and Forecast
13.1. Introduction
13.1.1. Key Findings
13.2. Market Value Forecast, by Product Type, 2017–2030
13.2.1. Patient Monitoring Devices
13.2.2. Diagnostic Cardiology Devices
13.2.3. Maternal & Infant Care Devices
13.2.4. Anesthesia/Respiratory Devices
13.2.5. Consumables
13.3. Market Value Forecast, by Service Provider, 2017–2030
13.3.1. Original Equipment Manufacturers
13.3.2. Independent Service Providers
13.4. Market Value Forecast, by End-user, 2017–2030
13.4.1. Hospitals
13.4.2. Diagnostic Centers
13.4.3. Others
13.5. Market Value Forecast, by Country/Sub-region, 2017–2030
13.5.1. Latin America
13.5.2. Japan
13.5.3. Australia & New Zealand
13.5.4. South Korea
13.5.5. Indonesia
13.5.6. Vietnam
13.5.7. Thailand
13.5.8. Philippines
13.5.9. Singapore
13.5.10. Malaysia
13.5.11. Cambodia
13.5.12. Laos
13.5.13. Myanmar
13.5.14. India
13.5.15. South Asia
13.6. Market Attractiveness Analysis
13.6.1. By Product Type
13.6.2. By Service Provider
13.6.3. By End-user
13.6.4. By Country/Sub-region
14. Competition Landscape
14.1. Market Player - Competition Matrix (by tier and size of companies)
14.2. Market Share Analysis, by Company, 2021
14.3. Company Profiles
14.3.1. Abbott Laboratories
14.3.1.1. Company Overview
14.3.1.2. Product Portfolio
14.3.1.3. SWOT Analysis
14.3.1.4. Strategic Overview
14.3.2. Atom Medical USA, LLC
14.3.2.1. Company Overview
14.3.2.2. Product Portfolio
14.3.2.3. SWOT Analysis
14.3.2.4. Strategic Overview
14.3.3. BD
14.3.3.1. Company Overview
14.3.3.2. Product Portfolio
14.3.3.3. SWOT Analysis
14.3.3.4. Strategic Overview
14.3.4. Drägerwerk AG & Co. KGaA
14.3.4.1. Company Overview
14.3.4.2. Product Portfolio
14.3.4.3. SWOT Analysis
14.3.4.4. Strategic Overview
14.3.5. Edwards Lifesciences Corporation
14.3.5.1. Company Overview
14.3.5.2. Product Portfolio
14.3.5.3. SWOT Analysis
14.3.5.4. Strategic Overview
14.3.6. GE Healthcare (General Electric Company)
14.3.6.1. Company Overview
14.3.6.2. Product Portfolio
14.3.6.3. SWOT Analysis
14.3.6.4. Strategic Overview
14.3.7. Getinge AB
14.3.7.1. Company Overview
14.3.7.2. Product Portfolio
14.3.7.3. SWOT Analysis
14.3.7.4. Strategic Overview
14.3.8. Hill-Rom Services, Inc.
14.3.8.1. Company Overview
14.3.8.2. Product Portfolio
14.3.8.3. SWOT Analysis
14.3.8.4. Strategic Overview
14.3.9. Koninklijke Philips N.V.
14.3.9.1. Company Overview
14.3.9.2. Product Portfolio
14.3.9.3. SWOT Analysis
14.3.9.4. Strategic Overview
14.3.10. Masimo Corporation
14.3.10.1. Company Overview
14.3.10.2. Product Portfolio
14.3.10.3. SWOT Analysis
14.3.10.4. Strategic Overview
14.3.11. Medtronic plc
14.3.11.1. Company Overview
14.3.11.2. Product Portfolio
14.3.11.3. SWOT Analysis
14.3.11.4. Strategic Overview
14.3.12. Natus Medical Incorporated
14.3.12.1. Company Overview
14.3.12.2. Product Portfolio
14.3.12.3. SWOT Analysis
14.3.12.4. Strategic Overview
14.3.13. Nihon Kohden Corporation
14.3.13.1. Company Overview
14.3.13.2. Product Portfolio
14.3.13.3. SWOT Analysis
14.3.13.4. Strategic Overview
14.3.14. Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
14.3.14.1. Company Overview
14.3.14.2. Product Portfolio
14.3.14.3. SWOT Analysis
14.3.14.4. Strategic Overview
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers