201 Users Online
Global Medical Equipment Calibration Services Market, by OEM and Third-party Services Uses in the Hospitals and Clinical Laboratories
A newly released Medical Equipment Calibration Services Market analysis report by Persistence Market Research shows that global sales of the Medical Equipment Calibration Services Market in 2021 were held at US$ 1.2 Bn. With a CAGR of 12.5% during 2022 - 2032, the market is projected to reach a valuation of US$ 4.4 Bn by 2032. The market through Hospitals is expected to gross the highest revenue and is projected to register a CAGR of 12.5% during CAGR 2022 – 2032.
Medical Equipment Calibration Services Market CAGR (2022-2032)
Medical Equipment Calibration Services Market Size (2022)
US$ 1.4 Bn
Medical Equipment Calibration Services Market Size (2032)
US$ 4.4 Bn
Key Companies Profiled
The worldwide medical device calibration market is witnessing a significant transformation, including drug-device combinations, customized treatment, and increased adoption of different wearable and portable medical devices. A significant development component for the worldwide medical equipment testing service market is technological improvements such as the incorporation of IoT technology and Artificial Intelligence in multiple devices. Since these gadgets must adhere to strict regulations, manufacturers have invested substantially in testing them. This is the largest opportunity for Medical Equipment Calibration Services Market.
As per the Medical Equipment Calibration Services Market research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Medical Equipment Calibration Services increased at around 10.1% CAGR.
Following COVID-19, manufacturing businesses throughout the world aim to spend more on automation, due to which the demand for automated product testing has grown as industries realize its relevance in production processes. This requirement has been exacerbated by the COVID-19 epidemic, which has resulted in reduced human engagement in the process. As a result, machine vision is now widely accepted as an essential component of the long-term automation innovation process.
The medical devices calibration 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.
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.
While it is important to promote medical device standards and control, excessive restrictions particularly in the home setting might function as a hindrance to local device innovation. It can restrict innovation by raising the requirement of new technology to go through a prolonged and costly licensing process, increased cost and time are what the local producers must pay in addition to the cost of medical equipment manufacturing. Because of the hazards connected with their usage, a few items of great value to lower economic countries can be taken off the market.
The significant lead time required for international certification examinations for businesses operating in the international market is a key concern for enterprises.
Risks such as client loss, product quality, and wastage of time are likely to impair the running of enterprises, because of product import and export delays. The time it takes to complete abroad qualifying examinations must be reduced. As the number of impediments to international commerce decreases, the time it takes to complete abroad certification examinations grows. As a result, in most applications, the long delay for international qualifying tests is a key hurdle for the medical equipment testing business.
Which Region is projected to Offer the Largest Opportunity in the Medical Equipment Calibration Services Market?
In 2020, North America held the largest market globally, accounting for over 35% of global revenue. During the projection period, the market in the region is projected to rise at a considerable CAGR. As medical device technology gets increasingly complicated, more medical device recalls are occurring because of technology-related difficulties. Software, misbranding, and quality concerns were the leading reasons for recalls in the previous year, all of which are expected to drive the growth of this market equipment calibration services.
However, during the forecast period, the market in Asia Pacific is anticipated to witness the fastest growth. Europe is projected to be a major regional market as well. Many universities in Europe provide specialty studies in the subject of biomedical devices, as well as competent engineering technicians who may serve as useful calibration resources for medical device manufacturers.
U.S. Medical Equipment Calibration Services Market Analysis
The United States is expected to account for the largest market of US$ 1.5 Bn by 2032. Supportive government policies linked to the usage of medical device calibration services in hospitals and clinics have contributed to the expansion of the medical equipment calibration services market in the United States.
Technological advancement of medical equipment measurement techniques will aid in the improvement of the assessment of quality and efficacy, as well as precise measurement of medical equipment output. This will have an impact on regional market patterns. In the next years, the heavy contingent of market participants in the region will contribute significantly to regional market profits.
U.K. Medical Equipment Calibration Services Market Analysis
The market in the U.K. is projected to reach a valuation of US$ 154 Mn by 2032. Growing at a CAGR of 10.5% during 2022 – 2032, the market in the country is expected to gross an absolute dollar opportunity of US$ 98 Mn by 2032.
Japan Medical Equipment Calibration Services Market Analysis
In Japan, the market is expected to reach US$ 214 Mn by 2032, growing at a CAGR of 16.2% during the forecast period. The market is expected to witness an absolute dollar opportunity of US$ 166 Mn during 2022 – 2032.
Which Medical Equipment Calibration Service is projected to Witness the Fastest Growth?
The third-party calibration service segment is forecasted to grow at the highest CAGR during 2022-2032. This is due to the fastest response time for equipment calibration findings when employing an on-site third-party source. It is difficult to duplicate the conditions of a calibration lab. The most accurate results come from strict limits over every aspect of the environment. Manufacturers do not utilize calibration laboratories regularly to justify the expensive cost of keeping them in a regulated environment.
The devices must be subjected to the same ambient conditions that the manufacturer recommends during the tuning procedure. It is critical to retain the settings identical to those specified by the manufacturer while sending equipment to a laboratory for adjustments. Results may not be reliable until the facility's lab adheres to strict standards and procedures. The hazards of outsourcing to a third party are reduced considerably when a company obtains certification from credible testing agencies.
The original Equipment Manufacturer (OEM) services industry is expected to develop at a slower pace. The OEM removes the need to select a reputable calibration company. Understanding all options, variables, and ranges would fulfill the original requirements since the same firm that built the item would certify it.
Which Medical Equipment Calibration Services is projected to Witness Fastest Growth among the End-users?
Market revenue through the Hospitals segment is forecasted to grow at a CAGR of 12.5% during 2022-2032. Patients' health and safety remain a top focus for hospitals. Physicians rely on the instruments they employ to evaluate patients for precision and accuracy, thus hospital equipment calibration is critical for more than simply assuring the patient with the best care. Furthermore, it can help the institution comply with FDA regulations.
The clinical labs segment is expected to increase at the fastest pace during the projected period. Yearly or periodical maintenance plans that include the validity of all of the lab instruments are preferred by clinical laboratories. Diagnostic centers additionally contribute to the worldwide market's growth by achieving regulatory quality standards.
Diagnostic centers are also contributing to the growth of the global diagnostics and therapeutics market by meeting regulatory quality criteria. Furthermore, the high quality of data produced from diagnostic devices as equipment calibration helps them attract more prospective consumers.
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:
Similar recent developments related to companies in Medical Equipment Calibration Services are tracked by the team at Persistence Market Research, which is available in the full report.
The global Medical Equipment Calibration Services Market is worth more than US$ 1.2 Bn at present.
The value of the Medical Equipment Calibration Services Market is projected to increase at a CAGR of around 12.5% during 2022 – 2032.
The value of the Medical Equipment Calibration Services Market increased at a CAGR of around 10.1% during 2017 – 2021.
Manufacturing businesses throughout the world plan to spend more on automation. As enterprises have grasped the necessity of automated quality assurance in production processes, their demand has grown which is shaping the growth of the Medical Equipment Calibration Services Market.
The market for Medical Equipment Calibration Services Market in the US is projected to expand at a CAGR of around 13.3% during 2022 – 2032.