Medical Equipment Calibration Services Market: Global Industry Analysis and Forecast (2021-2027) Trends, Statistics, Dynamics

Medical Equipment Calibration Services Market was valued at US$ 1,386 Mn in 2021 and the market size is expected to grow at a CAGR of 10.32% through the forecast period.

Medical Equipment Calibration Services Market Overview:

Medical Equipment Calibration is use to minimize the uncertainty in measurements, reducing errors and bringing measurements to an acceptable level. With repeated use and over a period of time, all equipment begins to degrade and that affects its accuracy and precision. In the medical device industry, a drift in the measurement is found to be unacceptable. Regularly calibrating equipment will ensure that industry defined standards are met and that the equipment is functional thus providing accurate output. It compares measurement which is taken by a test instrument against those taken by a standard device. Medical equipment calibration services include all the metrology capabilities, plus electrical safety analyser calibration, patient simulators, gas flow analyser, SPO2 and NIBP stimulators, EKG electrode impedance centrifuges, ventilator tester, temperature simulators, fluid warming systems, and various others. Periodic calibration is necessarily used for maintaining the equipment’s effectiveness and for decreasing the risk of causing harm to a patient. The Food Drug Administration (FDA) requires the all-medical device companies have procedures in place that include instructions and acceptable limits for accuracy and precision. The report explores Global Medical Equipment Calibration Services Market segments (Type, End User and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates Global Medical Equipment Calibration Services Market drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of Global Medical Equipment Calibration Services Market contemporary competitive scenario. Medical Equipment Calibration Services Market To know about the Research Methodology :- Request Free Sample Report 2021 is considered as a base year to forecast the market from 2022 to 2027. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2027. 2020 is a year of exception and analysis especially with the impact of lockdown by region.

Medical Equipment Calibration Services Market Dynamics:

Drivers & Restrains: The need for calibrating biomedical Equipment is as per the principal industry regulation about patient’s safety and efficacy of the device. Due to growing technologies and rising demand for service from the hospital sector the demand for the calibrating services market increases. By offering Original Equipment providers (OEM) and third-party service, the competitive dynamics are the key factors attributed to the growth of the market. The launching of a new device with high competence is the driving factor which boosts the growth of the market. For example, TekDrive™ announced the first native oscilloscope-to-cloud software solution to smoothen the calibration workflow on an oscilloscope, PC, Phone, or tablet. This software fuelled the accuracy rate in accessing data and collaboration. This software offers engineers the flexibility the ability to share data swiftly by eliminating the need for bulky data-sharing practices with the remote facility. These all factors lead to the growth of the global medical equipment calibration service market. Regulatory agencies accept the necessity of precision in medical instruments, and regulatory criteria for instrument calibration have been established. Since device makers prioritize patient health and safety, device accuracy and precision are critical. Instrument calibration services that adhere to regulatory requirements defined by governing organizations are becoming increasingly popular in the medical, pharmaceutical, and biomedical industries. Rising demand for calibration services and market strategies, such as total annual calibration service subscriptions provided by service providers are the other factors which leads to the growth of the market. The demand for the growth of the market rises due to increased research and development efforts and demand for refurbished medical equipment. In addition, the medical device calibration service market is greatly influenced by the stringent regulatory implementation to ensure patient safety and efficacy standards. Owing to this factor Food and Drug Administration (FDA) recalled some of the medical devices due to the companies who failed to pass the regulatory standard and low accuracy rate. Due to errors and low accuracy rates, there are some of the devices listed below which are re-called by the Food and Drug Administration (FDA) from the market. Due to this factor companies prefer medical equipment calibration services to increase the accuracy of the device. This all contribute to the growth of the Global Medical Equipment Calibration Services Market. Moreover, lack of experienced professionals and strict regulatory agencies are the restraining factors of the growth of the Global Medical Equipment Calibration Services Market. Calibration is becoming an important tool for the regulatory bodies to gauge medical device manufacturer compliance adherence. It sometimes becomes difficult to track calibration of all devices, for example, due to human negligence error. In large manufacturing facilities, some devices are left without their documentation, although they have undergone proper calibration procedures. Sometimes due to equipment or area shifts, device identification is not updated. These all leads to the restraining of the growth of the market during the forecast period. Opportunities: The market is witnessing wider opportunities from the need for calibration services to various medical devices like critical care, diagnostic equipment, therapeutics and radiology, and medical imaging. The need for high-quality performance testing and calibrating services are the factors which drive the growth of the global medical equipment calibration services market. Further, developing refurbished devices with a low-cost budget and technological advancement in the calibration system are the key trends of the global medical equipment calibration service market. Increased awareness regarding preventative medical equipment maintenance, as well as advancements in the medical device business and stricter laws are the opportunities in Global Medical Equipment Calibration Services Market. The global medical device calibration market is expected to be driven by advancements in 3D printing technology, the availability of tissue mimicking 3D phantoms, skilled market strategies such as overall annual calibration service subscription provided by service provider, and the availability of cheap labour. These are the opportunity factors which leads to the growth of the global medical device calibration services market.

Medical Equipment Calibration Services Market Segment Analysis:

Based on Type, Medical Equipment Calibration Services Market The segment third-party services are dominating the growth of the market with the highest market share of XX% in year 2021. The growth of the segment is attributed to the fastest improvement for calibration results by the third-party sources' on-site location. It is difficult for the manufacturing industries to operate and maintain calibration labs, then third-party services are used as Third-party has well equipped and maintained environment and strict controls on every component. This major factor leads to the growth of the market. During the alteration process, the instruments must be exposed to the same environment. As it is difficult to maintain the same environment during the shifting of the equipment from the manufacturing facility to the testing labs. Due to this factor, third party calibration segment plays a vital role in the medical equipment calibration service market and is likely to boost the growth of the market. For justifying the high expense of maintaining such a tightly controlled environment, manufacturers do not use calibration labs. The original Equipment Manufacturer (OEM) services segment is anticipated to witness the second-fastest growth rate during the forecast period. The OEM eliminates the necessity to choose a reliable calibration firm. Because it would be calibrated by the same company that designed the device, knowing all of the options, parameters, and ranges would satisfy the original specs. Based on End User, Medical Equipment Calibration Services Market The hospital segment is expected to grow with the highest market share during the forecast period. The hospital considers the health and safety of patients as the major priority. Thus, as doctors and nurses depend on the tools, they use to monitor patients for accuracy and precision the calibration of hospital equipment is vital for more than just ensuring the best possible patient care. The clinical laboratory segment is second dominating and is estimated to grow at a high pace in the market with >11% in the forecast period. The factors such as growing diagnostic centres and clinical laboratories to offer standard calibrations are considered for the growth of the market. Moreover, clinical laboratories choose annual subscriptions or long-term plans for the calibration service to validate the available instruments in the testing laboratories. This factor leads to the growth of clinical laboratories of Global Medical Equipment Calibration Services Market.

Medical Equipment Calibration Services Market Regional Insights:

The North America region is expected to witness significant growth at a CAGR of XX% through the forecast period. Because of the growing technologies and advancement in medical equipment’s and rising complexity which has given rise to the calibration of medical equipment’s to increase the accuracy of medical instruments leads to the growth of the global medical equipment calibration services market during the forecast period. The Food and Drug Administration (FDA) recalled various devices due to the technical and software issues for avoiding the alteration in medical equipment’s where medical equipment calibration service is must. Technological breakthroughs in medical equipment calibration methods will help in improving measurement of quality & efficacy as well as accurate measurement of output of medical equipment. These all factors lead to the market growth during the forecast period. Asia-Pacific is another region which dominates the growth of the market with the highest market share in the year 2021. Due to the developing countries the healthcare services and technologies are rising which is likely to boost the growth of the market in this region. The factors such as augmented research and development activities by the medical device manufacturing units leads for increasing the demand for the Global Medical Equipment Calibration Services Market. Further, FDA approvals for medical devices are gaining more attention in the market. In addition, due to its shorter time to market Australia's medical device industry is listed as having distinct competitive advantages when compared to other drug discovery. It has established a significant position within the APAC regional market during the forecast period. The objective of the report is to present a comprehensive analysis of the Medical Equipment Calibration Services Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Medical Equipment Calibration Services Market dynamic, structure by analyzing the market segments and projecting the Medical Equipment Calibration Services Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Medical Equipment Calibration Services Market make the report investor’s guide.

Medical Equipment Calibration Services Market Scope: Inquire before buying

Global Medical Equipment Calibration Services Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2027
Historical Data: 2017 to 2021 Market Size in 2021: US $ 1,386 Mn.
Forecast Period 2022 to 2027 CAGR: 10.32% Market Size in 2027: US $ 2,498 Mn.
Segments Covered: by Type • Original Equipment Manufacturer • Third-Party Services • In-House Services
by End User • Clinical Laboratories • Hospitals • Others

Medical Equipment Calibration Services Market by Region

• North America • Europe • Asia Pacific • South America • Middle East and Africa

Medical Equipment Calibration Services Market Key Players

• Tektronix • Fluke Biomedical • Biomedical Technologies Inc. • NS Medical Systems • Transcat, Inc. • JM Test Systems • JPen Medical • TAG Medical • Hospicare Equipment Services Corp • Spectrum • Helix • Medserve Ltd. • Industrial Calibration and Service Co. Inc. • NS Medical Systems • Custom Calibration Inc. • Calibration Laboratory LLC. • Morehouse Instrument Company Inc. • Strainsert Inc • Sierra Instruments Inc. Frequently Asked Questions: 1] What segments are covered in the Global Medical Equipment Calibration Services Market report? Ans. The segments covered in the Global Medical Equipment Calibration Services Market report are based on Type and End User. 2] Which region is expected to hold the highest share in the Global Medical Equipment Calibration Services Market? Ans. North America region is expected to hold the highest share in the Global Medical Equipment Calibration Services Market. 3] What is the market size of the Global Medical Equipment Calibration Services Market by 2027? Ans. The market size of the Global Medical Equipment Calibration Services Market by 2027 is expected to reach US$ 2,498 Mn. 4] What is the forecast period for the Global Medical Equipment Calibration Services Market? Ans. The forecast period for the Global Medical Equipment Calibration Services Market is 2021-2027. 5] What was the market size of the Global Medical Equipment Calibration Services Market in 2021? Ans. The market size of the Global Medical Equipment Calibration Services Market in 2021 was valued at US$ 1,386 Mn.
1. Global Medical Equipment Calibration Services Market: Research Methodology 2. Global Medical Equipment Calibration Services Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Medical Equipment Calibration Services Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Medical Equipment Calibration Services Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Medical Equipment Calibration Services Market Segmentation 4.1. Global Medical Equipment Calibration Services Market, By Type (2021-2027) • Original Equipment Manufacturer • Third-Party Services • In-House Services 4.2. Global Medical Equipment Calibration Services Market, By End User (2021-2027) • Clinical Laboratories • Hospitals • Others 5. North America Medical Equipment Calibration Services Market (2021-2027) 5.1. North America Medical Equipment Calibration Services Market, By Type (2021-2027) • Original Equipment Manufacturer • Third-Party Services • In-House Services 5.2. North America Medical Equipment Calibration Services Market, By End User (2021-2027) • Clinical Laboratories • Hospitals • Others 5.3. North America Medical Equipment Calibration Services Market, by Country (2021-2027) • United States • Canada • Mexico 6. European Medical Equipment Calibration Services Market (2021-2027) 6.1. European Medical Equipment Calibration Services Market, By Type (2021-2027) 6.2. European Medical Equipment Calibration Services Market, By End User (2021-2027) 6.3. European Medical Equipment Calibration Services Market, by Country (2021-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Medical Equipment Calibration Services Market (2021-2027) 7.1. Asia Pacific Medical Equipment Calibration Services Market, By Type (2021-2027) 7.2. Asia Pacific Medical Equipment Calibration Services Market, By End User (2021-2027) 7.3. Asia Pacific Medical Equipment Calibration Services Market, by Country (2021-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Medical Equipment Calibration Services Market (2021-2027) 8.1. Middle East and Africa Medical Equipment Calibration Services Market, By Type (2021-2027) 8.2. Middle East and Africa Medical Equipment Calibration Services Market, By End User (2021-2027) 8.3. Middle East and Africa Medical Equipment Calibration Services Market, by Country (2021-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Medical Equipment Calibration Services Market (2021-2027) 9.1. South America Medical Equipment Calibration Services Market, By Type (2021-2027) 9.2. South America Medical Equipment Calibration Services Market, By End User (2021-2027) 9.3. South America Medical Equipment Calibration Services Market, by Country (2021-2027) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Tektronix 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Fluke Biomedical 10.3. Biomedical Technologies Inc. 10.4. NS Medical Systems 10.5. Transcat, Inc. 10.6. JM Test Systems 10.7. JPen Medical 10.8. TAG Medical 10.9. Hospicare Equipment Services Corp 10.10. Spectrum 10.11. Helix 10.12. Medserve Ltd. 10.13. Industrial Calibration and Service Co. Inc. 10.14. NS Medical Systems 10.15. Custom Calibration Inc. 10.16. Calibration Laboratory LLC. 10.17. Morehouse Instrument Company Inc. 10.18. Strainsert Inc 10.19. Sierra Instruments Inc.
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