Medical Equipment Calibration Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 9.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Medical Equipment Calibration Market Analysis
The medical equipment calibration market is expected to register a CAGR of 9.3% over the forecast period.
The COVID-19 pandemic has brought challenges to all businesses and industries, but none more than hospitals and healthcare facilities. Hospital equipment needs to be routinely maintained and calibrated to assure regulatory compliance, patient safety, and health. But during the pandemic, there were new restrictions and requirements brought on due to COVID-19. To avoid this challenge companies created new virtual support. For instance, according to the report titled "Healthcare Calibration in the Time of COVID-19" published by Tektronix, a novel "virtual onsite" service delivery option was developed, that would allocate a technician's time to hospital service requirements, either by picking up the equipment to transport back to the nearby service center or by maintaining the assets remotely. Through this virtual onsite module, the medical equipment calibration continued with less impact on the market. As the COVID-19 restrictions were removed with vaccination campaigns and a decline in COVID-19 cases, the market is anticipated to grow to its full potential shortly.
The demand for calibration services is increasing due to several factors, including an increase in hospitals and laboratories, stricter environmental regulations, a greater emphasis on quality and accuracy among consumers, increased investment in R&D initiatives, and an increase in the demand for medical devices. These factors help in the growth of the medical equipment calibration market.
As per the FDA annual recall lists of medical devices in 2021, 57 devices were recalled which is higher than the number of devices recalled in 2020 which is 32. Consequently, it is anticipated that an increase in medical device recalls would be another major factor raising the demand for medical device calibration.
However, the limited consciousness and eagerness for medical device calibration are expected to restrain growth in the medical device calibration market during the forecast period of the study.
Medical Equipment Calibration Market Trends
This section covers the major market trends shaping the Medical Equipment Calibration Market according to our research experts:
Imaging Equipment is Expected to Hold the Largest Market Share Over the Forecast Period
Medical imaging refers to several different technologies that are used to view the human body in order to diagnose, monitor, or treat medical conditions. A few of the major equipment used under this segment include ultrasound imaging, MRI (Magnetic Resonance Imaging), X-ray imaging, and computed tomography (CT). Dominant share is retained by the imaging equipment segment owing to the attributes such as a growing geriatric population and rising incidence of chronic diseases worldwide and disease awareness is further expected to drive the market growth for imaging equipment.
As per the American Cancer Society Cancer Facts & Figures 2022, there were an estimated 18.1 million new cancers in 2020 globally, and by 2040, it is expected to reach 28.0 million new cancer cases, solely due to the growth and aging of the population. Hence, the raise in the burden of chronic diseases like cancers increase the demand for medical imaging diagnosis which helps the market to grow during the forecast period.
In addition, the increasing population with an unhealthy lifestyle, the increasing prevalence of chronic diseases like cardiac disease, gastrointestinal conditions, and different genetic mutations requiring advanced imaging equipment are some of the considerations that are anticipated to strengthen the growth of the market for imaging equipment calibration.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall medical equipment calibration market, throughout the forecast period. This is owing to factors such as the rising cases of medical device recalls as technology-related recalls are also rising as medical equipment technology is becoming highly sophisticated.
Also, the companies are expanding their business toward healthcare devices and technology management services. For instance, in October 2021, ISS Solutions, Inc announced the acquisition of Biomed Technologies, Inc. of Mount Arlington, New Jersey. Biomed Technologies, Inc. performs expert on-site repair services, calibrations, preventive maintenance and safety inspections on all makes and models of diagnostic, therapeutic, surgical, laboratory, and infection control equipment.
All these factors like increased product recall and new healthcare expansion towards the medical equipment calibration in the region are expected to drive the United States segment over the forecast period.
Medical Equipment Calibration Industry Overview
The medical equipment calibration market is moderately competitive and consists of a few major players. In terms of market share, a few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions with the other companies to consolidate their market positions across the globe. Some of the companies which are currently dominating the market are ISS Solutions, Inc (Biomed Technologies Inc.), JM Test Systems, Fortive (Fluke), Godrej.com, JPen Medical, TAG Medical, NS Medical Systems, Transcat, Inc., Medserve Ltd. and Tektronix, Inc.
Medical Equipment Calibration Market Leaders
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JM Test Systems Inc.
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Tektronix, Inc.
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Godrej.com
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ISS Solutions, Inc (Biomed Technologies Inc.)
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Fortive (Fluke)
*Disclaimer: Major Players sorted in no particular order
Medical Equipment Calibration Market News
- In September 2022, Medikabazaar launched MBARC, an end-to-end medical equipment service platform that helps hospitals manage their biomedical assets in an efficient and effective manner. MBARC offers asset management, recycling and equipment care alongside a host of other services like AMC, CMC, preventive maintenance, installation, equipment safety test, audit, calibration, and user training covering the three important tenets of equipment lifecycle management.
- In April 2022, Ultimo partnered with Fluke Biomedical, a United States-based medical equipment calibration services manufacturer. By reducing the amount of time that technicians spend on manual, paper-based, or repetitive operations, this alliance aims to assist healthcare companies in becoming more efficient.
Medical Equipment Calibration Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Strict Regulatory Framework and Enhanced Consumer Attention on Quality of Product
4.2.2 Increasing Product Recall Incidences
4.3 Market Restraints
4.3.1 Limited Consciousness and Eagerness for Medical Devices Calibration
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Equipment Type
5.1.1 Vital Sign Monitors
5.1.2 Ventilators
5.1.3 Fetal Monitors
5.1.4 Cardiovascular Monitors
5.1.5 Imaging Equipment
5.1.6 Infusion Pumps
5.1.7 Other Equipment
5.2 By Type of Service
5.2.1 In-House Calibration Services
5.2.2 Third Party Calibration Services
5.2.3 OEM (Original Equipment Manufacturer) Calibration Services
5.3 By End User
5.3.1 Clinical Laboratories
5.3.2 Hospitals
5.3.3 Others
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle-East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Fortive (Fluke)
6.1.2 ISS Solutions, Inc (Biomed Technologies Inc.)
6.1.3 Godrej.com
6.1.4 JM Test Systems
6.1.5 Tektronix, Inc.
6.1.6 JPen Medical
6.1.7 TAG Medical
6.1.8 NS Medical Systems
6.1.9 Transcat, Inc.
6.1.10 Medserve Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Medical Equipment Calibration Industry Segmentation
As per the scope of the report, medical equipment calibration is the process that ensures the output of the medical devices is as per the industry standards. Calibration can be defined as a comparison between the standard measurement and measurement using a medical instrument. The medical equipment calibration market is segmented by equipment type (vital sign monitors, ventilators, fetal monitors, cardiovascular monitors, imaging equipment, infusion pumps, and other equipment), type of service (in-house calibration services, third party calibration services, and OEM (original equipment manufacturer) calibration services), end user (clinical laboratories, hospitals, and others) and geography (North America, Europe, Asia Pacific, Middle-East & Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.
| By Equipment Type | |
| Vital Sign Monitors | |
| Ventilators | |
| Fetal Monitors | |
| Cardiovascular Monitors | |
| Imaging Equipment | |
| Infusion Pumps | |
| Other Equipment |
| By Type of Service | |
| In-House Calibration Services | |
| Third Party Calibration Services | |
| OEM (Original Equipment Manufacturer) Calibration Services |
| By End User | |
| Clinical Laboratories | |
| Hospitals | |
| Others |
| Geography | ||||||||
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Medical Equipment Calibration Market Research FAQs
What is the current Global Medical Equipment Calibration Market size?
The Global Medical Equipment Calibration Market is projected to register a CAGR of 9.30% during the forecast period (2024-2029)
Who are the key players in Global Medical Equipment Calibration Market?
JM Test Systems Inc., Tektronix, Inc., Godrej.com, ISS Solutions, Inc (Biomed Technologies Inc.) and Fortive (Fluke) are the major companies operating in the Global Medical Equipment Calibration Market.
Which is the fastest growing region in Global Medical Equipment Calibration Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Medical Equipment Calibration Market?
In 2024, the North America accounts for the largest market share in Global Medical Equipment Calibration Market.
What years does this Global Medical Equipment Calibration Market cover?
The report covers the Global Medical Equipment Calibration Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Medical Equipment Calibration Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Medical Equipment Calibration Industry Report
Statistics for the 2024 Global Medical Equipment Calibration market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Medical Equipment Calibration analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
