Medical Equipment Calibration Services Market Driven by Demand for Innovative Medical Equipment
The emerging quality-oriented approach adopted by patients when it comes to medical devices, and the demand for new and refurbished medical equipment has led to rising incidence of product recalls. T...
The emerging quality-oriented approach adopted by patients when it comes to medical devices, and the demand for new and refurbished medical equipment has led to rising incidence of product recalls. This has led to the growth of the medical equipment calibration services market. Stringent regulations by governments across the globe have also supported this market, resulting in the expansion of calibration services that go beyond national boundaries.
Transparency Market Research, in a recent report, pegged the value of the global medical equipment calibration services market at US$1.1 billion in 2013. The report indicates that clocking in a CAGR of 10.1% from 2014 to 2020, value of this market is likely to reach US$2.1 billion by 2020.
Medical Equipment Calibration Services: Europe in Lead Position
Geographically, the global market for medical equipment calibration services is divided into North America, Europe, Asia Pacific, and Rest of the World. Europe dominates the global market and this growth can be attributed to extensive research and development activities, stringent government regulations regarding calibration of medical equipment, and strong presence of many domestic players. North America came in second, accounting for a 33.3% share of the overall revenue generated from medical equipment calibration services in 2012.Asia Pacific, on the other hand, is forecast to be the most rapidly growing regional segment of the global medical equipment calibration services market owing to rise in favorable regulations by the government, growing hold of regional players, and increasing patient demand for improved quality of services in hospitals as well as laboratories.
Imaging Equipment Calibration Services Dominate Market
By type of equipment, the market for medical equipment calibration services is segmented into cardiovascular monitors, fetal monitors, infusion pumps, vital sign monitors, imaging equipment, ventilators, and others. Imaging equipment calibration services held the largest share of the market, followed by vital sign monitors, and is likely to retain its leading position by 2020. Cardiovascular monitor calibration services, on the other hand, are projected to be the fastest developing product segment from 2014 to 2020, registering a strong CAGR of 14.0% during that period.
Demand for In-house and OEM Calibration Services Likely to Decline
Medical equipment calibration services are of three main types: OEM calibration services, third-party calibration services, and in-house calibration services. Of these, in-house calibration services held the largest share in 2013. However, the demand and growth of this segment of the medical equipment calibration services market is likely to hit a plateau by 2020. The segment of OEM calibration services is also forecast to lose market share over the next five years. The trend of third-party calibration services is predicted to emerge as the most rapidly developing segment from 2014 to 2020 owing to quicker calibration, ease of access, and sophistication of service at a lesser cost. In addition, a handful of third-party calibration service providers are offering round-the-clock services for critical applications with zero downtime. This has attracted a wider customer base, making it the most popular segment of the three.
The vendor landscape of the global medical equipment calibration services market is fragmented in nature and is characterized by the strong presence of many small and regional players. Some of the noteworthy players in the medical equipment calibration services market are Transcat, Inc., JPen Medical Ltd., Medserve Ltd., Standardisation Testing and Quality Certification (STQC), Government of India, Tektronix, Inc., NS Medical Systems, TAG Medical, Fluke Biomedical, JM Test Systems, Inc., Industrial Calibration and Services Company, Inc., and Biomed Technologies, Inc.
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