Life Care Solution Services Market Offering Trends, Share, Size, Growth Until the End of 2031

Life Care Solution Services Market Outlook 2031
• The global life care solution services market was valued at US$ 1.5 Bn in 2021
• The global market is projected to grow at a CAGR of 6.3% from 2022 to 2031
• The global life care solution services market is expected to reach more than US$ 2.7 Bn by the end of 2031
Analysts' Viewpoint on Life Care Solution Services Market Scenario
Life care solution services help improve the level of care in community hospitals and clinics, thus allowing patients across the world to receive enhanced care. The global market for life care solution services is experiencing significant changes in the competitive landscape and patient base due to the quick shift toward value-added service offerings. Automated artificial manual-breathing unit (AMBU) bags are gaining traction among clinicians, researchers, and policymakers due to fast production, cost-effective deployment, and easy access to a larger portion of the population across the globe. Technological developments in life care and surgical solutions are likely to drive the global life care solution services market during the forecast period.
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.
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.

Report Overview: https://www.transparencymarketresearch.com/life-care-solution-services-market.html

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.

Request Sample: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=84854

Analysis of Key Players in Global Life Care Solution Services Market
The global life care solution services market is consolidated, with the presence of large-scale and small-scale vendors. Majority of the companies are investing significantly in research & development activities, primarily to introduce innovative devices. Key players are entering into strategic alliances to increase revenue and market share in the global life care solution services market. Furthermore, diversification of product portfolios and mergers & acquisitions are the major strategies adopted by the leading players.
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. are the prominent companies operating in the global life care solution services market.

Enquiry Before Buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=84854

Trending Reports:

https://www.transparencymarketresearch.com/sensor-based-smart-catheters-market.html

https://www.transparencymarketresearch.com/plasma-sterilizers-market.html

Contact
Rohit Bhisey
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com

About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

For More Research Insights on Leading Industries, Visit Our YouTube Channel and hit subscribe for Future Update - https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ

This release was published on openPR.