What Has Been the Growth Trajectory for the Medical Equipment Calibration Services Market in Recent Years?
The medical equipment calibration services market has seen considerable growth due to a variety of factors.
• In recent years, the market for medical equipment calibration services has seen accelerated expansion. The size of this market is projected to rise from $1.65 billion in 2024 to reach $1.83 billion in 2025 which amounts to a compound annual growth rate (CAGR) of 10.8%.
This past period of growth is tied to factors like the readiness of worldwide health systems, the rise of remote calibration services, the focus on patient-centric care, aging medical equipment, and regulatory compliance.
How Does the Forecast Look for the Medical Equipment Calibration Services Market?
The medical equipment calibration services market is expected to maintain its strong growth trajectory in upcoming years.
• The market for medical equipment calibration services is predicted to experience swift advancement in the forthcoming years, with its value set to reach $2.74 billion in 2029, expanding at a compound annual growth rate of 10.7%.
Several factors contributing to this predicted increase during the forecast period include the expansion of digital health, sustainable calibration methods, proactive maintenance, clinical lab approval, and patient safety. Significant trends during this forecast period are expected to involve calibrations of telehealth equipment, remote calibration assistance, digital calibration solutions, Internet of Things (IoT) integrated calibrations, and calibrations improved by artificial intelligence (AI).
What Main Forces Are Fueling Expansion In The Medical Equipment Calibration Services Market?
The expansion of the medical equipment calibration service market is anticipated to be fuelled by increased investment in healthcare infrastructure. This evolution in healthcare facilities would improve public health safeguarding. The service of calibrating medical equipment ensures the safety and effectiveness of available medical devices. For example, the Indian Brand Equity Foundation, a government ministry in India, forecasts that the healthcare market might expand to USD 133.44 billion by 2022, increasing by three times. Furthermore, the Centre for Medicaid & Medicare Services reported that health care expenditures in the U.S. ascended by 9.7% in 2020, reaching a sum of $12,530 per individual, or a total of $4.1 trillion. Hence, the surge in healthcare infrastructure investment fuels the growth of the medical equipment calibration services market.
What Are The Primary Segments In The Global Medical Equipment Calibration Services Market?
The medical equipment calibration services market covered in this report is segmented –
1) By Service: In-house, Third-Party Services, Original Equipment Manufacturer (OEM)
2) By Equipment: Fetal Monitors, Imaging Equipment, Vital Sign Monitors, Infusion Pumps, Cardiovascular Monitors, Ventilators, Other Equipment
3) By End User: Hospitals, Clinical Laboratories, Other End Users
Subsegments:
1) By In-house: Internal Calibration Services, Preventive Maintenance And Calibration
2) By Third-Party Services: Independent Calibration Labs, On-Site Calibration Services
3) By Original Equipment Manufacturer (OEM): Manufacturer-Sponsored Calibration, OEM Warranty Calibration Services
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Which Key Trends Are Driving Changes In The Medical Equipment Calibration Services Market?
The rise of strategic alliances and cooperative ventures is an emerging trend in the medical equipment calibration services sector. Companies in this industry are entering partnerships to consolidate their market stance. For instance, Ultimo, a US-based IT service provider, inked a deal with Fluke Biomedical, a US-based manufacturer of medical equipment calibration services, in April 2022. The partnership's goal is to aid healthcare institutions in enhancing efficiency by reducing the time technicians use for manual, paper-intensive, or repetitive tasks.
Who Are the Key Players in the Medical Equipment Calibration Services Market?
Major companies operating in the medical equipment calibration services market include:
• Transcat Inc.
• Tektronix Inc.
• Fluke Biomedical LLC
• Biomedical Technologies Inc.
• NS Medical Systems
• JM Test Systems LLC
• JPen Medical
• TAG Medical Products
• Hospicare Equipment Services Corp.
• Industrial Calibration and Service Co. Inc
• RS Components Ltd.
• ERD LLC
• Calibrationhouse
• Autocal Systems Pvt. Ltd.
• Spectrum Technologies Inc.
• Custom Calibration Inc.
• Calibration Laboratory LLC.
• Morehouse Instrument Company Inc.
• Strainsert Inc.
• Sierra Instruments Inc.
• Medserve Ltd.
• Bureau Veritas S.A.
• Intertek Group Plc
• Beamex Oy Ab
• Trescal S.A.
• MicronPA
• Unique BioMedical Services
• DeviceLab Inc.
• EAG Laboratories
• EdgeOne Medical Inc.
• Eurofins Scientific SE
What Is The Most Dominant Region In The Medical Equipment Calibration Services Market?
North America was the largest region in the medical equipment calibration services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical equipment calibration services market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
