Unlocking the Future of the Medical Equipment Calibration Services Market: Growth Rate, Key Trends, and Opportunities for 2025-2034
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Analyzing the Growth Rate of the Medical Equipment Calibration Services Market: What’s the Expected CAGR for the Next Decade?
The market size of medical equipment calibration services has significantly increased in the past few years. It is poised to expand from $1.65 billion in 2024 to $1.83 billion in 2025, witnessing a Compound Annual Growth Rate (CAGR) of 10.8%. Factors contributing to this growth in the previous years include worldwide health readiness, remote calibration services, patient-oriented care, aging of medical equipment, and compliance with regulations.
The market for medical equipment calibration services is anticipated to experience swift expansion in the upcoming years, with expectations to reach $2.74 billion by 2029 at a compound annual growth rate (CAGR) of 10.7%. This forecasted growth can be tied to factors such as the broadening of digital health, environmentally-friendly calibration techniques, preventive upkeep, clinical laboratory certification, and patient safety measures. Amid the key trends predicted for this period are the calibration of telehealth equipment, remote calibration assistance, digital calibration methodologies, calibration enabled by the Internet of Things (IoT), and calibration augmented by artificial intelligence (AI).
What Industry-Specific Factors Are Fueling the Growth of the medical equipment calibration services Market?
The expansion of the medical equipment calibration service market is expected to be driven by increased investments in healthcare infrastructure. A bolstered healthcare infrastructure presents improved defense for public health. Calibration services for medical equipment ensure the safety and effectiveness of available medical devices. For example, the Indian Brand Equity Foundation, a government agency from India, predicts the national healthcare market could triple to USD 133.44 billion by 2022. Furthermore, data from the Centre for Medicaid & Medicare Services suggests that U.S. healthcare expenditure surged by 9.7% in 2020, amounting to $12,530 per individual, or a staggering total of $4.1 trillion. Consequently, the upswing in healthcare infrastructure investments fuels the growth of the market for calibration services in the medical equipment sector.
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What Are the Leading Organizations Impacting the Medical Equipment Calibration Services Market’s Growth?
Major companies operating in the medical equipment calibration services market include:
• Transcat Inc.
• Tektronix Inc.
• Fluke Biomedical LLC
• Biomedical Technologies Inc.
• NS Medical Systems
What Are the Most Prominent Trends Driving Change in the Medical Equipment Calibration Services Market?
The rising prominence of strategic alliances and joint ventures is a notable trend in the medical equipment calibration services market. Businesses in this sector are entering into partnerships to reinforce their market standing. For example, in April 2022, Ultimo, a US-based IT service provider, joined forces with Fluke Biomedical, a US-based producer of medical equipment calibration services. This alliance is intended to enhance the efficiency of healthcare entities by reducing the amount of time technicians devote to manual, paper-based, or repetitive duties.
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Which Industry Segments Are Leading the Development and Expansion of the Medical Equipment Calibration Services Market?
The medical equipment calibration services market covered in this report is segmented –
1) By Service: In-house, Third-Party Services, Original Equipment Manufacturer (OEM)
2) By Equipment: Fetal Monitors, Imaging Equipment, Vital Sign Monitors, Infusion Pumps, Cardiovascular Monitors, Ventilators, Other Equipment
3) By End User: Hospitals, Clinical Laboratories, Other End Users
Subsegments:
1) By In-house: Internal Calibration Services, Preventive Maintenance And Calibration
2) By Third-Party Services: Independent Calibration Labs, On-Site Calibration Services
3) By Original Equipment Manufacturer (OEM): Manufacturer-Sponsored Calibration, OEM Warranty Calibration Services
What Regions Are Leading the Charge in the Medical Equipment Calibration Services Market?
North America was the largest region in the medical equipment calibration services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical equipment calibration services market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
How Is the Medical Equipment Calibration Services Market Categorized and Defined in the Industry?
Medical equipment calibration services refer to the method of configuring the measurement and the accuracy of the medical device or medical system being used in hospitals. They offer advanced healthcare treatment, including diagnosis, monitoring, and therapy. The medical equipment calibration services are used in hospitals for the maintenance of the medical equipment and to monitor the patients to offer the best services.
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