Medline selected by leading integrated academic healthcare system for prime vendor agreement
NORTHFIELD, Ill., Feb. 27, 2023 /PRNewswire/ — Medline and premier Massachusetts-based Mass General Brigham have entered into a multi-year prime vendor agreement. After being with a previous vendor for over 25 years, Medline will now be the exclusive provider of medical and surgical supplies across the integrated academic healthcare system’s continuum of care, including the system’s acute care facilities and network for ambulatory surgery centers and physician offices.
Medline is now the exclusive provider of medical and surgical supplies across Mass General Brigham’s continuum of care.
At the start of the COVID-19 pandemic, Mass General Brigham tapped Medline to augment the health system’s storage capacity with third-party logistics (3PL) solutions enabled by Medline’s state-of-the-art 840,000 sq. ft. Uxbridge, Mass. distribution center. With the expansion of the strategic relationship, in addition to 3PL solutions, Mass General Brigham will also leverage Medline’s supply chain optimization and logistical expertise to advance its supply chain operations and resiliency efforts.
“Working with Medline allows us to leverage their entire scope of expertise in the areas of supply chain logistics and clinical solutions to ultimately help improve our operating performance,” said Lisa Scannell, vice president of supply chain for Mass General Brigham. “We look forward to evolving this strategic relationship to achieve greater resiliency and standardization in our system’s supply chain.”
As part of the agreement, on-site Medline analysts will work hand-in-hand with leaders to address specific caregiver needs and help drive new ways of optimizing care in a commitment to providing enhanced support and service. In addition, Mass General Brigham will have the ability to easily monitor key metrics such as item utilization, contract compliance, price accuracy, and spend by product categories through Medline’s advanced analytics platforms.
“We are honored to expand our business relationship with Mass General Brigham and are committed to becoming an extension of their team, going to great lengths to understand the system’s needs,” said Jim Digiacomo, executive account director for Medline. “Combining their mission to serve the community with Medline’s agility and scale, this partnership will enable us to create customized solutions to help healthcare run better.”
Learn how Medline tailors solutions across the entire continuum of care as a manufacturer and distributor by visiting https://www.medline.com/supply-chain.
About Medline Medline is a healthcare company; a manufacturer, distributor, and solutions provider focused on improving the overall operating performance of healthcare. Partnering with healthcare systems and facilities across the continuum of care, Medline provides the clinical and supply chain resources required for long-term financial viability in delivering high-quality care. With the scale of one of the country’s largest companies and the agility of a family-led business, Medline is able to invest in its customers for the future and rapidly respond to a dynamically changing market with customized solutions. Headquartered in Northfield, Ill., Medline has 30,000+ employees worldwide and does business in more than 125 countries and territories. Learn more about Medline at https://www.medline.com.
About Mass General Brigham Mass General Brigham is an integrated academic healthcare system, uniting great minds in medicine to make life-changing impact for patients in our communities and people around the world. Mass General Brigham connects a full continuum of care across a system of academic medical centers, community and specialty hospitals, a health insurance plan, physician networks, community health centers, home care, and long-term care services. Mass General Brigham is a non-profit organization that is committed to patient care, research, teaching, and service to the community. In addition, Mass General Brigham is one of the nation’s leading biomedical research organizations and a principal teaching affiliate of Harvard Medical School. For more information, please visit www.massgeneralbrigham.org.
JOHNSTOWN, Pa. – A individual actions into a Conemaugh Health Program exam place and receives on to an assessment desk. A further does the identical at Cleveland Clinic’s medical center in Abu Dhabi, the capital town of the United Arab Emirates.
Possibilities are, each individuals are on tables manufactured by neighborhood staff in a Richland Township plant.
UMF Health care, 1316 Eisenhower Boulevard, is one of two place healthcare products producers whose products provide medical professionals and sufferers internationally. The other is Generate DeVilbiss, 100 DeVilbiss Push, Somerset.
Each businesses have lengthy histories of innovation.
The DeVilbiss plant traces its beginnings to 1888 in Toledo, Ohio, in which Dr. Allen DeVilbiss patented the to start with atomizer to administer medicine into a patient’s throat. Prior to his invention, individuals had been handled by swabbing their throats.
The DeVilbiss organization continued improving the technological know-how, adding electricity atomizers and introducing industrial sprayers invented by DeVilbiss’ son, Thomas.
In 1951, the plant was moved to Somerset, and in 1990 the industrial division was break up from the medical division, which stays in Somerset, corporation CFO Tim Walsh stated.
The Somerset procedure was acquired by Push Professional medical, which turned Travel DeVilbiss. The company manufactures a wide spectrum of tough healthcare gear, with plants in several states.
‘A perfect match’
The Somerset plant’s 300 workforce keep on the DeVilbiss custom, manufacturing nebulizers, oxygen concentrators and suction products.
“All the Push respiratory items are mainly created in this article in Somerset,” Walsh reported. “It has been a best match for both of those firms.”
Richland’s UMF Healthcare traces its historical past again 66 yrs and was portion of Johnstown’s burgeoning metal sector, firm President Eileen Melvin claimed.
Established by Joe Romano Sr. as United Metal Fabricators, the corporation produced a range of products and solutions, ultimately specializing in exam tables and chairs, alongside with just about any metallic item utilized in physicians’ places of work and outpatient amenities, Melvin explained. The firm was re-branded as UMF Health-related in 2010.
“We make tools for wellbeing treatment suppliers all about the world,” she explained.
Examination rooms, urgent treatment facilities, physicians’ workplaces and even blood-draw laboratories are all examples of UMF Medical’s focus on amenities.
“Blood-draw chairs are not prominently branded, but if you are in a blood-draw chair in this area, prospects are it was made by individuals in our local community,” Melvin said.
‘It’s all built here’
The 65 staff members in the Eisenhower Boulevard UMF plant convert out about 300 diverse products and solutions, like 25 diverse test tables and therapy chairs. Other items include IV poles, protected medication lockers, metal bassinets, and offer carts.
A single of the company’s bragging details is that its products are transported around the earth and get there at destinations completely assembled and completely ready to use. The revenue workforce masking the Middle East lately delivered tables to Cleveland Clinic Abu Dhabi.
“They deal with people from 60 countries in that location,” Melvin said. “It’s all manufactured right here.”
Melvin explained she is humbled by the impact of UMF Medical’s products.
“Think about all the points that occur in individuals doctors’ workplaces,” she said, “from younger partners finding out their baby’s gender to sufferers finding diagnosed with most cancers.”
She credits the neighborhood workers for the company’s success. A celebration is planned for four staff members who have been on the task for 50 years apiece. There are a lot of with a lot more than 30 many years with the organization.
“The really cool detail about our corporation is the superb proficient men and women we have functioning in this article,” Melvin reported. “We say, ‘People make the enterprise.’ ”
The sanctity of the doctor-patient marriage is the cornerstone of the healthcare career. This guarded space is steeped in custom – the Hippocratic oath, healthcare ethics, professional codes of carry out and legislation. But all of these are poised for disruption by digitisation, rising technologies and “artificial” intelligence (AI).
Innovation, robotics, digital technological innovation and improved diagnostics, prevention and therapeutics can alter healthcare for the far better. They also increase ethical, authorized and social problems.
Considering that the floodgates were opened on ChatGPT (Generative Pertaining Transformer) in 2022, bioethicists like us have been considering the part this new “chatbot” could play in healthcare and health analysis.
Chat GPT is a language product that has been qualified on massive volumes of world-wide-web texts. It attempts to imitate human text and can execute numerous roles in health care and well being investigate.
Early adopters have started off applying ChatGPT to guide with mundane tasks like crafting sick certificates, patient letters and letters asking medical insurers to pay out for particular costly prescription drugs for people. In other words and phrases, it is like obtaining a high-level own assistant to pace up bureaucratic duties and raise time for client interaction.
But it could also guide in a lot more really serious health-related routines such as triage (deciding on which individuals can get accessibility to kidney dialysis or intensive treatment beds), which is significant in options where methods are minimal. And it could be utilised to enrol individuals in scientific trials.
Incorporating this advanced chatbot in affected person care and clinical investigation raises a selection of moral problems. Using it could guide to unintended and unwelcome penalties. These fears relate to confidentiality, consent, excellent of treatment, trustworthiness and inequity.
It is way too early to know all the ethical implications of the adoption of ChatGPT in health care and investigate. The additional this engineering is utilized, the clearer the implications will get. But thoughts relating to potential threats and governance of ChatGPT in drugs will inevitably be aspect of long run discussions, and we concentrate on these briefly below.
Potential ethical risks
Initial of all, use of ChatGPT operates the risk of committing privateness breaches. Productive and economical AI depends on device discovering. This needs that knowledge are continuously fed again into the neural networks of chatbots. If identifiable patient facts is fed into ChatGPT, it types part of the data that the chatbot employs in long run. In other words, delicate data is “out there” and susceptible to disclosure to third get-togethers. The extent to which these types of info can be safeguarded is not very clear.
Confidentiality of affected person details forms the basis of believe in in the health care provider-patient romance. ChatGPT threatens this privateness – a hazard that vulnerable people may perhaps not completely fully grasp. Consent to AI assisted health care could be suboptimal. People could possibly not realize what they are consenting to. Some may possibly not even be requested for consent. As a result professional medical practitioners and institutions might expose them selves to litigation.
A further bioethics issue relates to the provision of large top quality healthcare. This is historically based on robust scientific proof. Employing ChatGPT to make proof has the prospective to accelerate analysis and scientific publications. On the other hand, ChatGPT in its present-day format is static – there is an stop date to its databases. It does not supply the most recent references in serious time. At this stage, “human” scientists are accomplishing a much more precise position of producing proof. Extra stressing are stories that it fabricates references, compromising the integrity of the evidence-primarily based strategy to excellent healthcare. Inaccurate information and facts could compromise the basic safety of healthcare.
Superior high quality proof is the foundation of professional medical treatment method and professional medical suggestions. In the era of democratised healthcare, vendors and individuals use various platforms to accessibility info that guides their conclusion-producing. But ChatGPT may well not be sufficiently resourced or configured at this point in its enhancement to deliver accurate and impartial data.
Technological innovation that uses biased details dependent on beneath-represented details from persons of colour, women and little ones is hazardous. Inaccurate readings from some makes of pulse oximeters made use of to measure oxygen concentrations in the course of the new COVID-19 pandemic taught us this.
It is also truly worth thinking about what ChatGPT could imply for minimal- and middle-earnings countries. The concern of obtain is the most clear. The rewards and hazards of rising systems have a tendency to be unevenly dispersed concerning countries.
At present, accessibility to ChatGPT is absolutely free, but this will not previous. Monetised obtain to highly developed versions of this language chatbot is a likely danger to source-weak environments. It could entrench the electronic divide and worldwide health and fitness inequalities.
Governance of AI
Unequal access, likely for exploitation and doable hurt-by-info underlines the importance of obtaining certain rules to govern the overall health takes advantage of of ChatGPT in minimal- and middle-profits international locations.
International suggestions are rising to make certain governance in AI. But a lot of low- and center-money nations around the world are but to adapt and contextualise these frameworks. On top of that, many nations around the world absence legal guidelines that apply especially to AI.
The world wide south requirements locally relevant conversations about the ethical and authorized implications of adopting this new technologies to make sure that its benefits are liked and rather dispersed.
Hackers can infiltrate health-related units as much as they can a normal computer. The entire world aims for interconnection, in which every single house professional medical product can transmit and receive knowledge instantaneously with the assistance of the Net of Matters (IoT). The Net of Health care Matters (IoMT) is a increasing marketplace revolutionizing the efficacy of health care and administration, delivering peace of intellect to sufferers in restoration and prompt facts to well being treatment companies.
Household healthcare products need to have sufficient protection to have marketable and functional usefulness. Security actions defend clients as a great deal as they solidify the integrity of huge details in wellbeing treatment. Well being care industry experts need to have dwelling professional medical gadgets to be correct as they attempt to collect as a great deal information and facts as attainable to accelerate analysis situations and build health care remedies by machine-studying information sets. As grand as these visions seem when modifying health treatment for the far better, are they possible with the latest safety of house health-related equipment?
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Tech News to Know This 7 days: Feb. 21-26, 2023
How Dwelling Medical Gadgets Are unsuccessful
However plenty of renditions of the property computer system and cell phone exist, clinical gadgets include even extra elements and applications that make a detailed stability resolution for all professional medical units unattainable. When teams attempt to make sweeping implementations without having knowing the nuance of every single instrument — a defibrillator in an adult is vastly unique in development than blood glucose meters for pediatrics — blindspots are inescapable.
These assumptions are particularly harmful in a much more overall health-mindful world, as COVID-19 has improved wellness paranoia and doctor visits. Residence healthcare system product sales will only increase, especially as they are a lot more recommended to ageing populations and asked for by the youth who want to observe their health and fitness.
Despite how these dwelling healthcare units vary throughout health care niches, they’re usually mass-produced and incorporate the similar blueprints. For cybersecurity experts, this regularity is a purple flag, particularly when they don’t have stability infrastructure crafted-in. If hackers tamper with a person unit and uncover its backdoors, breaking into other individuals is not challenging.
Heterogeneity in gadgets compounds together with the device’s lifestyle span. Household healthcare unit manufacturers make these equipment resilient due to the fact provider disruption could be life-threatening. Without having obtain to updates, these units turn into more vulnerable as the product continues to be unchanged and hackers develop into extra ground breaking.
Adversely, property clinical devices are prone to security issues simply because they are getting to be more related to AI. The higher the facts stack, the additional floor space hackers have to penetrate devices. While product connectivity forges a a lot more knowledgeable professional medical market, it needs extra work from tech teams to defend additional than just the system alone.
How IoMT Makes Issues
Some clinical equipment that keep human beings alive — notably implants — present a more extreme cybersecurity situation than a notebook or software program. Sufferers and healthcare experts problem how unstable professional medical devices now are and how considerably a lot more they could come to be when reliant on an interconnected hub like the Net of Matters. IoMT will have to retain connectivity and protection. If not, lives could be at possibility.
Additionally, wearable health-related equipment are extra well known now than ever, particularly as sensible watches put into action extra health and fitness metrics into their functionalities. Is humanity’s IoMT technology able in the current to take care of this duty?
Well known medjacking attacks on dwelling professional medical devices in modern years have sparked a lot more effective discourse about progress. Shopper distrust in linked medical devices is a key motivator for these conversations, especially as Fuelband and Fitbit are only a number of that have been subject matter to breaches. One of the most widespread is eavesdropping, where attackers acquire accessibility to household health-related devices by uncovering credentials.
Entry qualified prospects to plenty of other extortion methods. Clinical knowledge is priceless to hackers, and executing a ransomware attack is one way to bank on that. Destructive, specific attacks could put individual life at stake if danger actors manipulate data to alter allergy information or cover up relating to info factors that signal individuals have to have support.
Attackers might not even want to promote facts again to providers in the variety of ransomware. They could retain that intellectual home for them selves, which can disrupt the progress of house health-related devices all over the world.
Wherever Residence Health-related Devices Can Enhance
IT departments and cybersecurity groups can shoulder duty for overseeing the cybersecurity of MedTech. On the other hand, medical devices range drastically from telephones or desktops, and knowledgeable biomedical engineers are essential to stability achievement. Ignoring their experience puts the devices at danger from the get started. Open communications among these teams will have immense gravity more than the device’s defenses, specially if other teams are associated in the supply chain for certain parts.
The medical sector is identified for its unwillingness to commit revenue on cybersecurity, and hackers know it. If enterprises modify the public perception of safety on household health-related units, it may perhaps increase resistance to hackers. In this article are some cybersecurity techniques groups can experiment with in excess of the several dwelling health-related products:
Endpoint defense: Securing each and every connected product with antiviral software program and encryption and upgrading to devices that help these functionalities.
Zero-rely on: Making sure accessibility to these devices requires authorization and reducing permissions.
Penetration tests: Making use of white hat hackers or other measures to perform mock hacks into machines to find vulnerabilities.
Compliance: Utilizing frameworks like HIPAA and CMMC to enhance gadget integrity and abide by governmental oversight.
The luxury of residence professional medical products is the means for remote analysis to transpire. Decentralized trials maximize accessibility and reduce friction among the contributors. Professional medical organizations can initiate more popular clinical trials to obtain perception into the most reliable environments. Analysts could see if house networks exacerbate protection challenges or what assaults are most frequent for differing property clinical gadgets.
One more region of problem is health treatment info silos. As IoMT becomes far more well known, information protection ought to develop into more powerful in an market hesitant to undertake new know-how that’s far better at retaining individually identifying health information and facts safe. Dismissing these knowledge retailers as a part of residence professional medical machine stability would continue to endanger people and health-related services.
Securing Information and Sufferers
Makers are crafting property healthcare devices to come to be a lot more secure every single working day. IoMT could clear up issues as significantly as introduce novel threats, but the approach will be about adaptation. Analysts, engineers, and IT specialists should connect to build an exhaustive understanding of future clinical equipment, generating them resilient versus hackers and safe for people.
The Medical Instruments industry has witnessed a significant transformation in the nature of business lately, leading to increased investment in R&D for the development of cutting-edge technologies. The dynamic nature of the healthcare crisis over the past two and a half years has further altered the industry landscape, putting robotic and remote medical services in the limelight. Despite the reopening of the economy, deteriorating international trade, with global inflationary pressure leading to an extremely tough situation related to raw material and labor cost as well as freight charges, has put the industry in a tight spot again. Further, industry watchers are still unable to gauge the magnitude of economic revival due to the emergence of new COVID strains in selective parts of the world from time to time.
The just-reported fourth-quarter result of a number of medical instrument companies confirmed a gradual rebound in their base businesses through the latter half of 2022. However, the industry-wide trend of staffing shortages and supply chain-related hazards are denting growth. Meanwhile, industry players like Edwards Lifesciences EW, IDEXX Laboratories IDXX and Hologic, Inc. HOLX have adapted well to changing consumer preferences and are still witnessing an uptrend in their stock prices.
Industry Description
The Zacks Medical – Instruments industry is highly fragmented, with participants engaged in research and development (R&D) in therapeutic areas. This FDA-regulated industry comprises an endless number of products, starting from transcatheter valves to orthopedic products to imaging equipment and robotics. Prior to the pandemic, the Medical Instruments space was advancing well in terms of R&D. Among the recent path-breaking inventions, bone growth stimulators, 3D mapping of CT scans, wireless brain sensors and human-brain pacemakers are worth mentioning. During the COVID-hit years, many non-COVID and non-emergency-line innovations were stuck or delayed. However, with the severity of the pandemic easing, the industry players are again more focused on strengthening their pipeline.
3 Trends Shaping the Future of the Medical Instruments Industry
Business Trend Disruption: Considering the ongoing macro-economic situation, the IMF came up with its January 2023 World Economic Outlook Update. The update noted that global growth might slightly slow down from 3.4{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} in 2022, to 2.9{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} in 2023, then again rebound to 3.1{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} in 2024. IMF specifically addressed the ongoing tightening financial conditions in most regions, staffing shortages, Russia’s continued aggression, all of which have been weighing heavily on the medical instrument outlook despite the decline in COVID-19 severity. Per IMF, through 2023, inflation could remain stubbornly high, with continued labor market tightness and growing wage pressures requiring tighter monetary policies. On a brighter note, strengthening household balance sheets and wage growth are driving private demand. Overall, the Medical Instruments industry players are expected to collectively report a year-over-year decline in their revenues due to logistical challenges and increasing unit cost. This might get offset by an increase in essential and non-essential product demand by private households.
M&A Trend Continues: The medical instruments space has been benefiting from the ongoing merger and acquisition (M&A) trend. In fact, various reports suggest that M&A has been the key catalyst in the U.S. MedTech space of late. It is a known fact that smaller and mid-sized industry players attempt to compete with the big shots through consolidation. The big players attempt to enter new markets through a niche product. Among the significant deals of recent times, in December 2022, Johnson & Johnson completed the $16.6-billion mammoth acquisition of Abiomed. In February 2023, Abbott announced its plans to acquire Cardiovascular Systems, a medical device company with advanced atherectomy system used in treating peripheral and coronary artery disease. The same month, Globus Medical announced its plans to acquire the San-Diego based spine technology firm, NuVasive Inc., in an all-stock deal valued at around $3.1 billion.
Meanwhile, a MedTech Dive report of January 2023 revealed that MedTech players are expected to demonstrate a slow start to 2023 in terms on M&A. Yet, the experts say that despite higher interest rates and a volatile stock market, there are signs that strategic M&As are poised to rebound.
Digital Revolution: With an increase in the adoption of digital platforms within the medical device space, robotic surgeries, big-data analytics, bioprinting, 3D printing, electronic health records (EHR), predictive analytics, real-time alerting and revenue cycle management services are gaining prominence in the United States. A June 2019 Health care News report suggested that this market, valued at $123 billion in 2018, has been witnessing a CAGR of 25{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f}. Various other reports suggest that companies that adopted AI witnessed a 50{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} reduction in treatment costs. Telemedicine stocks received an impressive response when, in 2021, the Centers for Disease Control and Prevention asked healthcare service communities to broaden the use of telemedicine.
Zacks Industry Rank Indicates Good Prospects
The Zacks Medical Instruments industry’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates encouraging near-term prospects. The industry, housed within the broader Zacks Medical sector, currently carries a Zacks Industry Rank #85, which places it in the top 34{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} of more than 250 Zacks industries. Our research shows that the top 50{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} of the Zacks-ranked industries outperforms the bottom 50{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} by a factor of more than 2 to 1.
We will present a few stocks that have the potential to outperform the market based on a strong earnings outlook. But it’s worth taking a look at the industry’s shareholder returns and current valuation first.
Industry Underperforms S&P 500, Sector
The industry has underperformed the Zacks S&P 500 composite and its sector in the past year.
The industry has declined 9.5{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} compared with the S&P 500’s 6.9{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} fall in a year’s time. The broader sector has declined 9.3{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} in the said time frame.
One Year Price Performance
Industry’s Current Valuation
On the basis of the forward 12-month price-to-earnings (P/E), which is commonly used for valuing medical stocks, the industry is currently trading at 33.06X compared with the broader industry’s 22.40X and the S&P 500’s 18.01X.
Over the past five years, the industry has traded as high as 45.08X, as low as 26.13X and at the median of 32.87X, as the charts show below.
Price-to-Earnings Forward Twelve Months (F12M)
Price-to-Earnings Forward Twelve Months (F12M)
3 Stocks to Buy Right Now
Hologic: Headquartered in Bedford, MA, Hologic develops, manufactures, and supplies diagnostics, medical imaging systems and surgical products, which cater to the healthcare needs of women. Hologic has been making impressive progress in its Breast Health arm in recent times. The company is currently focusing on expanding its strategy to diversify business across the patient continuum of care. The company’s GYN Surgical business too has transformed to the most profitable division of Hologic on a percentage basis banking on new leadership, strong strategic execution of new commercial models and new product launches. The consensus estimate for this Zacks Rank #1 (Strong Buy) company’s 2024 sales is pegged at $4.12 billion, indicating a 3.7{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} rise year over year.
The consensus mark for Hologic’s 2024 EPS is pegged at $3.99, indicating an increase of 7.6{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} from the year-ago period.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Price and Consensus: HOLX
Edwards Lifesciences: Headquartered in Irvine, CA, Edwards Lifesciences deals in products and technologies aimed at treating advanced cardiovascular diseases, especially structural heart disease in critically ill patients. Edwards Lifesciences expects to maintain its leadership position in the global Transcatheter Aortic Valve Replacement market through an increased focus on expanding patient access by actively leveraging current valve platforms for additional indications. This includes developing next-generation valve platforms, and maintaining trusted relationships with clinicians, payers and regulators. Edwards Lifesciences also remain committed to aggressively investing in structural heart disease and critical care technologies.
The Zacks Consensus Estimate for Edwards Lifesciences’ 2023 sales is pegged at $5.86 billion, indicating an 8.8{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} rise year over year. The same for Edwards Lifesciences’ adjusted earnings is pegged at $2.52 per share, an expected growth of 1.6{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} from 2022. Edwards Lifesciences carries a Zacks Rank #2 (Buy).
Price and Consensus: EW
IDEXX: Headquartered in Delaware, NJ, IDEXX is a developer, manufacturer and distributor of products and services primarily for the companion animal veterinary, livestock and poultry, water testing and dairy markets. The company is deriving strong top-line growth driven by continued benefits from the expansion of IDEXX’s global premium instrument installed base. CAG Diagnostics’ organic recurring revenue growth reflects solid gains across IDEXX’s major modalities globally, supported by growth in clinical service demand and expanded utilization of diagnostic products and services.
The consensus estimate for this Zacks Rank #2 company’s 2023 sales is pegged at $3.64 billion, indicating an 8{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} rise year over year. The same for IDEXX’s 2023 earnings is pegged at $9.51, an expected 18.4{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} growth from the year-ago period.
Price and Consensus: IDXX
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Chicago, Feb. 23, 2023 (GLOBE NEWSWIRE) — The medical equipment maintenance industry is expected to experience steady growth in the near future. This is due to the increasing number of aging medical devices and equipment that require regular upkeep and maintenance. Additionally, technological advances in the field have made it easier to diagnose and repair medical equipment, resulting in more efficient and cost-effective maintenance services. As a result, the demand for medical equipment maintenance will continue to increase in the coming years.
In addition, the emergence of new medical technologies will drive the growth of the medical equipment maintenance industry. For instance, the emergence of advanced imaging systems, such as MRI and CT scanners, will require specialized maintenance and repair services. Similarly, the increasing popularity of wearable medical devices, such as fitness trackers, will also require regular maintenance. As a result, medical equipment maintenance companies are expected to benefit from this trend.
Medical Equipment Maintenance market in terms of revenue was estimated to be worth $45.2 Billion in 2021 and is poised to reach $74.2 Billion by 2026, growing at a CAGR of 10.4{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} from 2021 to 2026 according to a latest report published by MarketsandMarkets™. The growth of this market is mainly driven by the growing number of medical vendors across globe, increasing adoption of patient-specific medical devices. Moreover, Growth in this market is primarily driven by the rising focus on preventive medical equipment maintenance, growth in associated equipment markets, adoption of innovative funding mechanisms, and the increasing purchase of refurbished medical equipment. However, the high initial costs and significant maintenance expenditure may hinder the growth of this market during the forecast period.
Poised to grow at a CAGR of 10.4{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f}
Market Size Available for
2019-2026
Forecast Period
2021–2026
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Service Type, Service Providers, Device Type, End User, and Countries
Geographies Covered
Europe, North America, the Asia Pacific, Latin America, and Middle East and Africa
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Emergence of ISOs
Key Market Drivers
Rising focus on preventive medical equipment maintenance
Notable Medical Equipment Maintenance mergers and acquisitions for 2021 – 2022 include:
Philips and Nuvon Acquisition: In January 2021, Philips announced its acquisition of Nuvon Inc., a cloud-based medical equipment maintenance provider. The acquisition was intended to strengthen Philips’ digital healthcare capabilities and expand its portfolio of connected medical technologies.
Medtronic and NuVasive Acquisition: Medtronic acquired NuVasive, Inc., a spine and orthopedic medical device manufacturer and medical equipment maintenance provider, in October 2021. The acquisition was intended to expand Medtronic’s capabilities in digital health, robotics, and AI-driven surgical navigation.
Baxter and Synovo Acquisition: Baxter International Inc. announced its acquisition of Synovo, a medical equipment maintenance provider, in December 2021. The acquisition was intended to enhance Baxter’s portfolio of connected healthcare solutions and build on its existing service and support capabilities.
Hill-Rom and Ecolab Acquisition: Hill-Rom Holdings acquired Ecolab Inc., a provider of medical equipment maintenance services, in April 2022. The acquisition was intended to expand Hill-Rom’s portfolio of connected care technologies and enhance its service and support capabilities.
Growth Drivers of Medical Equipment Maintenance Market from macro to micro:
Increasing demand for medical equipment maintenance services: Growing demand for medical equipment maintenance services is driven by the increasing need for reliable and efficient medical equipment with longer shelf-life. This is due to the increasing demand for advanced healthcare services, the technological advancements in medical equipment, and the need for frequent maintenance and repairs.
Growing demand for preventive maintenance services: The growing demand for preventive maintenance services is driven by the need to reduce repair costs and ensure the smooth functioning of medical equipment. Preventive maintenance services help to identify potential problems, reduce downtime, and ensure the efficient functioning of medical equipment.
Growing government initiatives: Government initiatives and regulations are driving the growth of the medical equipment maintenance market. Governments across the globe are introducing various initiatives to promote and expand the healthcare infrastructure, which is expected to trigger the demand for medical equipment maintenance services.
Increasing investments in healthcare infrastructure: The increasing investments in healthcare infrastructure are driving the demand for medical equipment maintenance services. The increasing need for reliable and efficient medical equipment with longer shelf-life and the need for frequent maintenance and repairs are expected to drive the growth of the medical equipment maintenance market.
Growing focus on patient safety and quality of care: The growing focus on patient safety and quality of care is driving the demand for medical equipment maintenance services. The increasing awareness about patient safety and quality of care is expected to drive the demand for medical equipment maintenance services.
Hypothetic challenges of Medical Equipment Maintenance market in near future:
Increasing complexity of medical equipment: With the advancements in technology, medical equipment is becoming more and more complex, which makes it more difficult to maintain.
Shortage of skilled technicians: As medical equipment is becoming more complex, there is a shortage of skilled technicians to provide maintenance services.
Rising cost of medical equipment: With the cost of medical equipment increasing, it is becoming more expensive to maintain them.
Changing regulations: New regulations and standards are constantly being introduced, making it difficult to keep up with the changes.
Lack of standardization: Different manufacturers have different equipment, making it difficult to standardize maintenance procedures.
Aging infrastructure: Many medical facilities have aging infrastructure, which can lead to increased maintenance costs.
Security concerns: As medical equipment becomes more connected and automated, there is an increasing need for cybersecurity measures to protect patient data.
Top 3 use cases of Medical Equipment Maintenance market:
Predictive Maintenance: Predictive maintenance solutions use data-driven analytics to help medical equipment managers anticipate and prevent potential breakdowns before they occur. These solutions are used to identify potential issues with medical equipment before they happen, enabling proactive maintenance and avoiding costly downtime.
Automated Maintenance Logging: Automated maintenance logging solutions allow medical equipment managers to track maintenance tasks, enabling them to easily monitor and manage the health of their equipment. This allows them to quickly identify problems with equipment and take appropriate action.
Automated Inventory Management: Automated inventory management solutions allow medical equipment managers to track inventory levels and automate ordering processes, ensuring that equipment is always available when needed. This helps reduce downtime and increases efficiency.
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