Technology
Medical Equipment Maintenance Market: Forecasted USD 88.9 Billion by 2029, CAGR 10.5% | MarketsandMarkets™
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CHICAGO, June 14, 2024 /PRNewswire/ — Projected to grow at a CAGR of 10.5%, the global medical equipment maintenance market is anticipated to reach USD 88.9 billion by 2029, up from USD 54.0 billion in 2024. This growth is fueled by the escalating prevalence of chronic diseases such as diabetes, cardiovascular conditions, and cancer, driving up the demand for essential medical devices. Healthcare facilities are increasingly investing in advanced equipment to ensure accurate diagnosis, treatment, and monitoring, necessitating regular maintenance to uphold optimal functionality and reliability. However, the significant initial costs of acquiring medical equipment, coupled with ongoing budget constraints in healthcare facilities, pose challenges, prompting providers to seek cost-effective maintenance solutions. Key players like GE Healthcare Technologies Inc., Siemens Healthineers, and Medtronic plc offer comprehensive maintenance services tailored to meet the diverse needs of healthcare facilities globally, ensuring operational excellence and patient safety.
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Industry Dynamics: Growth Drivers in Medical Equipment Maintenance
Growth in Medical Equipment Markets: The global expansion of various medical equipment markets is fueled by the need for safer, more efficient, and higher-quality healthcare. Innovations in the sector further drive this growth, with patients increasingly favoring technologically advanced devices due to improved affordability and accessibility. Distribution channels, including e-commerce platforms and third-party providers, contribute to this growth, facilitated by expanded delivery infrastructure and comprehensive networks.
Restraints: High Initial Costs and Maintenance Expenditure
High Initial Costs and Maintenance Expenditure: Maintenance programs for medical devices are crucial for effective utilization and uptime tracking, especially amid austerity measures. These programs often incorporate asset management solutions leveraging advanced technologies. However, substantial installation and ongoing maintenance expenses hinder adoption. Annual service contract fees, approximately 12% of equipment costs, and cumulative service costs exceeding purchase prices deter many end users from adopting advanced technologies.
Opportunity: Emergence of Independent Service Organizations (ISOs)
Emergence of Independent Service Organizations: Independent Service Organizations (ISOs) are rising, offering maintenance services that OEMs may lack in efficiency and satisfaction. ISOs service multiple device brands, providing centralized management platforms and significantly reducing maintenance costs. With ISOs charging 30-50% less than OEMs for maintenance and repairs, they become increasingly preferred by end users, offering flexible contracts and shorter response times.
Challenge: Survival of Small Players in a Competitive Market
Survival of Small Players: The highly fragmented and competitive medical equipment maintenance market poses challenges for smaller players, including startups and local entities, in sustaining their presence. Substantial capital requirements, logistical challenges, and regulatory hurdles make survival difficult. Larger companies focus on technology development, acquisitions, and partnerships, creating a competitive environment where cost becomes crucial for end users.
Market Ecosystem
Leading players like Siemens Healthineers, GE Healthcare Technologies Inc., Medtronic plc, Koninklijke Philips N.V., and FUJIFILM Holdings Corporation dominate the medical equipment maintenance market with diversified portfolios, advanced technologies, and global presence, shaping the industry landscape significantly.
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Diagnostic Imaging Equipment Leads Medical Equipment Maintenance Market
Segmented by device type, the medical equipment maintenance market covers various categories, including diagnostic imaging equipment, surgical equipment, dental equipment, and more. Notably, in 2023, the diagnostic imaging equipment segment held the largest market share. The rapid technological evolution in this sector necessitates frequent upgrades, driving demand for maintenance services. Staying current with technological advancements is crucial for healthcare facilities to maintain competitiveness and efficacy, prompting investments in maintenance to optimize equipment performance and deliver enhanced diagnostic capabilities.
Multi-Vendor OEMs Dominate Maintenance Services
Segmented by service provider, the market includes multi-vendor OEMs, single-vendor OEMs, ISOS, and in-house maintenance. Multi-vendor OEMs command the largest share, offering customized maintenance solutions tailored to the unique requirements and financial constraints of healthcare institutions. This tailored approach enhances operational efficiency and cost-effectiveness while ensuring the reliability and longevity of critical medical equipment.
Preventive Maintenance Foreseen for Substantial Growth
Segmented by service type, the market comprises operational, corrective, and preventive maintenance. The preventive maintenance segment is expected to witness significant growth due to its proactive benefits. By implementing preventive maintenance protocols, healthcare facilities cultivate continuous improvement, enhancing operational efficiency, minimizing downtime, and sustaining the reliability and performance of critical medical equipment assets.
Hospitals Lead End User Segment
Segmented by end users, hospitals account for the largest share, actively involved in improving operational efficiency and patient care quality. Maintenance services play a crucial role in ensuring the dependability, effectiveness, and durability of medical equipment assets, contributing to seamless healthcare delivery and enhanced patient outcomes and satisfaction.
Premium Contracts Dominate Contract Types
Segmented by contract type, premium contracts hold the largest share, offering customizable pricing models and flexible payment terms tailored to facility budgetary constraints. This bespoke approach ensures maintenance services remain accessible while optimizing cost-effectiveness and operational efficiency.
Asia Pacific Emerges as Fastest-Growing Market
The Asia Pacific region is estimated to be the fastest-growing market, driven by government healthcare reforms, investments in maintenance infrastructure, and increasing demand for high-quality healthcare services. The influx of medical tourists further boosts demand for well-maintained medical equipment in hospitals and medical centers, driving market growth in the region.
Recent Developments in Medical Equipment Maintenance:
In October 2023, GE Healthcare partnered with reLink Medical to offer asset management solutions, aiding healthcare providers in reducing medical device waste, enhancing operational efficiency, and maximizing equipment utilization. This collaboration aims to optimize resources by assisting in managing end-of-life medical equipment effectively.May 2023 witnessed Siemens Healthineers and CommonSpirit Health acquiring Block Imaging to provide sustainable options and meet the increasing demand for multi-vendor imaging parts and services in the U.S. hospitals, health systems, and other care sites.April 2023 saw Koninklijke Philips collaborating with Amazon Web Services (AWS) to develop and deploy generative AI applications. This partnership offers migration expertise, cost analysis, and cybersecurity technical support for customers transitioning from on-premises to cloud-based solutions, facilitating seamless integration and deployment.
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MRO Starts 2025 Strong with Top CEO Award, Major Client Wins, and Record-Breaking Growth
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Latest successes underscore MRO’s legacy and leadership in clinical data exchange, setting the stage for another milestone year.
NORRISTOWN, Pa., Jan. 15, 2025 /PRNewswire/ — MRO Corp. (MRO), the leading clinical data exchange company in healthcare, is pleased to announce its CEO, Jason Brown, was named one of The Top 50 Healthcare Technology CEOs of 2024, following several years of client expansion and growth.
This year’s Top CEO list features individuals whose leadership has been a driving force behind some of the most significant advancements in healthcare. MRO’s Jason Brown is one of those CEOs who has inspired his team to push boundaries, fostering a culture of innovation and transformative breakthroughs. This year’s awardees were selected through a methodical nomination process and careful consideration of each candidate’s career track record and industry contributions.
Over the last three years since Jason became CEO of MRO, the organization has experienced remarkable organic growth and innovation.
“Technological innovation has been pivotal in driving our impressive results and our growth trajectory,” said Jason Brown. “MRO is undergoing a digital transformation, and as part of that transformation, we are enhancing every facet of our business to better serve our clients. This strategic utilization of technology combined with our world class services has enabled us to support our clients’ goals of exchanging secure, high quality, low latency clinical data at scale.”
MRO is also pleased to announce a record number of new client partnerships. These include one of the nation’s largest Catholic health systems and a provider-sponsored health plan, backed by a top five US research hospital, according to Statista’s World’s Best Hospitals 2024.
Just as the organization has for the last 23 years, MRO continues to support hospitals and health systems in protecting revenues and simplifying the exchange of information with patients and third-party requesters to reduce risk, increase compliance, and introduce new efficiencies. Additionally, MRO has expanded its solutions portfolio.
MRO successfully launched three new solutions in 2023 and 2024. These innovative solutions unlock new market opportunities for MRO while also deepening relationships with existing clients and further solidifying the organization’s position in the healthcare technology industry overall.
Today, MRO partners with 1,200 hospitals, 35,000 clinics, 78 Accountable Care Organizations and works with the top 50 payers in the US. These partnerships are vital as MRO continues to accelerate clinical data exchange between providers, payers and patients.
“We’re continuing to push boundaries in how clinical data is exchanged, setting the foundation for long-term partnerships that improve outcomes across healthcare,” said Matt Wildman, Chief Commercial Officer.
About MRO
MRO is accelerating the exchange of clinical data throughout the healthcare ecosystem on behalf of providers, payers, and users of clinical data. By utilizing industry-leading solutions and incorporating the latest technology, MRO facilitates the efficient management and exchange of clinical data for all stakeholders. With a 23-year legacy, MRO brings a technology-driven mindset built upon a client-first service foundation and a relentless focus on client excellence. For more information on how MRO is empowering healthcare organizations of every type and scale with proven, enterprise-wide clinical data solutions, visit www.mrocorp.com.
Press contact information:
Stephanie Kindlick
MRO
(610) 994-7500, ext. 1353
skindlick@mrocorp.com
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Technology
Happiest Minds collaborates with Coca-Cola Beverages Vietnam to deploy an innovative GenAI conversational interface
Published
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BENGALURU, India and SAN JOSE, Calif. and LONDON, Jan. 15, 2025 /PRNewswire/ — Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’, Mindful IT Company, today announced the new association with Coca-Cola Beverages Vietnam, creating a series of GenAI solutions through their Generative AI Business Services (GBS).
In a consultative approach, Happiest Minds collaborated closely with the strategic team at Coca-Cola Beverages Vietnam during a discovery phase. This phase aimed to comprehensively understand the business requirements and explore how GenAI could effectively support them in achieving their goals.
Coca-Cola Beverages Vietnam presented two business cases necessitating technology transformation to enhance organizational productivity and operational efficiency.
Augmenting HR Efficiency: The policy information across different business functions at Coca-Cola Beverages Vietnam was scattered across multiple documents, causing inefficiencies for employees searching for relevant information. This fragmentation impeded productivity and hindered effective decision-making processes within the organization.Monitoring Cooler Productivity: Sales reps and asset managers at Coca-Cola Beverages Vietnam must monitor cooler RoI nationwide, engaging with retailers to enhance productivity. Presently, they navigate multiple systems to assess customer performance, pinpoint focus areas, and identify outliers. Streamlining this process would optimize cooler productivity, fostering better retailer connections.
Happiest Minds harnesses GenAI bots, utilizing Microsoft Azure OpenAI Service and open-source components, to develop a conversational interface that fulfills both critical business needs ― firstly, to create a GenAI-enabled HR assistant, and secondly, to develop a Cooler Productivity Monitoring System with an embedded layer of GenAI. The solution enabled users to access comprehensive information through a single interface and engage in natural language conversations with the underlying data. By integrating GenAI technology, this conversational interface enhances user experience, facilitating seamless interaction and efficient access to information. Users can now intuitively converse with the data, streamlining workflows and fostering a more productive and intuitive user experience for better HR enablement and augmented assistance for Sales reps and Asset Managers.
Implementing the GenAI solution at Coca-Cola Beverages Vietnam promises significant benefits for employees. Firstly, it enhances operational efficiency by automating tasks and streamlining processes, effectively reducing manual workload. Secondly, it fosters increased employee satisfaction and engagement, thereby boosting overall productivity levels.
Sridhar Mantha, CEO, Generative AI Business Services, Happiest Minds, said, “Our enduring partnership with Coca-Cola Beverages Vietnam led to the exploration of unique business cases, igniting excitement at GBS to collaborate and craft a unique GenAI solution. Given our strategic alliance with Microsoft, we were able to leverage Microsoft Azure Open AI stack to deliver tailored solutions for Coca-Cola Beverages Vietnam needs. In a short span since inception, we’ve already served over 20 customers and are actively engaging with numerous others, showcasing our commitment to excellence and customer satisfaction.”
Rahul Shinde, Vice President & CIO, Coca-Cola Beverages Vietnam, said, “I am proud of the fact that we were able to create a tool that has the potential to make a real difference in unleashing the productivity of our employees and we are only scratching the surface with Generative AI. We had confidence to partner with Happiest Minds through this journey and the team didn’t disappoint us. They were able to work in an agile manner and their technical expertise coupled with deep understanding of Coca-Cola business helped us to launch this product within a few weeks.”
Rajiv Shah, Executive Director, Happiest Minds, said, “The advent of Generative AI is poised to revolutionize not only the tech landscape but also the business arena in the years ahead, offering a competitive edge to organizations that embrace it swiftly. At Happiest Minds, we collaborate closely with our clients, guiding them through their GenAI implementation journey. From identifying needs and conducting gap analyses to providing tailored solutions aligned with their business objectives, we ensure our clients leverage the full potential of Generative AI to stay ahead in their respective industries.”
Nathan Nash, Strategic Account Technology Strategist, Microsoft, said, “This deployment of Microsoft Azure AI solutions with Coca-Cola Beverages Vietnam continues to build on the strong relationship between Happiest Minds and Microsoft in APJ. This solution has significantly bolstered operational efficiency, showcasing the robust capabilities of Azure AI in driving business transformation. By harnessing advanced analytics and AI tools, Coca-Cola Beverages has streamlined processes, reduced costs, and enhanced decision-making. This collaboration not only exemplifies the tangible benefits of Microsoft Azure AI but also stands as a glowing example of how technology can quickly deliver the business outcomes that customers need to compete in the new era of AI.”
Pioneering the field of Generative AI, Happiest Minds has strategically established a dedicated Generative AI business unit (GBS). GBS provides a comprehensive suite of Gen AI services spanning diverse sectors such as EdTech, BFSI, Healthcare, and more. Backed by a proficient team of AI engineering experts and a repository boasting over 120 use cases, Happiest Minds has successfully delivered bespoke Gen AI solutions for over 20 clients. This track record has firmly positioned Happiest Minds as a ‘Niche & Established’ leader in Gen-AI Engineering Services, a distinction acknowledged by Zinnov’s 2023 Zones Ratings for Digital Engineering and ER&D Services.
Happiest Minds is a recognized Microsoft AI Partner Council Program member. This program acknowledges partners’ expertise in various industries and their capability to facilitate business transformation through Microsoft Azure AI. Happiest Minds champions various Microsoft AI technologies to deliver innovative cloud-based AI solutions, drive innovation, and shape the future of AI-driven technologies.
About Happiest Minds Technologies
Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a Mindful IT Company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. We do this by leveraging a spectrum of disruptive technologies such as: artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/ augmented reality, etc. Positioned as ‘Born Digital. Born Agile’, our capabilities span Product & Digital Engineering Services (PDES), Generative AI Business Services (GBS) and Infrastructure Management & Security Services (IMSS). We deliver these services across industry groups: Banking, Financial Services & Insurance (BFSI), EdTech, Healthcare & Life Sciences, Hi-Tech and Media & Entertainment, Industrial, Manufacturing, Energy & Utilities, and Retail, CPG & Logistics. The company has been recognized for its excellence in Corporate Governance practices by Golden Peacock and ICSI. A Great Place to Work Certified™ company, Happiest Minds is headquartered in Bengaluru, India with operations in the U.S., UK, Canada, Australia, and the Middle East.
For more information, contact:
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Vice President and Head – Corporate Marketing, Branding & Communications,
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About Coca-Cola Beverages Vietnam Ltd. (Coca-Cola Beverages Vietnam)
Coca-Cola Beverages Vietnam operates plants in Ho Chi Minh City, Da Nang, and Hanoi, generating more than 2,200 indirect jobs through its supply chain and more than 1,400 direct jobs. The company continuously enhances and offers a variety of high-quality beverages, including low-sugar and sugar-free product lines, while diversifying designs and increasing business coverage globally. Coca-Cola’s beverage brands in Vietnam include Coca-Cola, Coca-Cola Light, Coke Zero, Sprite, Fanta, Minute Maid Nutriboost, Minute Maid Teppy, Schweppes, Dasani, and Aquarius, as well as Fuzetea+ bottled tea, Georgia canned coffee, and Thumps Up Charge energy drink.
Coca-Cola Beverages Vietnam is a member of the Swire Coca-Cola Limited, a wholly-owned subsidiary of Swire Pacific Limited, since the completion of acquisition in January 2023.
About Microsoft
Microsoft (Nasdaq “MSFT”) is a global leader in technology, committed to empowering every person and organization on the planet to achieve more. With a focus on cloud computing, artificial intelligence, and productivity solutions, Microsoft is dedicated to driving digital transformation across
industries. The company’s innovations—including Microsoft Azure, Microsoft 365, and Dynamics 365—enable businesses to harness data, streamline operations, and enhance collaboration. Microsoft prioritizes security, compliance, and sustainability, helping organizations navigate today’s complex digital landscape while fostering a culture of inclusivity and trust.
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EPAM Expands Collaboration with Google Cloud to Deliver Scalable AI Solutions for Industry Transformation
Published
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January 15, 2025By
New AI-powered solutions address generative AI, legacy modernization and data analytics to solve industry-specific challenges
NEWTOWN, Pa., Jan. 15, 2025 /PRNewswire/ — EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today announced it has expanded its strategic partnership with Google Cloud to deliver innovative industry solutions for clients across the media and entertainment, energy and retail verticals. The enhanced collaboration will leverage Google Cloud’s Vertex AI platform to drive measurable business outcomes for clients through generative AI, legacy modernization and data analytics capabilities.
Building upon EPAM’s existing strategic global partnership with Google Cloud, this strengthened collaboration will create repeatable, high-value solutions that address key industry challenges for clients. The collaboration enables marketing support and go-to-market strategies to deliver impactful digital transformation initiatives for EPAM’s Google Cloud clients.
To accelerate regional growth, EPAM will leverage its deep retail, energy and media industry expertise and regional talent footprint across Ibero markets through its acquisition of Neoris. The Company will also expand its financial services offerings across Europe, North America and APAC through its recent acquisition of First Derivative, delivering strong capabilities in banking and capital markets.
“We are excited to elevate our collaboration with Google Cloud, which enables us to deliver tailored, AI-powered solutions for our clients across top verticals such as energy, media and retail,” said Elaina Shekhter, Chief Marketing & Strategy Officer, EPAM. “By leveraging Google Cloud’s advanced AI technologies, enabled by the Vertex AI platform, we can drive measurable business outcomes and enhance customer value, making AI real for our clients. This expanded partnership not only strengthens our ability to create industry-specific solutions but also deepens our relationship with Google Cloud, enabling us to align more closely on delivering impactful, scalable results for our customers.”
EPAM’s expanded partnership with Google Cloud introduces four innovative solutions, leveraging the full power of Google Cloud and the Vertex AI platform. These include three new industry-specific solutions and one cross-industry capability:
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“EPAM has helped global enterprises improve everyday operations with Google Cloud’s leading AI technology,” said Colleen Kapase, VP of Channels and Partner Programs, Google Cloud. “Through this next phase of our partnership, EPAM will provide customers with the expertise and services capacity required to successfully plan, deploy and optimize every stage of a generative AI project.”
For more information about EPAM’s partnership with Google Cloud and the new industry solutions, please visit: www.epam.com/services/partners/google-cloud.
Discover how our expanded partnership is driving digital transformation and how we can empower your business to achieve lasting success: www.epam.com.
About EPAM Systems
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has used its software engineering expertise to become a leading global provider of digital engineering, cloud and AI-enabled transformation services, and a leading business and experience consulting partner for global enterprises and ambitious startups. We address our clients’ transformation challenges by focusing EPAM Continuum’s integrated strategy, experience and technology consulting with our 30+ years of engineering execution to speed our clients’ time to market and drive greater value from their innovations and digital investments.
We make GenAI real with our AI LLM orchestration, testing and engineering solutions, EPAM DIAL, EPAM EliteA™ and EPAM AI/RUN™, respectively.
We deliver globally but engage locally with our expert teams of consultants, architects, designers and engineers, making the future real for our clients, our partners, and our people around the world. We believe the right solutions are the ones that improve people’s lives and fuel competitive advantage for our clients across diverse industries. Our thinking comes to life in the experiences, products and platforms we design and bring to market.
Added to the S&P 500 and the Forbes Global 2000 in 2021 and recognized by Glassdoor and Newsweek as a Top 100 Best Workplace, our multidisciplinary teams serve customers across six continents. We are proud to be among the top 15 companies in Information Technology Services in the Fortune 1000 and to be recognized as a leader in the IDC MarketScapes for Worldwide Experience Build Services, Worldwide Experience Design Services and Worldwide Software Engineering Services.
Learn more at www.epam.com and follow us on LinkedIn.
Forward-Looking Statements
This press release includes estimates and statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our business and operations. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. Those future events and trends may relate to, among other things, developments relating to the war in Ukraine and escalation of the war in the surrounding region, political and civil unrest or military action in the geographies where we conduct business and operate, difficult conditions in global capital markets, foreign exchange markets and the broader economy, and the effect that these events may have on client demand and our revenues, operations, access to capital, and profitability. Other factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk factors discussed in the Company’s most recent Annual Report on Form 10-K and the factors discussed in the Company’s Quarterly Reports on Form 10-Q, particularly under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” and other filings with the Securities and Exchange Commission. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made based on information currently available to us. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
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