Life Care Solution Services Market Set for Rapid Growth

4.9
Life Care Solution Services Market Set for Rapid Growth
4 Min Read

In terms of service provider, the global life care solution services market has been bifurcated into original equipment manufacturers (OEMs) and independent ser

Overview of Life Care Solution Services Market

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.

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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.

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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.