Medical Equipment Calibration Services Global Market Report 2024

Medical equipment calibration services involve the process of adjusting the measurement and accuracy settings of medical devices or systems utilized in healthcare facilities. These services play a crucial role in enhancing healthcare practices, encompassing functions such as diagnosis, monitoring, and therapy. Within hospitals, medical equipment calibration services are employed to maintain the functionality of medical devices and to ensure optimal patient monitoring for the delivery of high-quality services.

The primary service categories in medical equipment calibration include in-house services, third-party services, and those provided by the original equipment manufacturer (OEM). An original equipment manufacturer is a company that manufactures and sells products or components, which are then sold by their buyer or another company under its brand. Various equipment types requiring calibration include fetal monitors, imaging equipment, vital sign monitors, infusion pumps, cardiovascular monitors, ventilators, and other devices. These are utilized in hospitals, clinical laboratories, and various other end-user settings.

The medical equipment calibration services market research report is one of a series of new reports that provides medical equipment calibration services market statistics, including medical equipment calibration services industry global market size, regional shares, competitors with a medical equipment calibration services market share, detailed medical equipment calibration services market segments, market trends and opportunities, and any further data you may need to thrive in the medical equipment calibration services industry. This medical equipment calibration services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The medical equipment calibration services market size has grown rapidly in recent years. It will grow from $1.48 billion in 2023 to $1.64 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth observed in the historical period can be attributed to several factors, including global health preparedness, the introduction of remote calibration services, the adoption of patient-centric care approaches, the aging of medical equipment, and the emphasis on regulatory compliance measures.

The medical equipment calibration services market size is expected to see rapid growth in the next few years. It will grow to $2.45 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The anticipated growth in the forecast period can be attributed to the expansion of digital health, the adoption of eco-friendly calibration practices, the emphasis on preventive maintenance, the pursuit of clinical laboratory accreditation, and the prioritization of patient safety. Noteworthy trends during this period include telehealth equipment calibration, the provision of remote calibration support, the implementation of digital calibration solutions, the utilization of Internet of Things (IoT)-enabled calibration, and the integration of artificial intelligence (AI)-enhanced calibration methods.

The anticipated increase in healthcare infrastructure investment is poised to drive the growth of the medical equipment calibration service market. The expansion of healthcare infrastructure is crucial for enhancing public health protection. Medical equipment calibration services play a pivotal role in ensuring the safety and efficacy of medical devices. For example, the Indian Brand Equity Foundation reports that the healthcare market in India has the potential to triple, reaching USD 133.44 billion by 2022. Additionally, the Center for Medicaid & Medicare Services reveals that U.S. healthcare spending surged by 9.7% in 2020, amounting to $12,530 per person or $4.1 trillion. Therefore, the increasing investment in healthcare infrastructure serves as a driving force behind the growth of the medical equipment calibration services market.

The expected rise in the prevalence of chronic diseases is set to propel the growth of medical equipment calibration services. Chronic diseases, lasting three months or more and worsening over time, require continuous monitoring and management. This heightened demand for diagnostic and monitoring equipment underscores the need for regular calibration. Accurate and reliable equipment is essential for quality assurance, regulatory compliance, patient safety, and the effective operation of long-term care facilities. As per the National Center for Biotechnology Information (NCBI), the global population with chronic diseases is projected to reach 142.66 million by 2050, up from 71.522 million in 2020. Therefore, the increasing prevalence of chronic diseases is a driving factor for the growth of the medical equipment calibration services market.

Strategic partnerships and collaborations are emerging as a significant trend in the medical equipment calibration services market. Companies in this sector are forming partnerships to fortify their market positions. For instance, Ultimo, a U.S.-based information technology services company, joined forces with Fluke Biomedical, a U.S.-based medical equipment calibration services manufacturer, in April 2022. This collaboration aims to enhance efficiency by reducing the time technicians spend on manual, paper-based, or repetitive tasks. Additionally, Tektronix Inc., a U.S.-based manufacturer of medical equipment calibration services, partnered with Coherent Solutions, a U.S.-based software and consulting company, in March 2020. This collaboration focuses on delivering fully-integrated optical communications platforms to meet the increasing global demand for communications across various markets.

Major companies operating in the medical equipment calibration services market are introducing innovative tools to gain a competitive advantage. For instance, Medikabazaar, an India-based healthcare company, launched MBARC in September 2022. MBARC is an end-to-end medical equipment service platform designed to assist hospitals in efficiently managing their biomedical assets. It offers a comprehensive range of services, including asset management, recycling, equipment care, annual maintenance contracts (AMC), preventive maintenance, installation, equipment safety testing, audits, calibration, and user training. MBARC streamlines traditionally manual and inefficient processes, aiming to enhance equipment lifecycle management, minimize downtime, and ensure timely and quality patient care.

In October 2021, Ellab, a Denmark-based developer and supplier of thermal validation and monitoring products, acquired Arena Instrumentation Limited for an undisclosed amount. Through this acquisition, Ellab Group gains access to Arena's substantial knowledge and experience in field calibration, while Arena benefits from Ellab's equipment, brand, client contacts, and infrastructure. Arena Instrumentation Limited, a UK-based company, provides field calibration, instrument commissioning, qualification, and relocation services to the pharmaceutical, biotech, healthcare, and process/manufacturing industries.

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

North America was the largest region in the medical equipment calibration services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical equipment calibration services market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the medical equipment calibration services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The medical equipment calibration services market includes revenues earned by entities by electrical safety analyzer calibration, patient simulators, gas flow analyzers, SPO2 & NIBP simulators, EKG electrode impedance, and centrifuges. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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