Medical Equipment Calibration Services Market Business Overview, Challenges And Opportunities 2028
Medical Equipment Calibration Services Industry Overview
The global medical equipment calibration services market size is expected to reach USD 2.2 billion by 2028, registering a CAGR of 9.4% over the forecast period, according to a new report by Grand View Research, Inc. The market is majorly driven by the demand for refurbished medical equipment, stringent regulations, and market strategies, such as total annual calibration service subscriptions, provided by service providers.
Medical Equipment Calibration Services Market Segmentation
Grand View Research has segmented the global medical equipment calibration services market based on service, end user, and region:
Based on the Service Insights, the market is segmented into In-house, Third-party Services, Original Equipment Manufacturer (OEM).
- The third-party calibration service segment dominated the market in 2020 with a revenue share of over 40% and will expand further at the fastest CAGR from 2021 to 2028. This is largely attributed to the fastest turnaround time for equipment calibration results when using a third-party source on-site. It’s hard to recreate a calibration lab environment.
- The original Equipment Manufacturer (OEM) services segment is anticipated to witness the second-fastest growth rate of more than 9.5% over the forecast period. The OEM eliminates the necessity to choose a reliable calibration firm. Because it would be calibrated by the same company that designed the device, knowing all of the options, parameters, and ranges would satisfy the original specs.
Based on the End-user Insights, the market is segmented into Hospitals, Clinical Laboratories, Others.
- The hospitals segment accounted for the largest revenue share of 44.4% of the global market in 2020. The health and safety of patients remain a major priority for hospitals. Thus, the calibration of hospital equipment is vital for more than just ensuring the best possible patient care as doctors and nurses rely on the tools they use to monitor patients for accuracy and precision.
- On the other hand, the clinical laboratories segment is anticipated to register the fastest growth rate of more than 11% during the forecast period. Clinical laboratories prefer to subscribe to annual or periodic service plans that cover the validation of all of the lab’s instruments. Diagnostic centers are also contributing to the growth of the global market by meeting regulatory quality criteria.
Medical Equipment Calibration Services Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Market players are undertaking various strategic initiatives, such as signing new partnership agreements, collaborations, mergers & acquisitions, and geographic expansions, to strengthen their product portfolio and to gain a higher market share & a competitive edge.
Some prominent players in the medical equipment calibration services market include,
- Tektronix
- Fluke Biomedical
- Biomedical Technologies Inc.
- NS Medical Systems
- Transcat, Inc.
- JM Test Systems
- JPen Medical
- TAG Medical
- Hospicare Equipment Services Corp.
Order a free sample PDF of the Medical Equipment Calibration Services Market Intelligence Study, published by Grand View Research.