Medical equipment calibration services market

Medical Equipment Calibration Services Market, by Service Type (In-house, Original Equipment Manufacturer (OEM), and Third-party Services), by End User (Hospitals & Clinics, Diagnostic Laboratories, and Others {Specialty Centre, among others}), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

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May 2022
CMI5020
151 Pages
Excel & Pdf
Medical Devices

Summary

Medical equipment may drift from their actual measurement values due to the wear and tear of their internal components: mechanical and electronics. This leads to a decrease in the performance and inaccuracy of the medical equipment. Any discrepancy in the readings of medical equipment used in medical/healthcare industry may severely affect the patient’s life. Regulatory bodies such as the U.S. Food and Drug Administration (FDA) have laid certain guidelines for the medical device manufacturers to comply with in regards to calibration of their manufactured devices. Calibration must be done as recommended by the manufacturer as every medical device has its unique tolerance limit and requires a different calibration technique. Device calibration can be performed in-house, by the original equipment manufacturer (OEM) and third-party contractor. A calibration cycle is followed by complete documentation including calibration plan, standard operating procedure (SOP), calibration results sheet, and others.

The global medical equipment calibration services market is estimated to be valued at US$ 1,326.9 million in 2022 and is expected to exhibit a CAGR of 9.8% over the forecast period (2022-2030).

Figure 1. Global Medical Equipment Calibration Services Market Share (%), By Region, 2022

The increasing demand for calibration services is expected to drive the market growth over the forecast period.

Medical device failure may lead to medical errors which could prove to be life threatening for the patients. For instance, according to an article published by the Studies in Health Technology journal, a healthcare journal, in 2017, it is estimated that around 251,000 deaths occur annually due to medical error in the U.S. This creates a high demand for calibration services, which is expected to drive the global medical equipment calibration services market over the forecast period.

Medical Equipment Calibration Services Market Report Coverage

Report Coverage	Details
Base Year:	2019	Market Size in 2022:	US$ 1,326.9 Mn
Historical Data for:	2016 to 2019	Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	9.8 %	2030 Value Projection:	US$ 2,809.3 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East: GCC Countries, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Central Africa
Segments covered:	By Service Type: In-house, Original Equipment Manufacturer (OEM), Third-party Services By End User: Hospitals & Clinics, Diagnostic Laboratories, Others (Specialty Centre, among others)
Companies covered:	Tektronix, Inc., NS Medical Systems, Fluke, Transcat, Inc., Helix Private Limited, Spectrum Technologies, JM Test Systems, Micron, JPen Medical, Industrial Calibration and Service Company, Inc., DD Group, Seal Calibration, Hospicare Equipment Services Corporation, ERD, LLC., Aussin, Calibrationhouse, Obelis UK Ltd, Autocal Systems, Forest Medical UK LTD, and Medisave UK Ltd.
Growth Drivers:	Rising demand for calibration services Key players focusing on providing annual calibration services
Restraints & Challenges:	The lack of awareness and eagerness for routine calibration services

Figure 2. Global Medical Equipment Calibration Services Market Value (US$ Mn), By End User, 2022

Key players operating in the market are focusing on providing annual calibration services, which is expected to drive growth of the global medical equipment calibration services market over the forecast period.

For instance, Nordic Service Group, a Denmark-based medical and laboratory equipment service provider offers annual calibration services for medical equipment such as patient simulators, infusion pump analyzers, defibrillator analyzers, gas flow analyzers, digital pressure meters, and others in Holland and England. Along with calibration, Nordic Service Group also includes latest software and firmware update of the medical equipment.

Global Medical Equipment Calibration Services Market – Impact of Coronavirus (Covid-19) Pandemic

SARS-CoV-2 (Severe acute respiratory syndrome coronavirus) was first reported from Wuhan, China in December 2019, and was declared as a global pandemic by the World Health Organization (WHO), which designates this SARS-CoV-2 infection as novel Coronavirus (COVID-19). According to the Coronavirus (COVID-19), Weekly Epidemiological Update by the World Health Organization, COVID-19 has spread across the globe infecting over 422 million population leading to more than 5.9 million deaths as of February 22, 2022. The negative impact of COVID-19 on the healthcare domain is huge and it has significantly disrupted the healthcare industries’ entire supply chain, from raw materials to manufacturing and delivery. However, the COVID-19 pandemic is expected to show a positive impact on the overall growth of the global medical equipment calibration services market, owing to growing need for calibration of medical devices in order to ensure accurate diagnosis of COVID-19 and related complications.

For instance, in November 2020, the World Health Organization (WHO) released a ‘Priority medical devices list for the COVID-19 response and associated technical specifications’. These technical specifications focused on several factors such as calibration documents, regulatory approval/certification, and others to ensure only properly functional and accurate medical equipment is used for the treatment and management of COVID-19 patients.

Global Medical Equipment Calibration Services Market - Restraint

The lack of awareness and eagerness for routine calibration services are factors that are expected to hinder growth of the global medical equipment calibration services market over the forecast period. For instance, according to an article published by the International Journal of Caring Sciences, an academic peer-reviewed journal in May 2020, in a survey conducted amongst healthcare professionals in Turkey, it was observed that around 72.2% of survey participants did not receive any training on calibration while 14.3% of the survey participants reported using un-calibrated devices. This study concluded that healthcare professionals had a low level of knowledge about calibration, did not receive training on calibration and used non-calibrated medical devices.

Key Players

Major players operating in the global medical equipment calibration services market include Tektronix, Inc., NS Medical Systems, Fluke, Transcat, Inc., Helix Private Limited, Spectrum Technologies, JM Test Systems, Micron, JPen Medical, Industrial Calibration and Service Company, Inc., DD Group, Seal Calibration, Hospicare Equipment Services Corporation, ERD, LLC., Aussin, Calibrationhouse, Obelis UK Ltd, Autocal Systems, Forest Medical UK LTD, and Medisave UK Ltd.

Table of Content

Table of Contents

*Browse 39 market data tables and 27 figures on "Global Medical Equipment Calibration Services Market” - forecast to 2030

Segmentation

Detailed Segmentation:

- Frequently Asked Questions -

What is the current market size and compound annual growth rate (CAGR) of the global medical equipment calibration services market during the forecast period (2022-2030)?

The global medical equipment calibration services market size is estimated to be valued at US$ ,326.9 million in 2022 and is expected to exhibit a CAGR of 9.8% between 2022 and 2030.

What are the major factors driving the market growth?

Rising demand for calibration services and growing focus of key players in providing annual calibration services are expected to drive the market growth.

Which is the leading end user segment in the market?

Hospitals & Clinics segment is expected to hold the major market share in the market.

Which region holds the largest market share in the market?

North America holds the largest market share in the market.

What are the key factors hampering growth of the market?

Major factors hampering growth of the market include the lack of awareness and eagerness for routine calibration services.

Which are the major players operating in the market?

Major players operating in the market include Tektronix, Inc., NS Medical Systems, Fluke, Transcat, Inc., Helix Private Limited, Spectrum Technologies, JM Test Systems, Micron, JPen Medical, Industrial Calibration and Service Company, Inc., DD Group, Seal Calibration, Hospicare Equipment Services Corporation, ERD, LLC., Aussin, Calibrationhouse, Obelis UK Ltd, Autocal Systems, Forest Medical UK LTD, and Medisave UK Ltd.