Global medical equipment calibration services market was valued at USD1.0 billion in 2020. It is projected to grow at a compound annual rate (CAGR of 9.4%) between 2021 and 2028. This is due to technological advances in the medical equipment sector, strict regulations regarding calibration of devices, and increasing awareness about preventative maintenance of medical equipment . The market growth is also driven by other factors such as the increasing demand for refurbished healthcare equipment, and corporate investments in infrastructure. The healthcare sector has been under tremendous pressure due to the COVID-19. All industries and businesses have faced challenges, but hospitals and healthcare facilities are the most affected.
Maintaining medical equipment is more important than ever. Due to the significant health risks associated with the sector, it is subject to strict regulations. These restrictions are further reinforced by the global COVID-19 epidemic. The U.K.'s Medicines and Healthcare Products Regulatory Agency has also issued recommendations to manufacturers and laboratories who need outside engineers to calibrate equipment during the COVID-19 epidemic. The MHRA offers many options for companies who need to calibrate or maintain their equipment.
If an engineer is available, the company should assess the potential for COVID-19 transmission. It should also take steps to ensure that they are kept away from any other employees and properly monitored. Electronic signatures are now possible for protocols and site visits documents. The MHRA can provide assistance for companies that are unable or unwilling to receive remote support. The MHRA advises companies that they keep track of quality systems and to consider the possibility of putting off maintenance.
After a risk assessment has been completed, equipment should be taken out of service. Any remaining maintenance tasks must be completed before it can be reintroduced. Calibration is essential to ensure that the instrument is accurate and precise in order to minimize measurement errors. Equipment calibration is vital in healthcare to ensure patient safety. FDA has established Part 820 QSR Section 72 as a code of regulations regarding medical device calibration requirements. This section deals with testing, inspection, and measurement equipment. It states that certain medical device calibration criteria must be applied to the control of specific parts.
The necessity for precision in medical instruments is recognized by regulatory agencies, and calibration criteria have been established. Device accuracy and precision are crucial as device makers place safety and patient health first. In the medical, pharmaceutical and biomedical sectors, instrument calibration services that comply with regulatory requirements are growing in popularity.
The FDA's medical device calibration regulations require that manufacturers have clear guidelines and limits for precision and accuracy. FDA will evaluate if a medical device does not meet these standards. These flaws must be corrected by the manufacturer of the device. These steps should be documented.
With a market share of more than 40% in 2020, the third-party calibration services segment was the dominant player. It will continue to grow at the fastest CAGR between 2021 and 2028. This is due to the ability to quickly calibrate equipment using a third party source. It is difficult to recreate a calibration laboratory environment. The best results are achieved when every element of the environment is controlled. Manufacturers don't use calibration labs enough to justify maintaining such strict controls.
The instruments should be exposed to the exact same environment conditions as the manufacturer specified during the tuning process. It is important to maintain the same conditions as the manufacturer when shipping equipment to a laboratory for modification. If the laboratory follows strict standards and procedures, one may not be able rely on the results. The risks of outsourcing services to third parties are greatly reduced when a company is accredited by reputable testing agencies.
Over the forecast period, the original Equipment Manufacturer (OEM), services segment will experience the second fastest growth rate at more than 9.5%. An OEM eliminates the need to select a reliable calibration company. It would be calibrated by a company that created the device. This would ensure that all options, parameters and ranges are met.
In 2020, 44.4% of global market revenue was accounted by hospitals. Hospitals continue to prioritize patient safety and health. The calibration of hospital equipment is essential for providing the best patient care. Doctors and nurses depend on it to ensure accuracy and precision. It can help the facility comply with FDA standards.
The fastest expected growth rate for the clinical laboratories segment will be more than 11% over the forecast period. Annual or periodic service plans are preferred by clinical laboratories. These plans cover all instruments validation. By meeting the regulatory quality standards, diagnostic centers also contribute to the growth and development of the global market.
North America accounted for 37.0% of the global market's largest revenue share in 2020. This region is expected to expand at a substantial CAGR over the forecast period. Medical equipment technology is becoming more complex. This means that there will be more recalls of medical devices. Software, mislabeling and quality issues were the main causes of recalls in 2018. This will lead to an increase in demand for calibration services for medical equipment.
Asia Pacific, on the other hand is expected to be the fastest growing regional market between 2021 and 2028. Europe is expected to also be a major regional market. Many universities in Europe offer specialty programs in biomedical device technology. They also have skilled engineers and technicians that can be valuable resources to medical device players who need calibration services. The market will grow if there are key players like Rohde & Schwarz GmbH & Co KG and Endress+Hauser, IBM Corp., Siemens AG and IBM Corp.
To increase their product portfolios and gain market share, market players are taking various strategic initiatives. These include signing new partnerships, collaborations, mergers and acquisitions, geographical expansions, and other forms of cooperation. Tek Drive is a groundbreaking data collaboration tool that Tektronix launched in December 2020. It allows real-time data exchange on an oscilloscope and recall. It is the first general-purpose measurement and test file system that can display data in a manner similar to scopes. The company also stepped up to ensure continuity in maintenance and calibration services during the COVID-19 epidemic. The following are some of the major players in medical equipment calibration services:
Biomedical Technology Inc.
NS Medical Systems
JM Test Systems
Hospicare Equipment Services Corp.
Up Market Research published a new report titled “Medical Equipment Calibration Services Market research report which is segmented by Service (OEM, Third-party Services), by End User (Hospitals, Clinical Laboratories), By Players/Companies Hospicare Equipment Services Corp, NS Medical Systems, Transcat Inc, JPen Medical, TAG Medical, JM Test Systems, Fluke Biomedical, Tektronix, Biomedical Technologies Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||Medical Equipment Calibration Services Market Research Report|
|By Service||OEM, Third-party Services|
|By End User||Hospitals, Clinical Laboratories|
|By Companies||Hospicare Equipment Services Corp, NS Medical Systems, Transcat Inc, JPen Medical, TAG Medical, JM Test Systems, Fluke Biomedical, Tektronix, Biomedical Technologies Inc|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||212|
|Number of Tables & Figures||149|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Service (OEM, Third-party Services), by End User (Hospitals, Clinical Laboratories).
Medical Equipment Calibration Services Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Medical Equipment Calibration Services Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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