Global Medical Equipment Calibration Services Market, By Service (In-house, Third-party Services, Original Equipment Manufacturer (OEM)), End User (Hospitals, Clinical Laboratories) - Industry Trends and Forecast to 2030.
Medical Equipment Calibration Services Market Analysis and Size
The global medical equipment calibration services market is driven by the demand for refurbished medical equipment, stringent regulations, and market strategies, such as total annual calibration service subscriptions, provided by service providers. Increased awareness regarding preventative medical equipment maintenance, as well as advancements in the medical device business and stricter laws governing device calibration. The rising demand for refurbished medical equipment and rising corporate investments in healthcare infrastructure will create ample opportunities for the global medical equipment calibration services market. However, some of the factors that may have a negative impact on the global medical equipment calibration services market include a lack of experienced professionals and strict regulatory agencies.
Data Bridge Market Research analyses that the global medical equipment calibration services market which was USD 1,545.60 million in 2022, is expected to reach USD 3,410.75 million by 2030, and is expected to undergo a CAGR of 10.40% during the forecast period of 2023 to 2030. “In-House” dominates the service segment of the global medical equipment calibration services market due to advancement in technology. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Medical Equipment Calibration Services Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Service (In-house, Third-party Services, Original Equipment Manufacturer (OEM)), End User (Hospitals, Clinical Laboratories)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Tektronix (U.S.), Fluke Biomedical (U.S.), Biomedical Technologies, Inc.(U.S.), NS Medical Systems (India) , Transcat, Inc.(U.S.), JM Test Systems (U.S.), Agilent Technologies, Inc.(U.S.), Thermo Fisher Scientific Inc.(U.S.), JPen Medical(U.K), TAG Medical (U.K), BD(U.S.), Bio-Rad Laboratories, Inc, (U.S.), Everlife(Singapore) and Industrial Calibration and Service Company(Sri Lanka)
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Market Opportunities
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Market Definition
The process of medical equipment calibration ensures that the output of medical devices meets industry standards. Calibration compares a reference measurement with a measurement made using a medical instrument. The standard organization accepts a 3:1 accuracy ratio. Medical gadgets with regular calibration and quality assurance have a longer life and are more functional. Medical instruments' performance efficiency and accuracy are affected by wear and tear.
Global Medical Equipment Calibration Services Market Dynamics
Drivers
- Increasing Regulatory Requirements
Regulatory bodies worldwide impose strict guidelines and regulations on medical equipment calibration to ensure patient safety and quality assurance. Compliance with these regulations drives the demand for calibration services as healthcare facilities strive to meet the required standards.
- Growing Emphasis on Patient Safety
Patient safety is a paramount concern in healthcare. Accurate calibration of medical equipment is essential to ensure precise measurements and reliable performance, thereby minimizing the risk of errors or adverse events. The focus on patient safety drives the need for regular calibration services.
- Increasing Awareness of Quality Assurance
Healthcare providers and organizations recognize the importance of quality assurance to deliver optimal patient care. Calibration services play a crucial role in maintaining equipment accuracy, reliability, and performance. The growing awareness and emphasis on quality assurance contribute to the demand for calibration services.
Opportunities
- Advancements in Medical Technology
The healthcare industry continuously adopts new and advanced medical equipment to improve patient care. These sophisticated devices often require specialized calibration services to maintain their accuracy and functionality. The market for calibration services expands alongside the development and adoption of innovative medical technologies.
- Increasing Number of Accreditation and Certification Requirements
Accreditation and certification bodies, such as The Joint Commission, require healthcare facilities to meet specific standards for equipment calibration. Compliance with these requirements necessitates regular calibration services and documentation. The need to maintain accreditation and certifications drives the demand for calibration services.
Restraints/Challenges
- High Cost
Medical equipment calibration services technology is currently expensive, which limits its accessibility to a broader population. The cost encompasses various factors, including research and development, surgical procedures, implantation, post-implantation care, and rehabilitation. The high costs associated with medical equipment calibration services can pose a barrier to widespread adoption, especially in regions with limited healthcare resources and reimbursement challenges.
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Limited Awareness and Education
Lack of awareness and understanding among potential patients, healthcare professionals, and the general public can hinder the growth of the global medical equipment calibration services market. Many individuals with visual impairments may not be aware of the existence of medical equipment calibration services technologies or may have misconceptions about their effectiveness. Educating and raising awareness about the benefits, functionality, and availability of medical equipment calibration services is crucial to increasing their acceptance and adoption.
This global medical equipment calibration services Market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global medical equipment calibration services Market Contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In July 2021, Everlife announced that it had expands service offering to calibration services with acquisition of Biofrontier Technology in Singapore
- In July 2021, The National Accreditation Board for Testing and Calibration Laboratories (NABL) has released NABL 126: Specific criteria for calibration of medical device
Global Medical Equipment Calibration Services Market Scope
The global medical equipment calibration services market is segmented on the basis of service, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Service
- In-house
- Third-party Services,
- Original Equipment Manufacturer (OEM)
End User
- Hospitals
- Clinical Laboratory
Global Medical Equipment Calibration Services Market Regional Analysis/Insights
The global medical equipment calibration services market is analysed and market size insights and trends are provided by country, service and end user as referenced above.
The countries covered in the global medical equipment calibration services market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
North America dominates the global medical equipment calibration services market because of the strong base of healthcare facilities, strong presence of major players in the market, and rising number of research activities in this region.
Asia-Pacific is expected to witness significant growth in the global medical equipment calibration services market during the forecast period of 2023 to 2030 due to the increase in government initiatives to promote awareness, rise in medical tourism, growing research activities in the region, availability of massive untapped markets, large population pool, and the growing demand for quality healthcare in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The global medical equipment calibration services market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for global medical equipment calibration services market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the global medical equipment calibration services market. The data is available for historic period 2015-2020.
Competitive Landscape and Global Medical Equipment Calibration Services Market Share Analysis
The global medical equipment calibration services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global medical equipment calibration services market.
Some of the major players operating in the medical equipment calibration services market are:
- Tektronix (U.S.)
- Everlife(Singapore)
- Fluke Biomedical (U.S.)
- Biomedical Technologies, Inc.(U.S.)
- NS Medical Systems (India)
- Transcat, Inc.(U.S.)
- JM Test Systems (U.S.)
- Agilent Technologies, Inc.(U.S.)
- Thermo Fisher Scientific Inc.(U.S.)
- JPen Medical(U.K)
- TAG Medical (U.K)
- BD(U.S.)
- Bio-Rad Laboratories, Inc, (U.S.)
- Industrial Calibration and Service Company(Sri Lanka)
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