Market Trends of Global Medical Equipment Calibration Industry
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.
