What Role Government Authorities Play in U.S. Medical Equipment Maintenance Market Growth?

With every passing day, the dependence of humans on technology and machines is increasing. In healthcare for example, till at least the last decade of the 19th century, most diagnoses were made by doctors using nothing but their medical knowledge and skill, which wasn’t always accurate. Now, imaging systems, vital sign monitors, pathology machines, such as blood or urine analyzers, and several other electrical systems are a common sight at healthcare settings. Their importance in diagnosis and surgery makes then run throughout the day, seven days a week, which leads to wear and tear.

Preventive, operational, and corrective are the three types of repair services provided for medical devices and systems. Among these, healthcare entities in the country majorly go for preventive services, as these are provided via annual maintenance contracts (AMC), which are quite popular among customers here. AMCs generally offer numerous service cycles for a fixed payment every year, which comes out to be cost-effective for healthcare providers. Additionally, preventive maintenance is essential to keep the systems in prime operating conditions, so that unexpected breakdowns can be avoided.

Apart from the need to keep their systems in optimum condition and prevent breakdowns and operational calamities, another factor which pushes medical firms to regularly service their equipment is the strict government regulations imposed on the healthcare sector. With medical devices being used on lots of sick people every day, the chances of hospital-acquired infections (HAI) increase. As per the Centers for Disease Control and Prevention (CDC), one in every 31 patients gets an HAI in the country every day. As maintenance services also include a thorough cleaning of the equipment, health centers are mandated to avail of those.

The companies in the U.S. medical equipment maintenance market provide these solutions for imaging, electromedical, life-support, surgical, and dental equipment, and endoscopes. Imaging equipment is the most regularly serviced of all, as it is more expensive than others and premature replacement due to avoidable factors would lead to unnecessary expenditure for medical centers. This is also attributed to the increasing procurement of X-ray, ultrasound, magnetic resonance imaging (MRI), computed tomography (CT), nuclear imaging, and other such diagnostically and surgically important systems in the country.

Hence, with a rise in the installation of medical equipment in the U.S., the demand for their maintenance and repairs would also increase.

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Exploding Demand Expected for Off-Highway Electric Vehicles in Near Future

The revenue of the off-highway electric vehicles market in 2030 will be $97,754.1 million, compared to an estimated $16,908.6 million in 2021, and it will witness a massive 21.5% CAGR between 2021 and 2030. The key reason behind it would be the technological advancements in electric propulsions, which have already been widely tested and adopted in on-road vehicles.

Key advancements in this regard include a higher battery capacity and power output, both of which are essential for the success of EVs. Moreover, all this must happen without an increase in the price of batteries, which remains a key concern for those switching or seeking to switch to electric mobility for on- and off-road purposes.

Another major driver for the sale of such vehicles is the growing demand for low-emission and -noise machines in the construction sector, as they can operate in densely populated areas and even indoors.

Thus, the BEV category dominates the off-highway electric vehicles market in the propulsion segment. The absence of the diesel engine not only makes BEVs emission-free, but also extremely quiet.

This is also consistent with construction being the largest application area of off-highway electric vehicles. The global population boom is making the construction of civic, industrial, commercial, and residential infrastructure necessary.

In this regard, the stringent emission regulations being implemented on conventional vehicles around the world are playing a major part, by making these automobiles increasingly expensive.

During the COVID-19 pandemic, the sale of such equipment witnessed a massive downfall due to the closure of construction sites, mines and oil & gas projects, and many manufacturing plants, including of these vehicles themselves.

However, the race to finish the delayed infrastructure projects as soon as possible is benefitting the off-highway electric vehicles market in the post-lockdown era, with many OEMs launching new vehicle models suited to different purposes.

APAC continues to witness the highest demand for off-highway machines with fully electric or hybrid-electric propulsion. The region is the world's largest construction market and also the most-polluted, led by China and India in both these aspects. Therefore, the focus on integrating electric drivetrains in off-highway vehicles has become really strong here in the recent past. Additionally, APAC is the largest manufacturer of EVs, thus leading to their easy availability.

This presents lucrative opportunities for key off-highway electric vehicles market players, including Hyundai Doosan Infracore Co. Ltd., Komatsu Ltd., AB Volvo, Caterpillar Inc., LIEBHERR-International Deutschland GmbH, J.C. Bamford Excavators Limited, Sany Heavy Equipment International Holdings Company Limited, DEERE & COMPANY, Epiroc AB, and Hitachi Ltd. Thus, they have begun entering into partnerships and collaborations, merging with and acquiring similar firms, and expanding their geographical presence, apart from launching new vehicle models.

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Boom Expected in Biosensors Market in Future

A biosensor is an analytical device that measures a wide range of analytes, including bacteria, ions, organic compounds, and gases. The device comprises a biological element, such as a nucleic acid, an antibody, or an enzyme, and a transducer. The biological element combines with an analyte and a transducer to convert biological response into an electrical signal. It is portable, easy-to-use equipment that is used in a variety of applications, including medical testing, food toxicity, agricultural testing, industrial process, and environment monitoring, owing to its high accuracy and portability.

Due to these factors, biosensors are widely used for point-of-care testing. In recent years, the demand for this testing has increased significantly, on account of surging requirement for integrated and portable devices. It helps in performing tests near to patient and offers instant results outside laboratory. Biosensors also assist clinicians in diagnosing causes of diseases for immediate management. Thus, increasing penetration of such devices will accelerate the biosensors market at 9.8% CAGR during 2016–2022. The market stood at $14,169.5 million in 2015, which is projected to reach $27.1 billion by 2022.

Thus, the rising application of biosensors has encouraged companies, such as LifeSensors Inc., Nova Biomedical Corporation, TaiDoc Technology Corporation, Siemens AG, Medtronic PLC, Abbott Laboratories Inc., F. Hoffmann La Roche, Johnson and Johnson, ACON Laboratories, and I-SENS Inc., to develop and produce biosensors for multiple applications. These market players offer biosensors that are based on technologies, such as optical, thermal, electrochemical, and piezoelectric. Adoption of these technologies helps in providing accurate and immediate results within the medical, agriculture, and manufacturing industries.

According to P&S Intelligence, North America utilized the highest number of biosensors in 2015 in the biosensors market. Whereas, the Asia-Pacific (APAC) region will be the fastest adopter of such devices in the coming years. The APAC market is expected to grow significantly during the forecast period, due to the booming population, rising prevalence of diabetes, escalating awareness regarding clinical outcomes, and intensifying developments in technologies of medical equipment and devices. Among APAC nations, Japan is the largest consumer of biosensors.   

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Why are Hypodermic Needles Rapidly Replacing Traditional Needles in Healthcare Settings?

The growing incidence of various lifestyle-associated and chronic diseases and the soaring geriatric population in several countries are the major factors fueling the sales of hypodermic needles across the world. In addition to this, the rising concerns being raised over needlestick injuries are further boosting the demand for hypodermic needles. The Safe Injection Global Network (SIGN), under the World Health Organization (WHO), frequently conducts workshops and events all over the world for raising public awareness about safe injection methods and practices.

The increasing prevalence of needlestick injuries is another important factor contributing to the mushrooming popularity of hypodermic needles throughout the world. These needles are long, hollow, and cylindrical in shape and are primarily used with syringes for injecting and extracting fluids from the human body. These needles are available in two forms namely reusable and disposable. The reusable needles are required to be thoroughly sterilized before they are reused. These needles are majorly used by diabetics for administering insulin in their bodies. 

Diagnostic centers and hospitals are the major end users of the hypodermic needles. Of these, the usage of these needles is currently higher in the hospitals. This is credited to the rising number of people visiting hospitals for the diagnosis and treatment of various diseases and medical conditions. Moreover, the increasing incidence of various chronic diseases, rising implementation of government initiatives in several countries for promoting safe injection techniques, and the growing consumer preference for safety hypodermic needles in hospitals. 

In the coming years, the North American hypodermic needle market is predicted to exhibit rapid expansion. This is attributed to the rising incidence of lifestyle-associated and chronic diseases in the region and the increasing patient preference for safe injection methods in the North American countries. However, despite these growth drivers, the sales of the hypodermic needles will increase at a faster rate in the Asia-Pacific (APAC) region in the forthcoming years, mainly on account of the improving healthcare facilities and the increasing public awareness of safe injection practices and usage of syringes in the region.

Hence, it is certain that the sales of hypodermic needles will rise tremendously throughout the world in the years to come, primarily because of the growing incidence of lifestyle-associated and chronic diseases, soaring geriatric population, and the rising prevalence of needlestick injuries across the world. 

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What are the Key Factors Contributing to Surge of Medical Aesthetics Market?

The ability of the medical aesthetic treatments to provide enhanced physical appearance and thus, higher self-esteem and better psychological state is making these treatments highly sought-after across the world. Medical aesthetic treatments like botox play a major role in alleviating the problems of migraines and excessive sweating. 

Additionally, these advancements have caused a drastic reduction in the recovery time periods. Medical aesthetics procedures help people improve their physical appearance, which, in turn, helps them achieve high self-esteem. Treatment procedures such as Botox can help people deal with migraines and excessive sweating. When Botox is administered into the armpits of patients, it paralyzes the armpit’s sweat glands immediately, which subsequently leads to the release of lesser sweat than before. 

The rapid technological advancements and innovations in laser technology are significantly boosting the popularity of cosmetic procedures across the world. Owing to these advancements, laser-based procedures can now provide many benefits such as reduced intensity of pain and faster recovery times. Advanced laser technologies such as transdermal focussed ultrasound, higher intensity focused ultrasound (HIFU), and monopolar RF are widely used in many aesthetic treatments, such as fat reduction and body contouring. The rising popularity of various cosmetic procedures, owing to the development of advanced laser technologies, will further propel the demand for medical aesthetic treatments across the world.

Browse Detailed Analysis @ Medical Aesthetics Industry Growth

Due to the above-mentioned factors, the global medical aesthetics market is expected to witness substantial growth in the coming years. Medical aesthetics refer to a branch of scientific research that uses minimally invasive treatments in order to improve a person’s physical appearance through the use of lasers or other energy based devices and healthcare and beauty services. Medical aesthetics are commonly used in the treatment of fine lines and wrinkles, scars, and stretch marks, fat reduction, body contours, skin oxygenation and rejuvenation, skin tightening, and many other types of problems related to physical aesthetics.

This study covers

•             Major factors driving the market and their impact during the short, medium, and long terms

•             Market restraints and their impact during the short, medium, and long terms

•             Recent trends and evolving opportunities for the market participants

•             Historical and the present size of the market segments and understand their comparative future potential

•             Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

•             Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders

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How Will Low Storage Space Requirement Strengthen France LPG Market?

A number of factors such as the low upfront cost and less storage space required by LPG boilers and the massive government support toward new energy vehicles will help the French LPG market demonstrate a CAGR of 2.1% between 2020 and 2030. According to P&S Intelligence, the market was valued at $7,691.2 million in 2020, and it will generate $9,480.3 million revenue by 2030. Additionally, the rising public awareness regarding environmental pollution will also propel the demand for LPG in France.

The low upfront cost of LPG boilers is one of the primary growth drivers of the French LPG market. As compared to an electric heat pump or automatic-fed biomass boiler, an LPG boiler is available at a very low cost. Additionally, the upfront cost of LPG boilers is also lower than air source heat pumps. In addition, the easy storage of LPG is also a key contributor to the industry growth, as wood chip fuel and wood pellet storage requires minimum ventilation standards for preventing off-gassing or buildup of toxic gases.

The industrial category, under the industrial segment, is expected to demonstrate the fastest growth in the French LPG market throughout this decade. This will be on account of the increasing use of LPG for space and process heating, powering forklifts, manufacturing packaging materials, food production, and powering industrial ovens. In addition, a high volume of LPG is also being used as fuel in furnaces and kilns. The wide application base of LPG in the industrial sector can be credited to the high calorific value of this gas. It is primarily used in applications, including cooking, hot air balloons, agriculture, and transportation (Autogas).

At present, the French LPG industry is consolidated in nature, due to the presence of four dominant players, namely Antargaz, Rubis SCA (Vitogaz), Primagaz, and DCC plc (Butagaz). In recent years, these players have been adopting different strategic measures, including product launches and acquisitions, to stay ahead of their competitors in the market. For example, in July 2021, Antargaz acquired Redéo Énergies as part of its ongoing efforts to expand the portfolio of its multi-energy offerings. With this move, Antargaz aims at introducing a new solution that combines green energy and local production. 

Therefore, the low upfront cost of LPG boilers and the low storage space required for LPG gas are the key contributors to the market growth in France.

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How Will Hospitality Sector Strengthen Kuwait Facility Management Market?

The Kuwaiti facility management market is expected to grow at a CAGR of 8.5% between 2021 and 2030, owing to the booming hospitality sector and upcoming infrastructure projects in the country. According to P&S Intelligence, the industry was valued at $954.4 million in 2021, and it will generate $1,995.5 million revenue by 2030. In recent years, economic diversification has become a major trend in the market. To decrease its reliance on the energy sector, the government is focusing on increasing investments in the tourism, construction, and hospitality sectors to reduce its dependence on oil revenue.

One of the major growth drivers of the Kuwaiti facility management market is the flourishing hospitality sector, owing to the increasing footfall of tourists in the country. According to the WorldData, a total of 2 million tourists visited Kuwait in 2020. The government is encouraging private investments, constructing new attractions, increasing international promotion campaigns, and expanding airport capacity to boost the hospitality sector in the nation. The surging tourist footfall and soaring government support for the hospitality sector will result in the construction of hospitality units, which require facility management services to offer more comfort to customers.

The property category, within the service segment, accounted for the largest share in the Kuwaiti facility management industry in 2021. Whereas, the cleaning category is expected to register the fastest growth in the market throughout this decade. This will be due to the rising expectation for cleaning, germfree, and hygienic public spaces and workspaces, on account of the ongoing COVID-19 pandemic. To deal with the safety quotient of sanitation, enterprises and government organizations are using innovative scanners and sensors in facility management equipment.

With the presence of numerous players, the Kuwaiti facility management market is fragmented in nature, owing to which the competition has increased considerably. Nowadays, the market players are focusing on different strategic measures, such as contract wins and product launches, to gain a competitive edge. Some of the leading players in the market include Kharafi National for Infrastructure Projects Developments Construction and Services S.A.E., R&E Petroleum Co., and Fawaz Trading & Engineering Services Co. W.L.L.

Thus, the expanding hospitalization sector will steer the demand for facility management services in Kuwait.

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