Medical Equipment Calibration Services Market (2024 - 2030)

Market Size & Trends

The global medical equipment calibration services market size was valued at USD 1.46 billion in 2023 and is expected to grow at a CAGR of 12.3% from 2024 to 2030. The growth can be credited to the progress in the medical device industry, stringent regulations for device calibration, and growing awareness of maintaining medical equipment. The need for refurbished medical equipment and increasing corporate investment in healthcare infrastructure drive the market growth.

The increasing recognition and focus on quality assurance drive the need for calibration services. Furthermore, ensuring patient safety is of utmost importance in the healthcare industry. It is crucial to calibrate accuracy parameters in medical equipment ensuring a reliable performance, and ultimately reducing the chance of errors.

Regulatory agencies acknowledge the importance of accuracy in medical equipment and have guidelines for instrument calibration. Device accuracy is crucial as manufacturers prioritize patient health and safety. Equipment calibration services have gained more popularity in the medical, pharmaceutical, and biomedical sectors as they meet regulatory standards set by governing bodies.

Service Insights

The third-party calibration service sector dominated the market in 2023, with 41.1% of the revenue share in 2023. The growth is driven by a fast turnaround time for equipment calibration results with the help of third-party sources at the site. However, resetting a calibration lab is a difficult endeavor altogether. Therefore, these labs are used occasionally because of the need to maintain a controlled environment at a high expenditure.

The OEM services sector is expected to witness a CAGR of 12.4% during the forecast period. The OEM removes the need to select a reliable calibration by understanding all available options, parameters, and ranges would meet the original specifications as the calibration would be conducted by the same company responsible for designing the device.

End-use Insights

The hospitals accounted for the largest revenue share of 42.8% in 2023. Hospitals continue to prioritize the health and safety of patients as a significant concern. Calibrating hospital equipment is crucial to provide optimal patient care, as medical personnel depend on accurate tools for patient monitoring.

Meanwhile, the clinical laboratories sector is expected to experience rapid growth with a growth rate exceeding 14.1% in the forecast period. Clinical laboratories opt for annual or periodic service plans that include validation of all the lab's instruments. Diagnostic centers cater to the global market by adhering to regulatory quality standards.

Regional Insights

North America was at the forefront of the global market in 2023, accounting for the largest revenue share of 36.4%. It is projected to experience substantial growth throughout the forecast period. The booming healthcare infrastructure, high spending on digitization, the inclusion of virtual reality, and the availability of a skilled workforce boosts regional market growth.

Asia Pacific Medical Equipment Calibration Services Market Trends

Asia Pacific is projected to witness the fastest growth at 13.2% in the forecast period. The regional market growth is anticipated to perform positively in the forecast period. Numerous universities provide specialized programs in biomedical devices and have a skilled workforce to offer calibration services to medical device companies.

KeyMedical Equipment Calibration Services Company Insights

Some of the key players in the medical equipment calibration services market include Rohde & Schwarz GmbH & Co KG, Endress+Hauser, IBM Corp., Siemens AG, and others. Market participants engage in diverse strategies such as consolidating through mergers & acquisitions, and expanding geographically to enhance their product offerings and acquire a greater market share & competitive advantage.

Recent Developments

• IIT Madras launched India’s first mobile medical devices calibration facility in April 2024. The initiative aligns with the United National Sustainable Development Goals, centering around the good health and well-being of the citizens. The innovation broadly encompasses remote locations and caters to developing quality healthcare in these areas.

• Digitization is one of the booming trends in the medical calibration software industry. Cloud services are proving beneficial for remote teams or multiple locations. With these techniques, the technicians can easily perform on-site calibrations without the external need for dedicated calibration labs.

• Virtual reality is trending in the medical equipment calibration service. It has become one of the prominent tools for technicians to understand and perform calibration processes and tasks before working on actual equipment.

Medical Equipment Calibration Services Market