Medical Equipment Calibration Services Market
Number of pages: 100 | Report Format: PDF | Published date: April 11, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 1.27 billion |
|
Revenue Forecast in 2031 |
US$ 5.76 billion |
|
CAGR |
9.12% |
|
Base Year For Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Equipment Type, Service Type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global medical equipment calibration services market was valued at US$ 1.27 billion in 2022 and is expected to register a revenue CAGR of 9.12% to reach US$ 5.76 billion by 2031.
Medical Equipment Calibration Services Market Fundamentals
Medical equipment calibration services ensure that medical devices are accurate and reliable in their measurements and functions. This is achieved using calibration procedures that involve comparing the readings of an instrument against a known standard. Medical equipment calibration services are critical to maintaining the accuracy and reliability of medical devices used to diagnose and treat patients. The calibration process involves testing and adjusting various aspects of the device to ensure it meets manufacturer specifications and regulatory requirements. Third-party service providers typically provide calibration services with the equipment, personnel, and expertise to conduct the calibration process. These providers can calibrate various medical devices, including imaging equipment, surgical instruments, patient monitors, and laboratory equipment. The calibration process typically involves several steps, including inspecting the device for damage or wear, adjusting various settings and components to ensure accuracy, and documenting the calibration process for regulatory compliance.
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Medical Equipment Calibration Services Market Dynamics
With the growing population and rising healthcare needs, the demand for medical devices is increasing, which is a major driver for the revenue growth of the global medical equipment calibration services market. Calibration services are necessary to ensure these devices are accurate, reliable, and safe. Regulatory bodies such as the FDA, ISO, and other government agencies require medical devices to be calibrated regularly to ensure accuracy and compliance with safety standards. This has increased the necessity for medical equipment calibration services. The healthcare industry constantly evolves, and new technologies and devices are being developed. These new technologies require specialized calibration services to ensure their accuracy and reliability, which in turn is boosting the revenue growth of the global medical equipment calibration services market. Moreover, outsourcing medical equipment calibration services is more cost-effective for healthcare providers than investing in their calibration equipment and personnel, which is also resulting in fueling the demand for third-party calibration services. Additionally, healthcare providers are becoming more aware of the importance of calibration services in ensuring accurate and reliable medical equipment. This has also led to an increase in demand for medical equipment calibration services.
However, starting a medical equipment calibration service requires a significant initial investment in equipment, personnel, and training. This high cost can be a barrier to entry for new players in the market. Furthermore, there is a lack of standardization in the calibration process across different types of medical devices, which can create challenges for calibration service providers. Moreover, the medical equipment calibration services market is becoming more competitive, with new players entering the market and existing players expanding their services. This can lead to price pressures and reduced profit margins. Additionally, the complex regulatory environment, limited customer awareness, and lack of standardization are some restraints impeding the revenue growth of medical equipment calibration services.
Medical Equipment Calibration Services Market Ecosystem
The global medical equipment calibration services market is analyzed from four perspectives: equipment type, service type, end user, and region.
Medical Equipment Calibration Services Market by Equipment Type
Based on the equipment type, the global medical equipment calibration services market is segmented into vital sign monitors, infusion pumps, ventilators, fetal monitors, imaging equipment, infusion pumps, cardiovascular monitors, and others.
The imaging equipment segment dominated the market with a significant revenue share in 2022, owing to being a primary procedure to diagnose and treat medical conditions. Imaging equipment such as X-ray machines, MRI scanners, CT scanners, ultrasound machines, and other diagnostic imaging equipment is essential for accurately diagnosing and treating various medical conditions. These devices must be calibrated regularly to produce accurate and reliable images. Medical equipment calibration services for imaging equipment typically involve testing and adjusting various components of the device, including the power output, image resolution, image contrast, and spatial resolution. The calibration process ensures that the images the equipment produces are accurate, which is critical for accurate diagnosis. These factors contribute to the revenue growth of the imaging equipment segment.
Medical Equipment Calibration Services Market by Service Type
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Based on the service type, the global medical equipment calibration services market is segmented into third-party calibration services, OEM (original equipment manufacturer) calibration services, and in-house calibration services.
The third-party calibration services segment dominated the market with the largest revenue share in 2022, owing to the increasing complexity of healthcare regulations and the growing use of medical devices in healthcare. Third-party calibration services refer to third-party service providers for medical equipment calibration. These third-party calibration service providers offer various calibration services to healthcare providers and medical equipment manufacturers, including calibration of medical devices, preventive maintenance, and repair services. The third-party calibration services segment is a crucial part of the medical equipment calibration services market, providing healthcare providers with an alternative option to OEM calibration services. Many healthcare providers prefer to use third-party calibration services due to their cost-effectiveness and flexibility. Third-party calibration service providers often offer their services at lower prices than OEMs, and they can also perform calibration services on a wide range of equipment from different manufacturers. These overall factors contribute to the growth of the third-party calibration services segment.
Medical Equipment Calibration Services Market by End User
Based on the end user, the global medical equipment calibration services market is segmented into hospitals, clinical laboratories, and others.
The hospital's segment is a key player in the medical equipment calibration services market, with the largest revenue share in 2022. Hospitals are major users of medical equipment and rely on this equipment for the diagnosis and treatment of patients. The calibration of medical equipment is essential to ensure that the equipment is accurate and reliable, which is critical for patient safety and the quality of care. Hospitals use a wide range of medical equipment, including imaging equipment, patient monitors, surgical instruments, and laboratory equipment, all requiring regular calibration to maintain accuracy and reliability. Calibration services are typically provided by third-party service providers with the expertise, equipment, and personnel to carry out the calibration process. Hospitals may contract with third-party service providers for calibration services or have in-house calibration teams. In either case, hospitals must ensure that their medical equipment is calibrated regularly to comply with regulatory requirements and maintain the equipment's accuracy and reliability. These overall factors contribute to the revenue growth of the hospital segment.
The clinical laboratories segment had the second-largest revenue share in 2022. Clinical laboratories use various medical equipment, including laboratory instruments, analytical equipment, and testing equipment, to analyze patient samples and diagnose medical conditions accurately. Medical equipment calibration is critical in clinical laboratories, as inaccurate or unreliable test results can lead to misdiagnosis and incorrect treatment of patients. Calibration services for medical equipment in clinical laboratories typically involve testing and adjusting various aspects of the equipment to ensure that it meets regulatory requirements and produces accurate and reliable results. These overall factors contribute to the revenue growth of the clinical laboratories segment.
Medical Equipment Calibration Services Market by Region
The global medical equipment calibration services market is segmented geographically into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global medical equipment calibration services market with the largest revenue share in 2022, owing to the increasing sophistication of medical equipment technology has resulted in a rise in technology-related medical device recalls. Additionally, companies are continuously involved in partnerships, mergers, and acquisitions, expected to improve the medical equipment calibration services market outlook. For instance, in April 2022, Ultimo and Fluke Biomedical collaborated to enhance healthcare organizations' efficiency by reducing the time technicians spend on repetitive or manual tasks related to equipment maintenance. Fluke Biomedical is a renowned manufacturer of biomedical test and simulation products that maintenance teams use to verify the optimal condition of medical devices, such as electrical safety testers and performance analyzers. Ultimo offers Enterprise Asset Management (EAM) software that helps organizations maximize their assets and is widely used in hospitals across the Benelux. The partnership has resulted in integrating Fluke Biomedical's OneQA quality assurance platform with Ultimo's EAM solution, enabling the seamless sharing of intelligent data and improving productivity.
Competitive Landscape of the Global Medical Equipment Calibration Services Market
The prominent players operating in the global medical equipment calibration services market are:
Strategic Developments in Medical Equipment Calibration Services Market
The global medical equipment calibration services market was valued at US$ 1.27 billion in 2022.
The expected size of the global medical equipment calibration services market in 2031 is US$ 5.76 billion.
The revenue CAGR of the medical equipment calibration services market during the forecast period will be 9.12% from 2023 to 2031.
The complex regulatory environment, limited customer awareness, and lack of standardization restrict global market revenue growth from its full potential.
Some prominent global medical equipment calibration services market players are Obelis Group Sa, Tag Medical Products, Medserve Ltd., Hospicare Equipment Services Corp., Tektronix Inc., JM Test Systems, and Transcat, Inc.
*Insights on financial performance are subject to the availability of information in the public domain