Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Medical Equipment Calibration Services Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
LOS ANGELES, Aug. 18, 2021 (GLOBE NEWSWIRE) -- The Global Medical Equipment Calibration Services Market is expected to grow at a CAGR of around 10.6% from 2021 to 2028 and to reach around US$ 5.6 Billion by 2028.
North America dominates; Asia Pacific to register fastest growing CAGR for the medical equipment calibration service market
North America dominated the medical equipment calibration service market in 2020 and is expected to maintain this dominance throughout the forecast period. This is due to technological advancements in the medical industry, raising awareness of preventive medical equipment maintenance, and the imposition of stringent regulations by authorized bodies, which are all factors that have a positive influence on the North America regional market, ultimately contributing to the overall market growth for medical equipment calibration service. Apart from that, the North American ISOs medical device and equipment maintenance and calibration service market is currently highly fragmented due to the presence of major market players in this region. As these key players actively engage in mergers and acquisitions, the North America regional market improves, ultimately contributing to the global medical equipment calibration service market.
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Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the medical equipment calibration service market. According to a report released by Export.gov, China is one of the world's fastest growing economies, with the medtech industry being one of the fastest growing market sectors in China, at an average growth rate of 20%. Because China is one of the top bidders in the APAC provinces, the Chinese Central Government has actively supported the domestic medical equipment industry. Such factors strongly support the growth of the regional market, which in turn stimulates the overall growth of the medical equipment calibration service market. For example, in May 2020, the Chinese People's Liberation Army (PLA) donated medical equipment and accessories to Myanmar's military hospital's newly built laboratory for testing COVID-19. The collaboration aims to create a complete and comprehensive guideline that is a synthesis of various sectors involving diagnosis and treatment, laboratory testing for COVID-19, and so on.
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COVID-19 impact on the global medical equipment calibration service market
COVID-19 has a negative impact on the global market for medical equipment calibration services. This is primarily due to the stringent regulations imposed by the authorized bodies residing in this region, which include lockdowns and social distancing policies in order to save lives. This ultimately reduces demand for the service from end-users in nursing homes and other healthcare settings because the end-users avoid performing any face-to-face interactions typically conducted by pharmaceutical and medical device sales representatives, medical science liaisons, and other field-based employees. Manufacturers' increased capacity for adjusting production in response to demand has a significant impact on equipment performance, maintained schedules and practices, and the ability to meet demand in a timely manner—especially in the case of medical equipment production and calibration services.
Segmental Outlook
The global medical equipment calibration service market is segmented as service and end-user. Based on service, the market is segmented as In-house, third-party services, and original equipment manufacturer (OEM). By end-user, the market is segregated as hospitals, clinical laboratories, and among others.
Competitive Landscape
Some of the leading competitors are Fluke, Spectrum Technologies (Transcat Company), Industrial Calibration and Service Company, Inc.), Custom Calibration, Inc., Calibration Laboratory, LLC., Morehouse Instrument Company, Inc., Strainsert, Inc., Sierra Instruments, Inc., and among others
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Some of the key observations regarding medical equipment calibration services industry include:
- In December 2020, Tektronix, Inc. has announced the release of a new product called "TekDrive." This is the first native oscilloscope-to-cloud software solution, allowing for global data collaboration directly on an oscilloscope, PC, phone, or tablet. In addition, the new product allows engineers share or recall the data instantly on an oscilloscope without any need of conventional data sharing techniques
- In July 2019, Agiliti, Inc. (Agiliti), a healthcare technology management and service solutions pioneer announced the acquisition of Zetta Medical Technologies, LLC. The acquisition significantly strengthens Agiliti's outsourcing and supplemental biomedical service models, allowing the company to expand into full-service clinical engineering for high-end imaging devices.
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