Medical Equipment Calibration Services Market to be Propelled by Rising Demand for Innovative Medical Equipment

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Augmented and Virtual Reality in Healthcare Market

Global Medical Equipment Calibration Services Market: Overview

Calibration is considered as an essential procedure for any equipment and device, in order to maintain and improve its accuracy and precision. Calibration is the process, in which equipment under test is compared with some standard equipment, in order to understand the accuracy of former one. The calibration of medical equipment is also based on the same principle. Medical equipment calibration services market is highly fragmented market and the demand for calibration services is increasing, owing to various factors, such as, rising number of hospitals, increasing environmental regulations, and rising customer focus towards quality and precision. This report is focused towards identifying the current scenario as well as future market potential for medical equipment calibration services globally. The global medical equipment calibration services market is divided into two segments, namely; by equipment types and by types of services. On the basis of by equipment types, the market is further segmented as ventilators, imaging equipment, fetal monitors, infusion pumps, cardiovascular monitors, vital sign monitors and others. Whereas, on the basis of types of services, the market is divided as in-house calibration services, third party calibration services and OEM calibration services.
Out of the all above devices, market of imaging equipment calibration services held the largest market share in 2013. Whereas, cardiovascular monitors calibration services market is expected to grow at the highest growth rate during the forecast period. Increasing focus of customers on the quality, rising penetration of companies in this market and strict compliance environment are key factors expected to drive the growth of this market. In addition, rising product recall is another major driver expected to push the market to a higher end. According to the U.S. FDA, number of product recalls since past couple of years have increased from 763 in 2009 to 1,190 in 2012. These recalls were observed due to software design failure, component and material issues and packaging and labeling. Hence, such frequent product recall affects the company’s reputation and thus, the companies are offering strong emphasis on calibration of their products before and after commercialization. This fact is considered as an important growth propeller of this market. In addition, rising demand for third party and in-house calibration services is another important driver of the market. However, shift towards usage of modular instrumentation, high capital requirement, and dominance by the local and regional players are some of the major reasons that could slow down the growth of this market.
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Geographically, in this report, the medical equipment calibration services market is segmented as North America, Europe, Asia-Pacific and Rest of the World (RoW). Presently, the European region is the largest market in the world, owing to extensive R&D practices, large number of local and regional players and rapidly growing medical and healthcare infrastructure. However, Asia-Pacific region is expected to be the fastest growing market during forecast period 2014 – 2020. This growth is driven by rising demand for good quality services, steadily increasing medical infrastructure and rising government regulations.
The market of medical equipment calibration services is highly fragmented and dominated by numerous small and local players operating in specific regions of the world. Some of the global players include Fluke Biomedical, Tektronix, Inc., JPen Medical Ltd., NS Medical Systems and Biomed Technologies, Inc. amongst others. However, these companies have to face a stiff competition from various players operating at regional level and hence; collaboration or acquisition is considered as an important strategy for the players to grow in this market.
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