Global Remote & Predictive Medical Equipment Maintenance Market is set to witness a healthy growth by 2026 - Philips, Siemens, GE, Fujifilm, Canon, Draeger, Agfa, IBM, Kalypso, Althea

The remote and predictive maintenance of medical devices is becoming essential due to the rising digitalization and shift toward connected devices and cloud-based infrastructures. The medical device industry is now embracing the utilization of advanced technologies like IoT, Artificial Intelligence (AI) and Data Analytics to resolve the problems much quicker and more accurately. The remote and predictive medical equipment maintenance market was growing at a decent pace but Covid-19 virus gave it a much-needed push. However, perceived complexity and data security concerns may still pose a major challenge to its market growth.

Shift from Preventive/Reactive Maintenance to Predictive Maintenance

Preventive maintenance is typically scheduled on a recurring basis but cannot be sometimes unplanned. It is based on the theoretical failure rate and not on actual machine data. Moreover, reactive maintenance is time-consuming and breaks the operations workflow leading to costly downtimes. Whereas, predictive maintenance is maintenance performed only when needed based on analytics on historical data to forecast suggested times for pro-active inspection or maintenance.

For real-time monitoring, IoT enables the continuous transmission of data from device sensors to the maintenance team who will remotely monitor the medical equipment. With the help of data analytics, the maintenance team identifies any unusual activity that may cause device failure and predict the equipment downtime. This Just-in-time maintenance strategy ultimately improves the overall equipment effectiveness (OEE) levels. Thus, the medical device industry is rapidly shifting towards more proactive and predictive maintenance to reduce equipment downtime and maintenance costs, enhance asset utilization, extend equipment life, and improve operational efficiency, safety, and compliance.

Favourable Positive Impact of Covid-19 on the Uptake of Remote Maintenance

Healthcare is one of the major industries which simply cannot afford extended downtime as it may cost a human life. Preventing equipment outages at a distance is extremely critical, as it enables the resolution of problems earlier and reduces both costs and downtime. However, this has become more essential post covid-19 pandemic.

Shortage of medical employees and technicians, high demand for medical equipment/devices, and global supply chain disruption during the COVID-19 pandemic forced companies to think about remote solutions to minimize downtime and increase the equipment output for smoother delivery. This resulted in an increase in demand for remote and predictive maintenance solutions all across the world.

Geographic Analysis: Remote & Predictive Medical Equipment Maintenance Market

From a geographical perspective, North America holds the highest share of the remote & predictive medical equipment maintenance market. This is mainly attributed to the presence of leading medical equipment OEMs and related software companies in this region, advanced healthcare infrastructures, strict compliance, and a greater focus on minimizing costs to improve overall profitability.

Competitive Landscape Analysis: Remote & Predictive Medical Equipment Maintenance Market

The global remote & predictive medical equipment maintenance market is highly competitive and fragmented with some established OEMs additionally offering remote services and several emerging IoT/software and service companies.

Some of the established players operating in this market are Philips, Siemens Healthineers, GE Healthcare, Fujifilm Healthcare, Canon Medical Systems, Draeger, Agfa, Transasia Bio-Medical, IBM, UptimeHealth, Kalypso, Karvy Analytics, InHand Networks, Althea, Accruent, Infinite Uptime, Robustel, Micromax Health, among others.

To build reliable growth strategies, companies operating in the remote & predictive medical equipment maintenance market are focusing on adding/expanding their portfolio with remote and predictive maintenance software/services.

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Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

This release was published on openPR.