LOS ANGELES, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The Global Medical Equipment Calibration Services Market Size accounted for USD 1,392.5 Million in 2021 and is projected to achieve a market size of USD 3,314.5 Million by 2030 rising at a CAGR of 10.2% from 2022 to 2030.
Medical Equipment Calibration Services Market Highlights and Statistics
- The Global Medical Equipment Calibration Services Market Size in 2021 stood at USD 1.393 Billion and is set to reach USD 3.315 Billion by 2030, growing at a CAGR of 10.2%
- The market is driven by factors such as the growing focus on patient safety, increased government regulations, and the rising prevalence of healthcare expenditure globally.
- The increasing sophistication of medical devices and the need for accurate and reliable data in the healthcare sector are also contributing to the growth of the market.
- North American is expected to hold the largest Medical Equipment Calibration Services Market share, owing to the presence of a large number of healthcare facilities and the increasing adoption of advanced medical equipment.
- The Asia-Pacific region’s Medical Equipment Calibration Services Market share is expected to grow at the highest CAGR for the forecast timeframe, driven by factors such as the growing elderly population, increasing healthcare expenditure, and the rising incidence of chronic diseases.
- Key players in the market include Bureau Veritas S.A., Intertek Group Plc, Fluke Corporation, Beamex Oy Ab, and Trescal S.A.
Medical Equipment Calibration Services Market Overview
The Medical Equipment Calibration Services Market pertains to the provision of specialized technical services for verifying the accuracy and precision of medical equipment used in the healthcare sector. These services ensure that medical devices such as imaging machines, patient monitors, and laboratory equipment are functioning optimally, thereby reducing the risk of incorrect diagnoses and treatments.
Medical equipment calibration services encompass a broad range of applications, including clinical and laboratory equipment, imaging machines, and patient monitoring systems. The process involves the use of specialized tools and techniques to measure the performance of medical devices, which are then compared against established standards to determine their accuracy. This process helps to identify any deviations or malfunctions, which can then be corrected through maintenance and repairs, thereby ensuring the reliability and safety of medical equipment.
The demand for medical equipment calibration services has grown significantly in recent years, driven by the increasing sophistication of medical devices and the need for accurate and reliable data in the healthcare sector. The growth of the medical equipment calibration services market is further driven by factors such as the growing focus on patient safety, increased government regulations, and the rise in healthcare expenditure globally.
The Medical Equipment Calibration Services Market diverse applications and continued growth present significant opportunities for industry participants and investors alike.
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Medical Equipment Calibration Services Market Report Coverage:
| Market | Medical Equipment Calibration Services Market | |
| Medical Equipment Calibration Services Market Size 2021 | USD 1,392.5 Million | |
| Medical Equipment Calibration Services Market Forecast 2030 | USD 3,314.5 Million | |
| Medical Equipment Calibration Services Market CAGR During 2022 - 2030 | 10.2% | |
| Medical Equipment Calibration Services Market Analysis Period | 2018 - 2030 | |
| Medical Equipment Calibration Services Market Base Year | 2021 | |
| Medical Equipment Calibration Services Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Service, By End-User, And By Geography | |
| Medical Equipment Calibration Services Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Fluke Biomedical, Spectrum Technologies (Transcat Company), Industrial Calibration and Service Company, Inc., Custom Calibration, Inc., Calibration Laboratory, LLC., Morehouse Instrument Company, Inc., Strainsert, Inc., and Sierra Instruments, Inc.. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Trends in the Medical Equipment Calibration Services Market
- Remote calibration services: Remote calibration services are becoming increasingly popular due to the convenience they offer to healthcare facilities.
- Increased demand for precision and accuracy: With the growing complexity of medical equipment, there is an increasing demand for precise and accurate calibration services.
- Growing focus on patient safety: The growing focus on patient safety is driving demand for medical equipment calibration services, as accurate and reliable medical equipment is essential for proper patient care.
- Growing adoption of advanced medical equipment: The increasing adoption of advanced medical equipment is driving demand for calibration services, as these devices require regular maintenance and calibration to ensure their accuracy and reliability.
- Increasing demand for quality management systems: The increasing demand for quality management systems is driving demand for medical equipment calibration services, as these systems ensure the accuracy and reliability of medical equipment.
- Growing need for cost-effective calibration services: The growing need for cost-effective calibration services is driving demand for services that offer quality and affordability.
Medical Equipment Calibration Services Market Dynamics
Rising demand for mobile calibration services: Mobile calibration services are becoming increasingly popular due to the convenience they offer, as they can be performed on-site, reducing downtime and saving costs.
Growing use of cloud-based solutions: Cloud-based solutions are becoming increasingly popular in the medical equipment calibration services market, as they offer a more efficient and streamlined solution for managing calibration data.
Rising incidence of chronic diseases: The rising incidence of chronic diseases is driving demand for medical equipment calibration services, as these diseases require continuous monitoring and treatment.
Growing demand for environmentally friendly solutions: The growing demand for environmentally friendly solutions is driving demand for medical equipment calibration services, as healthcare facilities seek to reduce their carbon footprint.
Growing demand for asset management solutions: Asset management solutions are becoming increasingly popular, as they allow healthcare facilities to keep track of their medical equipment and ensure their accuracy and reliability.
Growth Hampering Factors in the for Medical Equipment Calibration Services Market
High costs associated with calibration services: The costs associated with medical equipment calibration services can be high, which is a hindrance to growth in the market.
- Complexity of medical equipment: The increasing complexity of medical equipment can make it challenging to calibrate, which can limit growth in the market.
- Competition from unqualified providers: Competition from unqualified providers offering low-cost services can reduce demand for high-quality medical equipment calibration services.
- Inadequate investment in research and development: The lack of investment in research and development in the medical equipment calibration services market can limit the growth of the market.
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Market Segmentation
By Service Type
- Third Party Service
- In house
- OEMs
By End User Type
- Clinical Labs
- Hospital
- Others
Medical Equipment Calibration Services Market Overview by Region
North America has a big Medical Equipment Calibration Services market share, with a large number of well-established providers and a high level of awareness among healthcare facilities. The region is characterized by strict regulations and standards, driving demand for high-quality calibration services. The US is a major contributor to the growth of the Medical Equipment Calibration Services Market in North America.
Europe has a notable Medical Equipment Calibration Services market share, with increasing demand for high-quality services and a growing focus on patient safety. The region is characterized by the presence of advanced healthcare infrastructure and a high level of investment in research and development. The UK, Germany, and France are key markets for Medical Equipment Calibration Services in Europe.
Asia Pacific has the fastest growing Medical Equipment Calibration Services market share, with increasing demand for advanced medical equipment and growing awareness of the importance of patient safety. The region is characterized by the presence of large populations, rapid economic growth, and a growing middle class. China and India are major contributors to the growth of the Medical Equipment Calibration Services Market in Asia Pacific.
The Latin American and the MEA regions have a lower but growing market for the Medical Equipment Calibration Services market. Brazil, Saudi Arabia and South Africa are key markets for the Medical Equipment Calibration Services market.
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Medical Equipment Calibration Services Market Key Players
The Medical Equipment Calibration Services Market is competitive and characterized by the presence of numerous players. Some of the leading players in the market include Fluke Biomedical, GE Healthcare, AMETEK, Danaher Corporation, Olympus Corporation, AMTEK Calibration, Instrumart, NIST, Intertek Group, National Technical Systems, Flir Systems, Radcal Corporation, RIGAKU Corporation, Agilent Technologies, Bruker Corporation, Thermo Fisher Scientific, Trescal, and Beamex. These players compete based on factors such as product quality, pricing, innovation, and market presence. The market is expected to continue to be highly competitive in the future, with the entry of new players and increased competition among existing players.
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