New York, Jan. 18, 2023 (GLOBE NEWSWIRE) -- Persistence Market Research, a market research and competitive intelligence provider, analyses that demand for Medical Equipment Calibration is set to witness significant growth owing to rising trend of offshoring medical equipment testing facilities and guidelines across medical equipment. According to the study, the global Medical Equipment Calibration Services Market was valued at the US$ 1.2 Bn in 2021 and is expected to expand at a CAGR of 12.5% during 2022-2032.
Harmonization of guidelines, growing utilization of medical equipment in developing countries, increasing need for testing and evaluation of medical devices, the imposition of stringent government regulations, and the imposition of stringent government regulations have been driving the market growth.
The medical devices calibration services market will grow due to the increasing requirement for calibration services due to factors such as growing healthcare expenditure, laboratory facilities, rising environmental regulations, increasing customer focus on overall quality, surged research and development measures, and growing demand for medical devices.
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Competitive Analysis
The key players in the medical equipment calibration services market include Tektronix, Fluke Biomedical, Biomedical Technologies, NS Medical Systems, Transcat, JM Test Systems, JPen Medical, TAG Medical, and Hospicare Equipment Services Corp.
Some of the recent developments in the Medical Equipment Calibration Services Market are:
- In December 2020, Tektronix released Tek Drive, a ground-breaking data collaboration tool. It is the first general-purpose measuring and control file system featuring scope-like data displays.
- In June 2020, Intertek announced that it will expand its personal protective equipment services to include pre-certification testing of N95 respirators toward the National Institute for Occupational Safety and Health's criteria. Intertek additionally increased its solutions and resources to serve clients and the worldwide population during the COVID-19 outbreak with these new offerings.
Similar recent developments related to companies in Medical Equipment Calibration Services Market are tracked by the team at Persistence Market Research, which is available in the full report.
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Forces influencing market expansion include increased demand for reconditioned diagnostic instruments and rising corporate expenditures in healthcare infrastructure. According to the FDA's annual medical device recall lists, 44 pieces of equipment were returned in 2019, which is more than the 32 pieces of equipment recalled in 2017. In case, if a piece of medical equipment fails to meet these accuracy and precision requirements, the FDA will determine if it poses a risk of patient harm in the form of an adverse effect.
If these defects are discovered, the device's manufacturer must recalibrate it to improve quality until the criteria are met. All of these procedures must be recorded. As a result, an increase in medical device recalls is predicted to push the demand for medical device calibration to a significant degree.
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More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Medical Equipment Calibration Services Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Medical Equipment Calibration Services Market by Service (OEM, Third-party Services), by End-user (Hospitals, Clinical Laboratories, and Other End-users), across five regions (North America, Asia Pacific, Europe, Middle East & Africa and Latin America).
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Our expert team of industry analysts comprising management graduates, medical professionals, engineers, and project managers provides insights on emerging therapy areas, diagnostic tools, medical devices and components, reimbursement and market access, biotechnology, and life science research products and services to equip decision-makers with sound inputs and strategic recommendations.
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