Medical Equipment Calibration Services Market by Equipment Type (Imaging equipment, Ventilators, Fetal Monitors, Cardiovascular Monitors, and Other Equipment), Type of Service (In-House Calibration Services, Third Party Calibration Services, and Original Equipment Manufacturer Calibration Services), End User (Clinical Laboratories, Hospitals, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026839 | Pages: 100 | Industry: Healthcare IT | Date: Oct 2022 | Type: Global

The market crossed US$ 1.46 billion mark in 2022 and is expected to hit US$ 3.14 billion by 2030, recording a CAGR of 10.05% during the forecast period.               

The increasing hospitals and laboratories and stringent environmental regulations driving the growth of medical equipment. 

Further, the growing medical device sector and increasing awareness about medical equipment maintenance propelling the growth of medical equipment calibration services market. The calibration is the comparison between standard measurement using a medical instrument. According to FDA annual recall lists of medical devices, in 2021, about 57 devices were recalled. The number of devices recalled in 2020 were 32. Thus, increasing medical device recalls is driving the demand for medical device calibration. The imaging equipment segment is expected to hold the major market share   during the forecasted year due to growing geriatric population and increasing chronic diseases globally and further increasing awareness about the disease and imaging equipment promotes the growth of the imaging equipment segment. Thus, aforementioned factors are expected to boost the medical equipment calibration services market.

Within the report, the market is segmented into equipment type, type of service, end user, and geography. By equipment type, the market is further segmented into imaging equipment, ventilators, fetal monitors, cardiovascular monitors, and other equipment. Based on type of service, the market is in-house calibration services, third party calibration services, and original equipment manufacturer calibration services. By end user, the market is categorized into clinical laboratories, hospitals, and others. Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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North America is expected to dominate the market during the forecast period.

North America region is expected to dominate the market during the forecast period due to factors such as rising cases of medical device recalls and increasing chronic disease condition in the region. Further, the key players are expanding their business on healthcare devices and technology management service. For instance, in October 2021, ISS Solutions, Inc acquired Biomed Technologies, Inc., which performs on-site repair services, calibrations, preventive maintenance, and safety inspections on diagnostic, therapeutic, surgical, laboratory, and infection control equipment.

Increasing demand for medical imaging equipment is one of the major factors accelerating the market growth.

Medical imaging help to view the human body to diagnose, monitor, and treat medical conditions. A few examples of medical imaging equipment are MRI, X-ray, and CT scan. The growing geriatric population and chronic disease such as cancer are the primary reason for the growth of medical imaging equipment which in turn promote the growth of medical equipment calibration services market. According to the American Cancer Society, the global cancer burden is projected to reach 28.4 million in 2040. a 47% rise from 2020. Thus, growing chronic disease and growing aging population increases the demand for imaging equipment which in turn drives the growth of medical equipment calibration services market.

Recent strategic developments in medical equipment calibration services market

The medical equipment calibration services market has undergone several significant developments, and a few of these have been mentioned below:

  • In September 2022, Medikabazaar launched MBARC which is an end-to-end medical equipment service platform. This helps hospitals to manage their equipment efficiently and effectively.
  • In April 2022, Ultimo in partnership with Fluke Biomedical which is a US-based medical equipment calibration services manufacturer.

 

The medical equipment calibration services market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Fortive; ISS Solutions, Inc; Godrej; JM Test Systems; Tektronix, Inc; JPen Medical; TAG Medical; NS Medical Systems; Transact, Inc; and Medserve Ltd are among the prominent players operating in the market.

Target audience for the report:

  • Hospitals
  • Clinical Laboratories

Scope of the report:

In this report, the market has been segmented based on:

  • Equipment Type
    • Imaging Equipment
    • Ventilators
    • Fetal Monitors
    • Cardiovascular Monitors
    • Other Equipment
  • Type of Service
    • In-House Calibration Services
    • Third Party Calibration Services
    • Original Equipment Manufacturer Calibration Services
  • End User
    • Clinical Laboratories
    • Hospitals
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Fortive
    • ISS Solutions, Inc
    • Godrej
    • JM Test Systems
    • Tektronix, Inc
    • JPen Medical
    • TAG Medical
    • NS Medical Systems
    • Transact, Inc
    • Medserve Ltd

The List of Companies
- Fortive
- ISS Solutions, Inc
- Godrej
- JM Test Systems
- Tektronix, Inc
- JPen Medical
- TAG Medical
- NS Medical Systems
- Transact, Inc
- Medserve Ltd

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