The Global Market for Medical Equipment Calibration Service accounted for US$ 2,859 Million in 2021 and is anticipated to reach US$ 6,995 Million by 2030 with a CAGR of 10.6% from 2022 to 2030.

Medical equipment calibration is performed to reduce measurement vagueness, reduce errors, and fix measurements to an adequate level. All equipment degrades over time as a result of repeated use, affecting its accuracy and precision. A measurement drift is considered unacceptable in the medical device industry. Calibration of equipment on a regular basis ensures that industry defined standards are met and that the equipment is functional, resulting in accurate output.

Calibration of Medical Device Equipment is a procedure for detecting and correcting measurement uncertainties and bringing them to an acceptable level. The device's accuracy is critical because it can seriously affect the diagnostic process and endanger patients' lives. The deviation in output is not always the fault of the device, nor does it always represent the manufacturer's incompetence. It is most commonly caused by continuous device usage, which affects its internal components over time, resulting in a deviation from the device's standard measurement output.

COVID-19 Impact on the Global Medical Equipment Calibration Service Market

All businesses and industries have faced distinct obstacles as a result of the COVID-19 epidemic. In order to maintain regulatory compliance and safeguard the health and safety of patients, hospital equipment maintenance and calibration went out the window. Furthermore, in order to satisfy the vital needs of healthcare, the medtech industry has been forced to fast recalibrate across the value chain as a result of the crisis.

Market Dynamics

The market is primarily driven by the demand for restored medical equipment, market strategies offered by service providers, and stringent regulations, such as total yearly calibration service subscriptions. The Food and Drug Administration (FDA) has imposed strict regulations on medical device companies regarding the development of standard operating procedures (SOP), which include instructions and acceptable limits for accuracy and precision. Medical equipment safeguarding has become even more important than it was previously. Because of the significant health risks associated with the sector, it is subject to stringent regulations. The global COVID-19 pandemic is adding to these constraints.

There is a distinction to be made between the calibration of medical device test equipment and maintenance activities. Maintenance corrects a device's flaws, whereas calibration identifies a faulty instrument that has failed to output values in accordance with the manufacturer's standard baseline readings. Calibration activity varies depending on the instrument. In most cases, the manufacturer includes a built-in system for doing calibration processes. The manufacturer also suggests a calibration frequency, though the user can choose their own based on the instrument application and frequency of use.

Advances in 3D printing technology, the accessibility of tissue-mimicking 3D technology, skilled market policies such as largely annual calibration service subscription provided by the service provider, and the availability of low-cost labor are some of the factors anticipated to oblige the global medical device calibration market. Some of the factors that may have an impact on the global medical equipment calibration market include a lack of skilled technicians and stringent regulatory authorities.

Market Insights

Service, end-user, and region are the three categories of the global medical equipment calibration service industry. Based on the service sector, the segmentation includes third-party services, in-house, and original equipment manufacturer (OEM). Based on our analysis, the third-party service segment is likely to dominate the market all through the forecast period 2022 – 2030. This is due to the quickest fixing time for equipment calibration results when a third-party source is used on-site. It's difficult to duplicate the conditions of a calibration lab.

The end-user segment is further categorized into hospitals, clinical laboratories, and others. The hospital category has historically accounted for the biggest revenue share, according to end-user, and this is likely to continue during the forecast period. When comparing the three hospitals' downtime, the academic hospital had the lowest COSR (3.7%), the shortest downtime (1.2 days), and the quickest turnaround time (1.5 days). As a result of these reasons, the segmental expansion of the global medical equipment calibration service market is boosted.

Global Medical Equipment Calibration Service Market Geographical Competition

North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the segmentation of the worldwide medical equipment calibration service industry. The North America region dominated the regional market in terms of size due to strong educational and healthcare infrastructure. Due to rigorous regulatory constraints and increased public awareness about the quality of services provided in hospitals and laboratories, Asia Pacific is expected to be the fastest-growing geographical market from 2021 to 2028. Moreover, Europe is projected to be a major regional market as well.

Global Medical Equipment Calibration Service Industry Segment Analysis

Medical Equipment Calibration Service Market By Service

·         Third-Party Services

·         In-house

·         Original Equipment Manufacturer (OEM)

Medical Equipment Calibration Service Market By End-User

·         Hospitals

·         Clinical Laboratories

·         Others

Medical Equipment Calibration Service Market Leading Companies

This section of the study honors the market's top vendors Calibration Laboratory, LLC., Custom Calibration, Inc., Fluke, Industrial Calibration and Service Company, Inc., Morehouse Instrument Company, Inc., Spectrum Technologies (Transcat Company), Sierra Instruments, Inc., and Strainsert are the key companies mentioned in the research.

Medical Equipment Calibration Service Market Regions

North America

·         U.S.

·         Canada

Europe

·         U.K.

·         Germany

·         France

·         Spain

·         Rest of Europe

Latin America

·         Brazil

·         Mexico

·         Rest of Latin America

Asia-Pacific

·         China

·         Japan

·         India

·         Australia

·         South Korea

·         Rest of Asia-Pacific

Middle East & Africa

·         GCC

·         South Africa

·         Rest of Middle East & Africa