The vision of a more stable and predictable supply chain after peak product and drug shortages during the pandemic is looking more and more like a mirage.
From medical devices to personal protective equipment to essential drugs, scores of items are in short supply. The list of reasons for supply chain disruption are as varied as the product shortages themselves — raw materials shortages, recent COVID-19 outbreaks in China, low margins on some drugs, leading manufacturers to stop or reduce production to focus on newer, more profitable pharmaceuticals.
California-based Scripps Health has about eight times more medical devices and supplies on back order as it had in 2019, notes one recent report. Others are experiencing similar situations.
South Dakota-based Sanford Health has seen the number of items on its backlog triple in recent months — everything from trash liners to intra-aortic balloon pumps to help the heart pump more blood. The health system now manages a list of between six and 16 substitute devices that are different enough from the preferred option that they require training or workflow adjustments, Sanford Health’s Chief Physician Jeremy Caulwels, M.D., told Modern Healthcare.
In its regular calls with supply chain leaders, the AHA’s Association for Health Care Resource & Materials Management (AHRMM) continues to hear about a variety of product shortages, notes Mike Schiller, AHRMM’s senior director for supply chain.
Shortages of raw materials like resins, precious metals and gases are behind some of the product shortages while the closing of Akron Pharmaceuticals in late February due to financial and regulatory problems added to the difficulties hospitals face in sourcing the drugs they need, Schiller says.
Some 93% of provider executives report they are still experiencing product shortages, a recent Health Industry Distributors Association (HIDA) report states. It indicates that shortages are becoming more widespread and harder to predict.
For its part, HIDA suggests the following actions:
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By Jill McKeon
January 10, 2023 - Budget and capability constraints are contributing to persisting supply chain risk management challenges across the healthcare sector, a new survey conducted by Ponemon Institute on behalf of the Health Sector Coordinating Council (HSCC) Cybersecurity Working Group revealed.
More than 400 IT and IT security practitioners took part in the survey, all of whom are actively involved in their organization’s supply chain risk management program. The results revealed ongoing critical challenges across the sector as organizations struggle to maintain basic supply chain risk management practices.
For example, only 19 percent of survey respondents reported having a complete inventory of their organization’s suppliers. Smaller organizations were three times more likely to have no inventory whatsoever.
What’s more, 20 percent of respondents said that they only conduct security evaluations of business-critical suppliers when a security incident occurs, while 24 percent said that they conduct these assessments on an ad-hoc basis.
The survey also highlighted a lack of standardized language in security contracts, a lack of integration between procurement and contracting departments and the supply chain risk management program, and a lack of cooperation from suppliers.
When asked to identify their organization’s barriers to having a successful supply chain risk management program, 59 percent of respondents cited a lack of in-house expertise. Respondents also pointed to a lack of support from senior leadership and the need for a formal budget dedicated to supply chain risk management.
“This survey shows that healthcare organizations of all sizes still face an uphill battle to effectively manage cyber risk across the supply chain function, with smaller organizations still facing critical gaps in the resources and budget available to them,” Greg Garcia, HSCC executive director, explained in an accompanying press release.
In fact, 57 percent of smaller organizations reported having annual supply chain risk management budgets of $500,00 or less, while 51 percent of larger organizations reported having budgets between $1 million and $5 million.
Budget is not the only challenge that is exacerbated among smaller healthcare organizations. More than a third of surveyed organizations said that they did not evaluate risks through the lens of how new suppliers will impact patient care outcomes, and smaller organizations were more than twice as likely to report this gap compared to larger organizations.
The survey highlighted several areas of improvement for supply chain risk management teams to focus on in the immediate future. Integrating procurement and contracting teams, maintaining a reliable inventory, and considering potential patient care outcomes when evaluating vendors can help organizations better manage supply chain risk and further prioritize patient safety.
Even with a limited budget, organizations can leverage free resources to enhance their supply chain risk management postures.
HSCC encouraged organizations to adopt the National Institute of Standards and Technology's Cyber Security Framework supply chain management practices (HIC-SCRiM), a guide aimed at helping small and mid-sized healthcare organizations maintain a successful supply chain risk management program. Large organizations and industry associations can also use the guide to raise awareness of supply chain risks across the sector.
“The healthcare supply chain team is under an increasing amount of pressure to move quickly while managing a multitude of risks during the procurement process,” explained Ed Gaudet, CEO and founder of Censinet and HSCC Supply Chain Cybersecurity Task Group Member.
“As cyberattacks like ransomware become more sophisticated, this survey hammers home the urgent need for automation and actionable risk insights to help supply chain leaders effectively manage inventory, cyber risk, fraud, safety, and supplier redundancy.”
Burton Fuller, chief supply chain officer at Baltimore-based Johns Hopkins Health System, found himself unable to decide between a career in medicine or business. It was not until he started his first consulting job in hospital supply that he realized he could do both.
Mr. Fuller has been the vice president and chief supply chain officer since July 2019. He said his greatest accomplishment in his position has been ensuring Johns Hopkins clinicians were never without critical personal protective equipment throughout the pandemic.
Here, he answers Becker's five supply leader questions.
Editor's note: Responses have been lightly edited for clarity.
Question: What piqued your interest in healthcare supply chain?
Burton Fuller: When I was an undergraduate at William and Mary, I dual majored in biology and finance. I was uncertain if I wanted to pursue medicine or business. My first job was with a consultancy where I focused on strategic sourcing for health systems. I thought I would take a year or two before further contemplating medical school. I found that conversations with clinicians and with suppliers enabled exposure to both areas of my personal interest: the science behind how the supplies were used while applying business acumen to cost efficiencies and negotiation strategies. I was fortunate to work on a team filled with kind and intelligent people who each found the work challenging, rewarding and enjoyable. I proceeded to anchor my career as a consultant in healthcare supply chain, operations and margin improvement.
What are a few of your top priorities for 2023?
BF: Our organization, like most, is mitigating the rising costs of operations and ongoing staffing challenges. In such a paradigm, high-impact change management efforts can flourish. We are redesigning the structures, processes and accountability models that govern each modality of our supply chain (operations, procurement, sourcing, etc.) to implement and realize margin improvements. This includes:
What has been your biggest accomplishment as chief supply chain officer?
BF: Much of the leadership team, including myself, joined shortly before or during the pandemic. Our collaboration helped ensure that our clinicians never went without critical PPE. I consider this the biggest accomplishment because the collaborative environment we established, and the trust developed with clinical and operational leaders as a result, continues to accelerate a myriad of strategic supply chain initiatives and projects.
If you could pass along a piece of advice to other hospital supply chain leaders, what would it be?
BF: Dedicate the time and resources to invest in viable data and accurate analytics so that your team has the business intelligence necessary to improve service levels, operate more efficiently and accentuate its impact on the organization. It also supports efforts to rationalize the allocation of resources to supply chain projects when you can point to the clinical, operational or financial impact of the effort.
What's the best piece of leadership advice you ever received?
BF: The best leadership advice I've ever received was to ensure the high performing members of your team feel supported both in their day-to-day work and their long-term career goals. Championing someone's development and long-term goals, even if the long-term pursuit of those goals take them outside of your team or organization, fosters trust amongst the team and creates an environment where people find it rewarding to work hard and excel in their performance. In my prior and current roles, I've been fortunate to work for leaders that adhere to this style of leadership. I work to exhibit these same traits and encourage similar behavior amongst the leaders on our team.
It’s a high-pressure, high-stakes job, but it’s a perfect fit for Geoff Gates.
Cleveland Clinic’s senior director of technology for supply chain and support services heads a team that’s responsible for everything from the procure-to-pay process to supply chain technology and innovation. Gates says his team collaborates closely with the IT department “to make sure that all our systems speak to each other in the right way and that transactions are flowing seamlessly across the organization.”
Most of this work takes place behind the scenes, but the results are visible everywhere, according to Gates: “As one clinical department head put it, ‘You could literally shut down our department if we don’t get the supplies that we need.’ We take that very seriously. What we do and whether we get it right has a real impact on day-to-day operations.”
With that in mind, his team takes a best-of-breed approach to supply chain management, he adds. “Every step of the way, the question is, ‘What is the best technology or who is the best partner to help us achieve our goals?’”
Cleveland Clinic’s primary supply chain platform is its enterprise resource planning system. “Everything we have is built around and integrates back to that ERP,” he says.
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One very important example is the medical center’s inventory management system, a platform that allows it to closely track changing needs for a wide range of supplies. For high-volume, low-dollar commodities, Gates’s team relies on a two-bin Kanban system. As soon as a bin of items is emptied, a worker scans it to automatically alert the supplier. “The order flows from the inventory management system to the ERP, which then creates a purchase order,” he says.
As that order is filled, the workers in the storage room — there’s one in each of the organization’s hospitals — simply pull items from the second bin.
It’s a somewhat different process for the high-dollar items Cleveland Clinic needs in its procedural units. Stents and hip implants, for example, are registered in the inventory management system with a radio-frequency identification (RFID) tag. When a product is used, the clinician scans the tag to automatically deduct it from the inventory and capture data for the patient’s medical record.
“Lot information, serial number, the item’s expiration date — it allows us to replenish the item as needed, but it also makes documentation much easier because the clinician can do everything in one place, and it all goes into the electronic health record,” Gates says.
EXPLORE: How healthcare organizations can benefit from real-time supply chain visibility solutions.
While Gates and his colleagues at Cleveland Clinic make up one of hundreds of supply chain teams at health systems across the U.S., they stand out for the accolades they’ve received from industry peers and independent analysts. Gartner awarded Cleveland Clinic the No. 1 slot on its annual Healthcare Supply Chain Top 25 list in 2021.
Gartner highlighted the Cleveland Clinic team’s exemplary leadership and collaboration with other departments, and pointed to its use of self-driving vehicles to move materials and supplies. The health system was investing “locally and with diverse suppliers,” Gartner notes, and its successful implementation of RFID technology had not only improved patient safety but was “capturing revenue and reducing loss and expiration.”
All of this was taking place against the backdrop of the COVID-19 pandemic, and Cleveland Clinic was not immune to the supply chain challenges all healthcare organizations faced at the time. Still, Gates says, his team held its own, largely thanks to the systems in place.
“With the visibility we had, we kept our inventory levels in check by not overbuying and by making sure we were covered for spikes in demand,” he says. “When you’re using technology to enable the process — to track real-time usage and make sourcing decisions — that really helps create resiliency.”
Cleveland Clinic’s supply chain management has received top marks for its innovative use of technology and highly regarded leadership.
Improving supply chain management with an eye toward building resilience has been a recent focus for many healthcare organizations. One Kaufman Hall survey found that 99 percent of hospitals and health systems experienced challenges in supply procurement in 2021, and that many industry leaders think price increases and shortages of key products are issues that will continue.
“Things are improving today, but we’re not out of the woods,” says Gregg Lambert, a senior vice president at Kaufman Hall. More than two years into the pandemic, there’s increased availability of items such as masks and gloves that clinicians need to go about their daily work. “But now, we’re seeing intermittent shortages in categories beyond personal protective equipment, and sometimes that’s catching people off guard,” he says.
One organization that has taken proactive steps is BJC HealthCare in Missouri, where it’s in year three of a five-year initiative intended to “simplify our supply chain as much as possible,” says Chief Supply Chain Officer Tom Harvieux.
DISCOVER: Supply chain management strategies for healthcare organizations.
Toward that end, in early 2022, BJC HealthCare opened a 415,000-square-foot distribution center with a three-level picking module equipped with robots and outfitted with hundreds of photoelectric sensors. Harvieux says more than 40 percent of the health system’s inventory is now processed automatically: “It’s allowed us to be more efficient, and it’s helping us as we deal with labor shortages.”
Like Cleveland Clinic, BJC HealthCare uses a Kanban system to improve management of low-value items, while RFID technology and barcode software are used to track high-dollar inventory and push key information to patient files. Finally, the organization relies on what Harvieux describes as a “very robust data and analytics team.”
The team uses Tableau to visualize, monitor and measure the supply chain down to the smallest detail. “We see what we’re using, how and where we’re using it, and how we engage our stakeholders and deliver results,” Harvieux says. “It allows us to expose issues that we wouldn’t have seen before, and that means we’re able to do what we need to fix them.”
Another organization with its own distribution facility is Indiana University Health. The state’s largest healthcare provider has relied on its nearly 300,000-square-foot Integrated Service Center since mid-2018.
“The big benefit of the ISC is we can go directly to the vendor for our purchases, and we can do bulk buys,” says Tasha Boyd, director of logistics and supply chain operations. Depending on the product line, her team strives to keep enough in stock to supply IU Health for 30 to 90 days, she says.
“Our promise at IU Health is to offer the best care, specifically designed for you, and that’s the model we’re going for here,” Boyd adds.
As an example, she cites the facility’s specialized zone rooms, which are designed to make it easy for clinicians to access the supplies they need. “When they get their products in the hospital, they’re already packaged in a way that they can take them directly up to the floor without having to do a lot of sorting,” she says.
IU Health relies on a robotic warehouse management system that interfaces with its Oracle Cloud ERP, Boyd adds: “Everything is automated to ensure we’re replenished as inventory is decremented.”
Looking ahead, Boyd says her team’s job at IU Health will continue to evolve to reflect best practices. She’s happy to report that the “dock to stock” supply chain system served the organization well during the pandemic, but she also has enough experience to know that challenges down the road could be bigger than any seen to date.
“All we can do is keep improving,” Boyd says. “We’ll do everything we can to be prepared.”
Square Feet
After struggling to respond to a crushing Covid caseload, many hospitals are remodeling so that when the next crisis comes, they’ll be better able to meet it.
A new I.C.U. at Doylestown Hospital in Pennsylvania has private rooms meant to shift between intensive care and step-down care.Credit...Hannah Yoon for The New York Times
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Officials at Rady Children’s Hospital in San Diego had already begun work on a $1.2 billion transformation of its campus when the pandemic hit, forcing them to switch gears. As hospitals nationwide struggled to deal with surging cases, it became clear that the facility’s new design would need to evolve.
“When the pandemic came along, it really changed the lens of how we do health care design,” said Dr. Nicholas Holmes, chief operating officer of Rady, the only children’s hospital in San Diego County and the largest in California. “And what we learned over the past few years, first and foremost, is to be as flexible in the design process as we can.”
The early waves of the pandemic came crashing into hospitals, revealing intensive care units without enough beds, hallways and waiting rooms that forced the healthy and sick to commingle, and ventilation systems that became conduits for airborne pathogens. Given that hindsight, many hospitals are remodeling with a philosophy of flexible design, the idea that spaces should be adaptable for different purposes at different times. When the next pandemic comes, they’ll be able to better meet the moment.
Traditional hospital design calls for sections that sequester the most vulnerable and contagious patients, with features not found in ordinary inpatient rooms. These include changeable airflow systems to keep microorganisms from traveling beyond the room’s walls; headwalls behind beds for electric, gas and equipment mounts; and, in general, a larger floor plan to accommodate specialized equipment like ventilators.
In times of crisis, hospitals require more of these specialized spaces, with different protocols of isolation for different diseases.
At Rady Children’s Hospital, where a new seven-story tower will house an intensive care unit as well as an emergency department, designers looked at the lessons learned from the pandemic and scrapped the tower’s original rectangular floor plan. In its place, they created one shaped like an X, with a 60-bed floor plan that can be converted into 20 fully isolated rooms for infectious-disease patients, should the need arise.
“Rather than looking at it on a single-room basis, when you think about maximum flexibility, you think about banks of rooms,” Dr. Holmes said. “Seeing it through that lens allows you to not have to transfer patients who are moderately sick into critically intensive care units.”
Much of the shift in hospital design revolves around surge capacity, which is how health care workers adapt inside their buildings when the number of sick patients jumps substantially. In March and April 2020, the sudden rise in contagious patients meant some hospitals were scrambling to find beds, setting up overflow tents in parking lots and rationing equipment.
“During the pandemic, they were doing hopscotch or leapfrog; they had to adapt on the fly,” said Douglas King, vice president of health care at Project Management Advisors, a real estate consulting firm. “Now hospitals are identifying wards, usually of 24 to 32 beds, and they can stack some of those wards together to become pandemic wards.”
To prepare for that shift, designers are thinking about how traditional rooms can quickly morph into isolation wards by upgrading or overhauling their heating, ventilation and air-conditioning systems. Fabrics and finishes, too, are being reconsidered, with an eye toward durable materials that can withstand industrial-level scrubbing.
Finally, the pathways that lead to these wards need to be rethought, Mr. King said, “so the transportation for patients and staff allows these spaces to be isolated and operated independently from the rest of the hospital.”
A new I.C.U. at Doylestown Hospital in Doylestown, Pa., which opened in 2021, has private rooms meant to flex between intensive care and step-down care. The rooms are clustered in pods of eight to reduce traffic in corridors.
It will be the second new wing with flexible design at Doylestown. After realizing that a new wing for heart and vascular care that opened in January 2020 could be used for critically ill Covid-19 patients during the pandemic, hospital administrators leaned into flexible design.
“The pandemic proved the need to have flexible space,” said Jim Brexler, chief executive of Doylestown Health. “The impact of having adequate critical care space was essential, and you don’t want to build all that out and not be able to use it for other purposes.
“This is the future of hospitals,” he added.
CannonDesign, an architecture firm in New York, was involved in two hospital expansion projects.
At Barnes-Jewish Hospital in St. Louis, workers broke ground on a 16-story inpatient tower in 2021, including acute-care rooms that can morph into I.C.U. rooms. To achieve that flexibility, designers included additional outlets for medical gas and electricity, and larger clearances around beds to accommodate extra equipment. The upper half of doors will be made of glass to allow practitioners to observe highly contagious patients without entering the room.
And at WellSpan Health in York, Pa., an eight-story surgical and critical care tower being built as part of a $398 million hospital expansion will have oversize patient rooms that can function as spaces for critical care.
“The general sense that I get is that this is not a one-time situation that we just went through with Covid,” said Jocelyn Stroupe, co-director of health interiors for CannonDesign. “It’s just one of many infectious disease conditions that we’re going to be experiencing in the coming decades.”
Preparations for those disease conditions can be seen on other construction sites across the nation.
Ballantyne Medical Center, a 168,000-square-foot hospital in Charlotte, N.C., scheduled to open next year, will feature dual headwalls for more capacity in patient rooms and ventilation systems that allow rooms to be converted to negative pressure ones that prevent harmful airborne particles from flowing into other spaces. An outpatient center being built as part of a $151 million renovation at Grady Memorial Hospital in Atlanta will have flexible rooms with mobile equipment that can quickly be transferred from space to space.
And in Los Angeles, CHA Hollywood Presbyterian Medical Center plans to open a new patient tower in 2023 with larger waiting rooms that allow for distancing, more rooms with negative pressure ventilation and a tripled capacity for blood-oxygen monitoring systems. Thirty-three private rooms are being added as well, all of which can be reconfigured for surge capacity.
The focus on flexible design is not unique to hospitals, said John Swift, who leads the health care sector at the engineering and design consulting firm Buro Happold. Three years into the pandemic, it has become an almost universal concern.
“We’re seeing these trends not just in health care but in all the facilities we do work in, from laboratory buildings to institutional buildings on college campuses,” he said.
The shift to flexible design will mean that, in the short term at least, some hospitals are better equipped than others to handle the next pandemic. And it will also exacerbate the gap between the haves and have-nots in health care, said Armstead Jones, a strategic real estate adviser for Real Estate Bees.
“You have hospitals that are barely holding on in rural areas, and they can’t afford flexibility in architecture. So what does it look like to them?” he said.
But in the long term, designers expect the lessons from the coronavirus to resonate. Pandemic modifications, they say, are likely to eventually be written into law, much like access for those in wheelchairs and structural requirements for earthquakes.
“This is no different from the code updates we go through every time there is an earthquake in California,” said Carlos L. Amato, a health care architect with Cannon Design. “The lessons learned postpandemic will eventually make it into building codes.”
LOS ANGELIS, Sept. 19, 2022 (GLOBE NEWSWIRE) -- The Global Emergency Medical Equipment Market Size accounted for USD 21,921 Million in 2021 and is estimated to achieve a market size of USD 37,515 Million by 2030 growing at a CAGR of 6.3% from 2022 to 2030.
Emergency Medical Equipment Market Report Key Highlights
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Report Coverage:
Market | Emergency Medical Equipment Market | |
Emergency Medical Equipment Market Size 2021 | USD 21,921 Million | |
Emergency Medical Equipment Market Forecast 2030 | USD 37,515 Million | |
Emergency Medical Equipment Market CAGR During 2022 - 2030 | 6.3% | |
Emergency Medical Equipment Market Analysis Period | 2018 - 2030 | |
Emergency Medical Equipment Market Base Year | 2021 | |
Emergency Medical Equipment Market Forecast Data | 2022 - 2030 | |
Segments Covered | By Type, By Application, By End-User, And By Geography | |
Emergency Medical Equipment Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
Key Companies Profiled | GE Healthcare, Asahi Kasei, Philips, Stryker, Cardinal Health, Smiths Medical, Becton Dickinson, B. Braun, Medtronic, 3M, Smith & Nephew, and Johnson & Johnson. | |
Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Emergency Medical Services (EMS) are an essential component of the overall healthcare system because they save lives by offering emergency treatment. Global emergency medical services have enhanced technologically and made significant contributions to the overall operation of healthcare systems. The World Health Organization (WHO) considers EMS systems to be an essential component of any efficient and useable healthcare system. Emergency medical equipment enables patient care during emergency situations such as collisions and natural catastrophes, aids in the prevention of loss of life, and reduces personal injuries. These accessories range from simple stretchers to sophisticated equipment used in the intensive care units as well as operating rooms.
The increasing need for emergency medical services as the geriatric population grows, as well as the increased incidence of chronic diseases such as cardiovascular disorders, diabetes, and infectious diseases, is expected to propel the global emergency medical equipment market growth throughout the forecast period. Furthermore, the increasing frequency of natural catastrophes such as earthquakes, storms, and so on, as well as the increasing frequency of trauma injuries, are driving demand for the emergency medical equipment market revenue.
Global Emergency Medical Equipment Market Dynamics
The growing geriatric population is vulnerable to a variety of medical emergencies, including respiratory disorders, cardiac arrest, and other medical emergencies. Furthermore, the high frequency of natural disasters necessitates sophisticated emergency medical treatment. Aside from that, due to rising consumption, emergency medical services differ greatly between developed and developing countries. Comprehensive emergency medical services (EMS) that are available throughout the country are lacking in low and middle-income countries. This factor is limiting consumer spending in the emergency medical equipment market. Some of these countries, however, are actively welcoming international major corporations to explore the untapped potential in advanced markets.
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Market Segmentation
The global emergency medical equipment market has been segmented by Acumen Research and Consulting based on type, and application. By type, the market is separated into wound care consumables, emergency resuscitation equipment, patient handling equipment, patient monitoring systems, infection control supplies, personal protection equipment, and others. By type, the emergency resuscitation equipment segment will capture the largest market share in the projected timeframe. This is due to an increase in the number of emergency visits, which increases the demand for urgent situation resuscitation equipment.
By application, the market is divided into trauma injuries, cardiac care, respiratory care, and others. According to the emergency medical equipment market forecast, the respiratory care segment is expected to hold significant market shares in the coming years.
In terms of end-user, the market is further categorized into hospitals, ambulatory surgical centers, specialty clinics, and others. By end-user, hospital segment will contribute dominating share for the emergency medical equipment market.
Global Emergency Medical Equipment Market Regional Outlook
The global emergency medical equipment market is divided into five geographic regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. According to emergency medical equipment industry analysis, North America has traditionally dominated the global market and it will continue to do so in the coming years. High incidence of trauma-related injury issues, as well as reconstructive surgery, is conducted every year in the United States. Furthermore, the sturdy presence of major players, technological developments, and well-established hospital infrastructure are important factors contributing to the expansion of the North American regional market for emergency medical equipment.
On the other hand, Asia-Pacific will experience a significant CAGR in the emergency medical equipment market. This is due to an increasing geriatric population, increased exposure to emergency situations, and increased government involvement. Such factors contribute to the Asia-Pacific emergency medical equipment market's full potential.
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Emergency Medical Equipment Market Players
Some of the prominent emergency medical equipment market companies are GE Healthcare, Asahi Kasei, Philips, Stryker, Cardinal Health, Smiths Medical, Becton Dickinson, B. Braun, Medtronic, 3M, Smith & Nephew, and Johnson & Johnson.
Browse More Research Topic on Healthcare Related:
The Global Medical Equipment Calibration Service Market is expected to grow at a CAGR of around 10.6% from 2021 to 2028 and expected to reach the market value of around USD 5.6 Billion by 2028.
The Global Durable Medical Equipment Market is anticipated to grow at a CAGR of around.6.3% during the forecast period 2020 to 2027 and to reach around USD 287.4 Billion by 2027.
The Global Home Medical Equipment Market accounted for USD 33,254 Million in 2021 and is expected to reach USD 55,912 Million by 2030 with a considerable CAGR of 6% during the forecast timeframe of 2022 to 2030.
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WILMINGTON, Del., Sept. 16, 2022 /PRNewswire/ -- Players in the global medical equipment rental market are focusing on increasing their efforts on manufacturing electronic and digital equipment, durable medical equipment, personal and home care equipment, and surgical equipment to cater to diverse demands of customers. Increasing demand for durable medical equipment for long-term healthcare needs of patients is positively affecting the market's expansion. According to a recent professional intelligence report, the global medical equipment rental market is anticipated to reach the value of US$ 70.95 Bn by the end of the forecast period in 2028.
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Medical Equipment Rental Market – Key Findings of the Report
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Medical Equipment Rental Market – Growth Drivers
Medical Equipment Rental Market – Key Players
Some of the key companies functional in the global medical equipment rental market are Centric Health Corporation, Nunn's Home Medical Equipment, US Med-Equip, Inc., Woodley Equipment Company, Ltd., Westside Medical Supply, Inc., Apria Healthcare Group, Inc., Hill-ROM Holdings, inc., Port Huron Hospital Medical Equipment, Universal Hospital Services, Inc., and Walgreen, Co. Owing to the presence of a large number of established regional and multi-national participants, the competitive landscape of the global medical equipment rental market is highly fragmented in nature.
Leading strategies employed by the players in the global medical equipment rental market for increasing their industry share include launching of new and technologically superior products, entering into collaborative agreements with other players, gaining regulatory approvals for their new products, and mergers and acquisitions, among others. Players are also focused on expanding their geographical reach to enhance their presence across the globe.
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Medical Equipment Rental Market – Regional Growth Dynamics
Europe is anticipated to emerge as the leading regional market in the global medical equipment rental market over the forecast period. Key drivers contributing to the expansion of Europe market include increasing incidence of various types of chronic diseases as well as the increasing focus of governments in the region on strengthening their healthcare infrastructures. North America is also expected to emerge as a leading region within the global medical equipment rental market in coming years. Growth of this regional market is driven by the increasing preference of healthcare professionals and facilities in the region on equipment rentals as opposed to purchasing them.
In coming years, Asia Pacific is also projected to contribute considerably to the expansion of the global medical equipment rental market. Some of the key drivers responsible for the growth of this regional market include rising disposable income of the regional population, as well as the increasing spending on development of advanced healthcare infrastructure by certain governments in the region.
Medical Equipment Rental Market: Segmentation
Medical Equipment Rental Market, by Device Type
Medical Equipment Rental Market, by End-user
Medical Equipment Rental Market, by Region
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Puerto Rico may only be starting to take stock of the damage caused by Hurricane Fiona. But experts tell Axios indications are that medical supplies from plants there won't be disrupted the way they were when another storm ravaged the island in 2017.
Why it matters: A lot of pharmaceutical and medical device production occurs in Puerto Rico. Production problems there can send shocks up and down the U.S. medical supply chain.
What they're saying: "We don't see any major anticipated impacts in terms of long-term widespread Hurricane Maria-type supply chain disruptions throughout health care at this time," said Kyle MacKinnon, a senior director at Premier, a supply chain and technology company that works with providers.
Be smart: The latest storm could still drive home supply chain challenges exposed by the pandemic and just how vulnerable the island's infrastructure is, Inc. reports.
State of play: Medtronic, which has about 7,100 employees in Puerto Rico, is among companies that told Axios they planned to restart full operations on Monday using generator power.