Remote and Predictive Medical Equipment Maintenance Market Insights on Upcoming Trends

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The medical device industry is now progressively embracing the utilization of advanced technologies like The Internet of Things (IoT), Artificial Intelligence (AI), and data analytics to resolve problems faster and effectively. The market for remote and predictive maintenance was growing but Covid-19 gave it a much-desired push. However, perceived complexity and data security concerns may pose a huge challenge to its growth.

The global remote and predictive medical equipment maintenance market is anticipated to witness double-digit growth, driven by several advantages offered by it over preventive/reactive maintenance, growing digitalization, and the need to improve operational efficiency and extend equipment life.

Change from Preventive/Reactive Maintenance to Predictive Maintenance
Preventive maintenance is regularly planned on a recurring basis but could be sometimes unplanned. It depends on the theoretical failure rate and not on actual machine data. Additionally, reactive maintenance is time-consuming and breaks the operations workflow leading to costly downtimes. Instead, 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 constant observing, IoT enables the consistent transmission of data from device sensors to the maintenance team who will remotely screen the equipment. With the benefit of data analytics, the maintenance team recognizes any unusual activity that may cause device failure and predict the equipment downtime. This Just-in-time maintenance strategy ultimately improves overall equipment effectiveness (OEE) levels. Therefore, the medical device industry is quickly moving towards more proactive and predictive maintenance to lessen equipment downtime and maintenance costs, enhance asset utilization, extend equipment life, and improve operational efficiency, safety, and compliance.

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Development of Cloud-based Market Solutions for Remote and Predictive Medical Equipment Maintenance Market
Modern healthcare systems support digital transformation goals. Healthcare organizations are moving towards cloud-based platforms, to better automate processes. Some of the other driving variables are scalability, accessibility, cost-effectiveness, and security offered by cloud-based solutions. Looking at the emerging growth opportunities, companies are progressively offering cloud-based solutions to remotely manage a fleet of IoT devices from anywhere in the world in an instant.

Positive Effect of Covid-19 on the Uptake of Remote Maintenance
Healthcare is one of the key industries that basically cannot afford extended downtime as it may cost a life. Preventing equipment outages at a distance is extremely important, as it allows the resolution of problems earlier and reduces both cost and downtime. However, this has become more critical post covid-pandemic.

Lack of employees and technicians, high demand for medical equipment/devices, and worldwide 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 care delivery. This caused in a flow in demand for remote and predictive maintenance solutions all across the world.

Regional Overview: Remote and Predictive Medical Equipment Maintenance Market
According to a geological viewpoint, North America has the major market share of the remote and predictive medical equipment maintenance market. This is mostly attributed to the significant presence of medical equipment OEMs and related software companies in this region, advanced healthcare infrastructure, strict compliance, and a greater focus on minimizing costs to improve overall profitability.

Competitive Landscape Analysis of Remote and Predictive Medical Equipment Maintenance Market
The global remote and predictive medical equipment maintenance market is vastly competitive and fragmented with some established OEMs additionally offering remote services and several emerging IoT/software and service companies.

Some of the leading and promising players 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.

As a key development strategy, companies operating in the remote and predictive medical equipment maintenance market are focusing on adding/expanding their portfolio with remote and predictive maintenance software/services.

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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.

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Ruta Halde
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