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What key factors are powering the surge in the medical equipment calibration services market right now?
The market for medical equipment calibration services has been rapidly expanding in recent years. The market’s size is forecasted to increase from $1.65 billion in 2024 to $1.83 billion in 2025 with a compound annual growth rate (CAGR) of 10.8%. Factors contributing to this growth during the historic period include global readiness for health challenges, the incorporation of remote calibration services, an emphasis on patient-centric care, the aging of medical equipment, and the need for regulatory compliance.
How fast Is the medical equipment calibration services market expected to grow, and what’s its future value?
In the coming years, the market size for medical equipment calibration services is set to experience significant growth. The market is anticipated to surge to $2.74 billion by 2029, with a compound annual growth rate (CAGR) of 10.7%. Factors contributing to this growth during the forecast period include the expansion of digital health, eco-friendly calibration methods, preventive maintenance, the accreditation of clinical laboratories, and ensuring patient safety. Key trends expected to be seen in the forecast period comprise calibration of telehealth equipment, support for remote calibration, digital calibration solutions, IoT-enabled calibration, and calibration enhanced with artificial intelligence (AI).
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What are the leading drivers of growth in the medical equipment calibration services market?
The expansion of the medical equipment calibration service market is anticipated to be fueled by increasing investment in healthcare infrastructure. The burgeoning infrastructure within the healthcare sector would help in bolstering public health defense. Calibration services for medical equipment play a significant role in guaranteeing the safety and efficiency of available medical devices. For example, according to the Indian Brand Equity Foundation, a government ministry based in India, the potential of the healthcare market could triple to reach USD 133.44 billion by 2022. Furthermore, data from the Centre for Medicaid & Medicare Services reveals that U.S. healthcare expenditure surged by 9.7% in 2020, attaining a per capita spend of $12,530, translating to a total of $4.1 trillion. Consequently, the increasing investment in healthcare infrastructure is steering the growth momentum of the medical equipment calibration services market.
What are the key segments defining 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
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Who are the key players steering the development of the medical equipment calibration services market?
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
What emerging trends are influencing the growth of the medical equipment calibration services market?
Joining forces through strategic alliances and collaborative efforts is rapidly becoming a favored trend amongst businesses in the area of medical equipment calibration services. Those in the sector have begun to form partnerships to consolidate their standing in the market. As an example, in April 2022, Ultimo, an American company that offers IT services, forged a collaboration with Fluke Biomedical, a US-based firm involved with the manufacture of medical equipment calibration services. The primary objective of this partnership is to enhance the efficiency of healthcare institutions by reducing the hours technicians spend on laborious manual tasks, documentation, or redundant activities.
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Which regions are most influential in expanding 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.
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