Medical Equipment Calibration Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region:

PUBLISHED: December 18, 2023

PAGES: 250 Pages

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Description

A recently published report by Fairfield Market Research reveals that the global Medical Equipment Calibration Services Market achieved sales of US$ 1.6 billion in 2024. The market is anticipated to reach a valuation of US$ 4 billion by 2032. Hospitals are expected to contribute the highest revenue during the forecast period.

Key Market Insights

The global medical equipment calibration services market is undergoing significant transformations, driven by factors such as drug-device combinations, customized treatment approaches, and increased adoption of wearable and portable medical devices. Technological advancements, including the integration of IoT technology and Artificial Intelligence (AI) into various medical devices, play a pivotal role in the industry's growth. Manufacturers are making substantial investments in testing these devices to ensure they comply with rigorous regulations.

The demand for automated product testing has surged, especially in the aftermath of the COVID-19 pandemic, as industries recognize its importance in manufacturing processes. The pandemic has further accelerated the adoption of automation to minimize human involvement in the production process. Consequently, machine vision technology has become an integral component of long-term automation innovation.

Factors Driving Demand for Medical Equipment Calibration Services

1. Growing Healthcare Expenditure: Increasing healthcare expenditure, expanding laboratory facilities, stringent environmental regulations, and a heightened focus on overall quality by customers are driving the demand for calibration services in the healthcare sector.

2. Rising Research and Development Efforts: Increased research and development activities and the growing demand for medical devices further contribute to the growth of the medical device calibration market.

3. Demand for Reconditioned Diagnostic Instruments: The rising demand for reconditioned diagnostic instruments and higher corporate spending on healthcare infrastructure bolster market expansion.

4. Medical Device Recalls: The surge in medical device recalls, as indicated by the FDA's annual lists, drives the need for medical device calibration. When a medical device fails to meet accuracy and precision standards, it must be recalibrated to enhance its quality, with all processes meticulously recorded.

Challenges and Restraints

1. Excessive Regulatory Restrictions: While promoting medical device standards and control is vital, excessive regulatory restrictions, especially in the home setting, can hinder local device innovation. Prolonged and costly licensing processes can raise barriers to the adoption of new technology, impacting local manufacturers' costs and time investment.

2. Lead Time for International Certification Examinations: International certification examinations in the global market often require a significant lead time for businesses. Delays in product import and export due to these examinations can lead to risks such as client loss, product quality concerns, and time wastage.

U.S. Medical Equipment Calibration Services Market Analysis

Technological advancements in medical equipment measurement techniques are expected to improve quality assessment, efficacy evaluation, and the precise measurement of medical equipment output. These advancements will influence regional market trends, with a significant contribution to regional market profits anticipated from the substantial number of market participants in the U.S. region.

Competitive Landscape

Key players in the medical equipment calibration services market include Tektronix, Fluke Biomedical, Biomedical Technologies, NS Medical Systems, Transcat, JM Test Systems, JPen Medical, TAG Medical, and Hospicare Equipment Services Corp.

Key Companies Profiled

Tektronix
Fluke Biomedical
Biomedical Technologies
NS Medical Systems
Transcat
JM Test Systems
JPen Medical
TAG Medical
Hospicare Equipment Services Corp.

Market Segmentation

By Service

OEM
Third Party Services

By End-user

Hospitals
Clinical Laboratories
Other End-users

By Region

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

1. Executive Summary

1.1. Global Medical Equipment Calibration Services Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2023
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
- 2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Global Medical Equipment Calibration Services Market Outlook, 2018 - 2031

3.1. Global Medical Equipment Calibration Services Market Outlook, by Service, Value (US$ Bn), 2018 - 2031
- 3.1.1. Key Highlights
  - 3.1.1.1. OEM
  - 3.1.1.2. Third Party Services
3.2. Global Medical Equipment Calibration Services Market Outlook, by End User, Value (US$ Bn), 2018 - 2031
- 3.2.1. Key Highlights
  - 3.2.1.1. Hospitals
  - 3.2.1.2. Clinical Laboratories
  - 3.2.1.3. Other End-users
3.3. Global Medical Equipment Calibration Services Market Outlook, by Region, Value (US$ Bn), 2018 - 2031
- 3.3.1. Key Highlights
  - 3.3.1.1. North America
  - 3.3.1.2. Europe
  - 3.3.1.3. Asia Pacific
  - 3.3.1.4. Latin America
  - 3.3.1.5. Middle East & Africa

4. North America Medical Equipment Calibration Services Market Outlook, 2018 - 2031

4.1. North America Medical Equipment Calibration Services Market Outlook, by Service, Value (US$ Bn), 2018 - 2031
- 4.1.1. Key Highlights
  - 4.1.1.1. OEM
  - 4.1.1.2. Third Party Services
4.2. North America Medical Equipment Calibration Services Market Outlook, by End User, Value (US$ Bn), 2018 - 2031
- 4.2.1. Key Highlights
  - 4.2.1.1. Hospitals
  - 4.2.1.2. Clinical Laboratories
  - 4.2.1.3. Other End-users
- 4.2.2. BPS Analysis/Market Attractiveness Analysis
4.3. North America Medical Equipment Calibration Services Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
- 4.3.1. Key Highlights
  - 4.3.1.1. U.S. Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 4.3.1.2. U.S. Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 4.3.1.3. Canada Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 4.3.1.4. Canada Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
- 4.3.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Medical Equipment Calibration Services Market Outlook, 2018 - 2031

5.1. Europe Medical Equipment Calibration Services Market Outlook, by Service, Value (US$ Bn), 2018 - 2031
- 5.1.1. Key Highlights
  - 5.1.1.1. OEM
  - 5.1.1.2. Third Party Services
5.2. Europe Medical Equipment Calibration Services Market Outlook, by End User, Value (US$ Bn), 2018 - 2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Hospitals
  - 5.2.1.2. Clinical Laboratories
  - 5.2.1.3. Other End-users
- 5.2.2. BPS Analysis/Market Attractiveness Analysis
5.3. Europe Medical Equipment Calibration Services Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
- 5.3.1. Key Highlights
  - 5.3.1.1. Germany Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 5.3.1.2. Germany Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 5.3.1.3. U.K. Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 5.3.1.4. U.K. Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 5.3.1.5. France Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 5.3.1.6. France Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 5.3.1.7. Italy Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 5.3.1.8. Italy Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 5.3.1.9. Turkey Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 5.3.1.10. Turkey Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 5.3.1.11. Russia Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 5.3.1.12. Russia Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 5.3.1.13. Rest of Europe Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 5.3.1.14. Rest of Europe Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
- 5.3.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Medical Equipment Calibration Services Market Outlook, 2018 - 2031

6.1. Asia Pacific Medical Equipment Calibration Services Market Outlook, by Service, Value (US$ Bn), 2018 - 2031
- 6.1.1. Key Highlights
  - 6.1.1.1. OEM
  - 6.1.1.2. Third Party Services
6.2. Asia Pacific Medical Equipment Calibration Services Market Outlook, by End User, Value (US$ Bn), 2018 - 2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Hospitals
  - 6.2.1.2. Clinical Laboratories
  - 6.2.1.3. Other End-users
- 6.2.2. Others BPS Analysis/Market Attractiveness Analysis
6.3. Asia Pacific Medical Equipment Calibration Services Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
- 6.3.1. Key Highlights
  - 6.3.1.1. China Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 6.3.1.2. China Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 6.3.1.3. Japan Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 6.3.1.4. Japan Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 6.3.1.5. South Korea Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 6.3.1.6. South Korea Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 6.3.1.7. India Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 6.3.1.8. India Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 6.3.1.9. Southeast Asia Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 6.3.1.10. Southeast Asia Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 6.3.1.11. Rest of Asia Pacific Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 6.3.1.12. Rest of Asia Pacific Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
- 6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Medical Equipment Calibration Services Market Outlook, 2018 - 2031

7.1. Latin America Medical Equipment Calibration Services Market Outlook, by Service, Value (US$ Bn), 2018 - 2031
- 7.1.1. Key Highlights
  - 7.1.1.1. OEM
  - 7.1.1.2. Third Party Services
7.2. Latin America Medical Equipment Calibration Services Market Outlook, by End User, Value (US$ Bn), 2018 - 2031
- 7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Latin America Medical Equipment Calibration Services Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
- 7.3.1. Key Highlights
  - 7.3.1.1. Brazil Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 7.3.1.2. Brazil Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 7.3.1.3. Mexico Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 7.3.1.4. Mexico Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 7.3.1.5. Argentina Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 7.3.1.6. Argentina Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 7.3.1.7. Rest of Latin America Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 7.3.1.8. Rest of Latin America Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
- 7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Medical Equipment Calibration Services Market Outlook, 2018 - 2031

8.1. Middle East & Africa Medical Equipment Calibration Services Market Outlook, by Service, Value (US$ Bn), 2018 - 2031
- 8.1.1. Key Highlights
  - 8.1.1.1. OEM
  - 8.1.1.2. Third Party Services
8.2. Middle East & Africa Medical Equipment Calibration Services Market Outlook, by End User, Value (US$ Bn), 2018 - 2031
- 8.2.1. Key Highlights
  - 8.2.1.1. Hospitals
  - 8.2.1.2. Clinical Laboratories
  - 8.2.1.3. Other End-users
- 8.2.2. BPS Analysis/Market Attractiveness Analysis
8.3. Middle East & Africa Medical Equipment Calibration Services Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
- 8.3.1. Key Highlights
  - 8.3.1.1. GCC Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 8.3.1.2. GCC Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 8.3.1.3. South Africa Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 8.3.1.4. South Africa Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 8.3.1.5. Egypt Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 8.3.1.6. Egypt Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 8.3.1.7. Nigeria Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 8.3.1.8. Nigeria Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
  - 8.3.1.9. Rest of Middle East & Africa Medical Equipment Calibration Services Market by Service, Value (US$ Bn), 2018 - 2031
  - 8.3.1.10. Rest of Middle East & Africa Medical Equipment Calibration Services Market by End User, Value (US$ Bn), 2018 - 2031
- 8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape

9.1. Manufacturer vs by End User Heatmap
9.2. Company Market Share Analysis, 2023
9.3. Competitive Dashboard
9.4. Company Profiles
- 9.4.1. Tektronix
  - 9.4.1.1. Company Overview
  - 9.4.1.2. Product Portfolio
  - 9.4.1.3. Financial Overview
  - 9.4.1.4. Business Strategies and Development
- 9.4.2. Fluke Biomedical
  - 9.4.2.1. Company Overview
  - 9.4.2.2. Product Portfolio
  - 9.4.2.3. Financial Overview
  - 9.4.2.4. Business Strategies and Development
- 9.4.3. Biomedical Technologies
  - 9.4.3.1. Company Overview
  - 9.4.3.2. Product Portfolio
  - 9.4.3.3. Financial Overview
  - 9.4.3.4. Business Strategies and Development
- 9.4.4. NS Medical Systems
  - 9.4.4.1. Company Overview
  - 9.4.4.2. Product Portfolio
  - 9.4.4.3. Financial Overview
  - 9.4.4.4. Business Strategies and Development
- 9.4.5. Transcat
  - 9.4.5.1. Company Overview
  - 9.4.5.2. Product Portfolio
  - 9.4.5.3. Financial Overview
  - 9.4.5.4. Business Strategies and Development
- 9.4.6. JM Test Systems
  - 9.4.6.1. Company Overview
  - 9.4.6.2. Product Portfolio
  - 9.4.6.3. Financial Overview
  - 9.4.6.4. Business Strategies and Development
- 9.4.7. JPen Medical
  - 9.4.7.1. Company Overview
  - 9.4.7.2. Product Portfolio
  - 9.4.7.3. Financial Overview
  - 9.4.7.4. Business Strategies and Development
- 9.4.8. TAG Medical
  - 9.4.8.1. Company Overview
  - 9.4.8.2. Product Portfolio
  - 9.4.8.3. Financial Overview
  - 9.4.8.4. Business Strategies and Development
- 9.4.9. Hospicare Equipment Services Corp
  - 9.4.9.1. Company Overview
  - 9.4.9.2. Product Portfolio
  - 9.4.9.3. Financial Overview
  - 9.4.9.4. Business Strategies and Development