Press release
Medical Equipment Calibration Services Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Medical Equipment Calibration Services Market Growth
How Large Will the Medical Equipment Calibration Services Market Size By 2025?
The market size for calibration services in the medical equipment sector has seen a quick expansion in the recent past. It's expected to increase from $1.65 billion in 2024 to $1.83 billion in 2025, with a compound annual growth rate (CAGR) of 10.8%. The surge in growth during the historic period is a result of factors like global health readiness, remote calibration services, a focus on patient-centric care, the aging of medical equipment, and regulatory compliance.
How Big Is the Medical Equipment Calibration Services Market Size Expected to Grow by 2029?
In the coming years, the market size for medical equipment calibration services is poised for swift expansion. At a compound annual growth rate (CAGR) of 10.7%, it is projected to reach $2.74 billion by 2029. The predicted growth in this timeframe is linked to factors such as the proliferation of digital health, sustainable calibration methods, preventive upkeep, clinical lab validation, and patient safety. Key trends during this period will encompass calibration of telehealth equipment, support for remote calibration, digitized calibration solutions, calibration enabled by the internet of things (IoT), and calibration improved by artificial intelligence (AI).
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Which Key Market Drivers Powering Medical Equipment Calibration Services Market Expansion and Growth?
The anticipated expansion of the medical equipment calibration service market is attributed to the increased investment in healthcare infrastructure. Enhancements in healthcare infrastructure are set to improve public health protection. Medical equipment calibration services play a crucial role in ensuring the safety and effectiveness of medical appliances used. For example, predictions from the Indian Brand Equity Foundation, a government ministry in India, suggest that the healthcare market could triple in size to USD 133.44 billion by 2022. Furthermore, data from the Centre for Medicaid & Medicare Services reveals that U.S. health care expenses escalated by 9.7% in 2020, totaling $12,530 per individual, or $4.1 trillion overall. Hence, the heightened investment in healthcare infrastructure is a significant factor propelling the growth of the medical equipment calibration services market.
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Which Fast-Growing Trends Are Poised to Disrupt the Medical Equipment Calibration Services Market?
The increasing trend of strategic alliances and collaborations in the medical equipment calibration services market is gaining recognition. Companies in this sector are forging partnerships to solidify their standing in the market. For example, Ultimo, an American firm offering information technology services, entered into a collaboration with Fluke Biomedical, also a US-based firm manufacturing medical equipment calibration services, in April 2022. The objective of this collaboration is to assist healthcare institutions in enhancing efficiency by reducing the time technicians allocate for manual, paper-based, or repetitive tasks.
What Are the Emerging Segments in the 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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Who Are the Global Leaders 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
Which are the Top Profitable Regional Markets for the Medical Equipment Calibration Services Industry?
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.
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