The global Medical Equipment Calibration Services market size is expected to be worth around US$ 5.2 billion by 2030, according to a new report by Vision Research Reports.
The global Medical Equipment Calibration Services market size was valued at US$ 2.0 billion in 2020 and is anticipated to grow at a CAGR of 12.4% during forecast period 2021 to 2030.
This growth can be attributed to advancements in the medical device sector, stringent regulations pertaining to calibration of devices, as well as increasing awareness about preventative medical equipment maintenance. Other factors, such as increasing demand for refurbished medical equipment and rising corporate investments in healthcare infrastructure, are also driving the market growth. The COVID-19 has created immense pressure on the healthcare industry. It has brought challenges to all the businesses & industries, but none more than hospitals & healthcare facilities.
Calibration ensures the highest level of precision for medical devices while also lowering costs, making it an essential component of biomedical cGMP and FDA compliance. As medical equipment measurements have a significant impact on public health and safety, pharma and biotech businesses must adhere to ISO/IEC 17025:2005 regulations throughout testing, calibration, and sampling.
The calibration requirements for equipment are defined in title 21 of the FDA’s Code of Federal Regulations. As per section 820.72, manufacturers are required to inspect, measure, and test equipment to ensure that it is adequate for its intended purpose and capable of producing correct findings. Noncompliance with FDA equipment calibration standards can result in significant financial fines. It ranges from $100,000for individual errors that do not result in a patient's death to $500,000 for a noncompliance issue that results in a patient's death.
The third-party calibration service segment dominated the market in 2020 with a revenue share of over 50% and will expand further at the fastest CAGR from 2021 to 2030. This is largely attributed to the fastest turnaround time for equipment calibration results when using a third-party source on-site. It’s hard to recreate a calibration lab environment. Strict controls over every component of the environment provide the most precise outcomes. Manufacturers do not use calibration labs frequently enough to justify the high expense of maintaining such a tightly controlled environment.
During the tuning process, the instruments must be exposed to the same environmental conditions as the manufacturer specifies. When shipping equipment to a lab for modifications, it’s very crucial to keep the conditions similar to those set by the manufacturer. One may not be able to rely on results until the facility’s lab follows tight standards and procedures. When a corporation holds accreditation from reputable testing organizations, the risks of outsourcing services to a third party are significantly reduced.
The original Equipment Manufacturer (OEM) services segment is anticipated to witness the second-fastest growth rate of more than 10.5% over 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.
The hospitals segment accounted for the largest revenue share of 54.4% of the global market in 2020. The health and safety of patients remain a major priority for hospitals. Thus, the calibration of hospital equipment is vital for more than just ensuring the best possible patient care as doctors and nurses rely on the tools they use to monitor patients for accuracy and precision. Moreover, it can also assist the facility in compliance with FDA standards.
On the other hand, the clinical laboratories segment is anticipated to register the fastest growth rate of more than 21% during the forecast period. Clinical laboratories prefer to subscribe to annual or periodic service plans that cover the validation of all of the lab’s instruments. Diagnostic centers are also contributing to the growth of the global market by meeting regulatory quality criteria.
North America led the global market accounting for the largest revenue share of 47.0% in 2020. The region is also expected to grow at a significant CAGR during the forecast period. As medical equipment technology becomes more complex, there are more incidents of medical device recalls as a result of technology-related issues.
|Market Size||US$ 5.2 billion by 2030|
|Growth Rate||CAGR of 12.4% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Server, End-use|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Tektronix; Fluke Biomedical; Biomedical Technologies, Inc.; NS Medical Systems; Transcat, Inc.; JM Test Systems; JPen Medical; TAG Medical; Hospicare Equipment Services Corp.|
Biomedical Technologies Inc.
NS Medical Systems
JM Test Systems
Hospicare Equipment Services Corp.
Original Equipment Manufacturer (OEM)
Middle East & Africa
The Medical Equipment Calibration Services market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Medical Equipment Calibration Services market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Medical Equipment Calibration Services market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Medical Equipment Calibration Services market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Medical Equipment Calibration Services market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Medical Equipment Calibration Services capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Medical Equipment Calibration Services by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Medical Equipment Calibration Services market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Medical Equipment Calibration Services market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Medical Equipment Calibration Services market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Medical Equipment Calibration Services industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Medical Equipment Calibration Services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Medical Equipment Calibration Services market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Medical Equipment Calibration Services market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Medical Equipment Calibration Services market. These factors have benefited the growth of the global market for Medical Equipment Calibration Services. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Medical Equipment Calibration Services. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Medical Equipment Calibration Services are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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